Your Ultimate Guide To The Best Bike Insurance Providers In India For 2024

Your Ultimate Guide To The Best Bike Insurance Providers In India For 2024

Setting out on the open road, the thrill of the journey and your trusty two-wheeler by your side – it's a harmony of freedom and adventure. Yet, amidst the excitement of the journey, it's essential to prioritise the safety and protection of your bike. Enter bike insurance – a silent guardian that offers a shield against life's unpredictable twists and turns.

Thus, in the dynamic automotive market in India for 2024, before you buy insurance, it is imperative to choose the best bike insurance company. It's not just about complying with legal necessities but ensuring the financial security of your prized two-wheeled companion, shielding it from unexpected bumps along the road.

In this comprehensive guide, we'll explore the top bike insurance companies in India for 2024, all supported by the Insurance Regulatory and Development Authority of India (IRDAI). So, let's dive into the details and find the ideal insurance partner to safeguard your two-wheeled companion!

Best Bike Insurance Companies In India For 2024: IRDAI Approved

Here are the best bike insurance companies in India dominating the automotive market in 2024 -

Insurance Company

Network Garages

Incorporated In The Year

Acko General Insurance

All Garages


Bajaj Allianz General Insurance



Go Digit General Insurance



HDFC Ergo General Insurance



ICICI Lombard General Insurance



IFFCO Tokio General Insurance



Royal Sundaram General Insurance



Tata AIG General Insurance



The Oriental Insurance Company



Universal Sompo General Insurance



Now, let's explore the factors to consider when selecting the best bike insurance company!

Key Considerations While Choosing The Best Bike Insurance Company

Here are some key factors to keep in mind when selecting the best bike insurance company in India -

  1. Market Reputation: Make sure you evaluate user reviews and ratings to assess the insurance company's reputation for service and customer satisfaction.
  2. Premium: Compare premiums to ensure you're receiving a competitive rate. Direct insurance companies, by bypassing middlemen, might offer more economical options.
  3. IRDAI License: Verify that the insurance company is licensed by the IRDAI for credibility and regulatory compliance.
  4. Extensive Network Of Garages: Look for an insurance company with an extensive network of partner garages. This ensures easy access to cashless claim settlement and repair services.
  5. Streamlined And Swift Claim Process: Choose an insurance company that delivers a seamless, digital claims process for added convenience and efficiency. Submitting claims online can save you time and effort.

By carefully evaluating these factors, you can strategically choose the best bike insurance provider in India that aligns with your specific requirements.

Finding the right bike insurance is just as important as choosing the right insurance company. With numerous options available, it can seem overwhelming. Let's simplify things by breaking down the different types of bike insurance for you!

Types Of Two-Wheeler Insurance Plans Offered By Various Insurance Companies

In India, insurance providers offer three types of insurance plans for bikes -

  • Third-Party Bike Insurance Policy
    This basic and compulsory policy offers financial protection against third-party liabilities, including injury or damage to your vehicle. However, it does not provide coverage for damages sustained by your bike and doesn’t come with any add-on covers.
  • Comprehensive Bike Insurance Policy
    This policy provides comprehensive coverage, encompassing damages to your bike and third-party liabilities. It includes protection against natural disasters, accidents, explosions, fire, and theft. Additionally, you can opt for add-on covers to enhance your coverage, making it the most extensive option available.
  • Standalone Own Damage Cover (OD)
    This policy offers coverage for damages to your bike and protection against theft but does not include third-party liabilities. If available, you can also enhance this coverage by opting for add-on covers.

When selecting a motor insurance policy in India, it's essential to assess the level of coverage it offers to protect your bike. Let’s take a look!

What Does A Bike Insurance Cover?

Bike insurance typically includes the following components -

  • Third-Party Liability: The policy safeguards against damages or injuries inflicted on third parties or their property by your bike.
  • Own Damage (OD): It covers damages to your bike resulting from natural disasters, accidents, fire, theft, etc.
  • Personal Accident Cover: It offers financial coverage for medical expenses arising from injuries sustained in accidents or fatalities.
  • Add-On Covers: These are optional covers that can be added to tailor the base coverage to your specific needs, such as roadside assistance cover, zero depreciation cover, engine protection cover, etc.

The coverage extent may differ based on the policy type (third-party or comprehensive) and the insurance company. It's essential to review the policy documents thoroughly to grasp the coverage terms and any exclusions.

When it comes to choosing the right insurance company, it's important to look at its CSR.  It plays a role in evaluating insurance providers' reliability and efficiency in addressing claims.

What Is The Bike Insurance Claim Settlement Ratio?

The Bike Insurance claim settlement ratio reflects an insurance company's proficiency in resolving claims. It indicates the ratio of claims settled by an insurance company corresponding to the total number of claims received within a given period. It stands as a critical gauge of the company's reliability and efficiency in addressing claims.

A higher claim settlement ratio typically signifies that an insurance company is inclined to honour and resolve claims swiftly. This ratio, which may vary among insurance providers, can be impacted by various factors, including the company's efficiency in processing claims, financial robustness, and quality of customer service.

When selecting the best bike insurance provider, it's wise to weigh more than just the claim settlement ratio. Factors such as premium rates, coverage options, customer feedback, and overall market reputation should all be taken into account for a well-informed decision.

Summing Up!

As we conclude our journey through the realm of bike insurance, one thing becomes abundantly clear – safeguarding your two-wheeled companion is not just a legal obligation but a heartfelt commitment to its well-being. With a plethora of insurance companies available, there's no shortage of choices to explore. By considering factors such as reputation, cost, coverage, network garages, etc., you can find the best bike insurance partner to protect your vehicle and ride with confidence.


Selecting the best bike insurance provider hinges on your individual requirements and priorities. Renowned for their excellent service and comprehensive coverage, ICICI Lombard, Bajaj Allianz, HDFC ERGO, and Tata AIG stand out among the top insurance companies in India. To determine which is the best fit for your needs, it's advisable to compare their quotes, coverage offerings, claim settlement procedures, and customer feedback.

While third-party bike insurance is the most economical choice, it offers only partial coverage, i.e covers only third-party liabilities.

Firstly, it's essential to determine the extent of coverage required. A comprehensive policy is widely regarded as the best bike insurance choice due to its extensive coverage. This policy encompasses both mandatory third-party liability insurance and own damage coverage. Additionally, you have the option to enhance your policy with suitable add-ons for all-around protection.

The 3 main types of bike insurance policies are comprehensive insurance, third-party liability insurance, and standalone own damage cover.

For motorcycles, opting for either first-party insurance or comprehensive insurance is ideal, as it offers coverage for both third-party liabilities and damages sustained by your own vehicle.

To ensure the best coverage, you need to consider exploring online options and selecting a digital insurance company that offers convenient services like online purchasing, renewal, and hassle-free claims processing.

Yes, purchasing two-wheeler insurance online is safe when done through IRDAI-approved insurance companies.

Absolutely, you can switch to a new insurance provider effortlessly.

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