Under government rules, bike insurance is required to ride a bike on the road. Besides, it also prevents financial losses in the event of an accident. Several companies offer various types of bike insurance, so choosing the correct and appropriate one is challenging. It seems like an easy task to do, but in reality, there are many things you need to ensure while paying for bike insurance. In this article, we will learn about the various types of bike insurance, things you must remember while choosing bike insurance, and the 5 best bike insurance companies in 2023 lyricsbaazaar.com.
Types of Bike Insurance lyricsbaazaar.com
Vehicle insurance is divided into three main categories. The categories are:
- Own Damage Cover: This insurance category covers the damages sustained during the insured vehicle accident. However, an individual needs to read the terms and conditions carefully while taking the insurance to learn about what is covered.
- Comprehensive Insurance: This type of insurance protects the insured vehicle and the third party involved in the accident. The individual looking for extra coverage in their insurance policy chooses this type of insurance.
- Third-Party Insurance: It is one of the most affordable types of insurance for vehicles. That offers coverage only to the third party involved in the accident. Most people use this type of insurance just to ride a bike on the road because it is against the law to ride or drive a vehicle without valid insurance.
Things to keep in mind while choosing Bike Insurance
After understanding different kinds of insurance, let’s learn what you need to consider while choosing bike insurance for your vehicle. These specific things can protect you from many legal or financial issues. Let’s get to know:
- Terms and Conditions: When choosing bike insurance, going through each term and condition mentioned in the insurance agreement is necessary. Any negligence can cause severe financial and legal issues at the time of the accident and after it.
- Hidden clauses: Another vital thing to remember is to ask your insurance agent about the secret provisions in the insurance agreement. So that you are aware of the things that are covered and not covered by the insurance. It is better to know about the hidden clauses in the insurance agreement than to understand them during the insurance claim process.
- Add-ons: Several insurance companies offer various add-ons to enhance the coverage of an insurance policy. An individual must discuss with the insurance agent the add-ons to increase insurance coverage according to the type of bike insurance.
- No Claim Bonus: Various insurance companies provide a bonus for no insurance claim during the period. Some companies increased the coverage amount, and others provided add-ons. A user needs to consult with the insurance agent about the no-claim bonus as their insurance type to get the best benefits of the bike insurance policy.
- Claim Success Percentage: The insurance serves its purpose while it claims coverage after the accident, according to the type of insurance. Hence, it is vital to know about the claim success percentage; in other words, what are the chances of getting the claim after the accident to cover the damage?
- The Claim Settlement Process: A claim settlement is essential to an insurance policy. An individual must understand a company’s claim settlement process before paying for the insurance. So that, in the situation of an emergency, the user can proceed according to the claim settlement process without making errors.
5 best bike insurance companies in 2023 lyricsbaazaar.com
Several companies are available in the open market that offer bike insurance in 2023. Every company claims to give the best insurance for your bike. Choosing one company is more challenging than it seems. To reduce the hard work, here are the 5 best bike insurance companies in 2023 lyricsbaazaar.com:
HDFC Ergo Bike Insurance Company:
It is a joint venture of HDFC Ltd and Ergo International that provides three types of bike insurance. It also offers many add-ons for individuals to enhance bike insurance protection.
Features of HDFC Ergo Bike Insurance Company:
- 100% Claim settlement
- 2000+ Cashless Garages
- Premium starts from ₹ 538
- 24*7 Customer Support
New India Bike Insurance:
New India Bike Insurance, founded in 1919, mainly deals with bike insurance. This company is owned and regulated by the Government of India. Here are the key features of New India Bike Insurance Company:
- 92.33% Claim Settlement
- 3000+ Cashless Garages
- Premium Starts from ₹108
- Provides Third-party, Own-damage, and comprehensive insurance
Tata AIG Bike Insurance:
Tata AIG General Insurance Company Limited came into existence in 2000 when two enterprises, Tata Group and American International Group, collaborated to provide affordable vehicle insurance to individuals. Here are the key features of Tata AIG Bike Insurance:
- 24*7 Claim Assistance
- Allows the customer to make unlimited claims
- Premium Starts from ₹475
- Offers the paperless process
Universal Sampo General Insurance
Universal Sampo General Insurance Company, founded in 2007, is a private-public joint venture of two national banks, Allahabad Bank and Indian Overseas Bank. It mainly deals with vehicle insurance and offers affordable insurance to individuals. Here are the key features of Universal Sampo General Insurance:
- 90 % Claim Settlement
- 3500+ Garage Network
- Premium Starts from ₹317
- 24*7 Emergency Assistance
Royal Sundaram Bike Insurance
Royal Sundaram Bike Insurance is a familiar name for individuals who own a bike or any other two-wheeler vehicle. It is one of the leading vehicle insurance companies founded in 2001, offering individuals the three basic types of bike insurance. Here are the vital features of Royal Sundaram Bike Insurance:
- 98.60% Claim Settlement
- 3300 Cashless Garages
- Premium Starts from ₹250
- 24*7 claims Settlement Assistance
Conclusion
To ride the two-wheeler on the Indian roads, the vehicle’s insurance is mandatory. Riding a bike on the road without valid insurance is a finable offense. Hence, these are the 5 best bike insurance companies in 2023 lyricsbaazaar.com, which offers affordable bike insurance with valuable features. If you are searching for a bike insurance company, choose one of the abovementioned companies and get suitable bike insurance according to your requirements.