Insurance has always been very useful for people but when it comes to taking a vehicle insurance we get to see a reluctance in people’s thoughts. Because people think that there’s no point in investing money in Vehicle insurance and their money is going to be stuck, and will not make any positive growth. But today along with telling 5 Best Bike Insurance Companies In 2023 Lyricsbaazaar.Com, we will also tell you reasons why you need to take up insurance. So keep reading this article till the end as we provide very crucial information today. 

    An Overview Of Bike Insurance

    Bike Insurance which is also referred to as Two Wheeler Insurance serves as an ideal and crucial tool to safeguard you from any financial losses at the time of unfortunate events like accidents, crashes, etc. Above all the the Indian Motor Tariff, 2022 has made mandatory for two-wheeler owners to get Insurance. 

    Types Of Bike Insurance By Lyricsbaazaar.Com

    There are three major types of Bike Insurance which we have talked about in brief here to get you information regarding all so that you can choose whatever suits you the best. 

    Comprehensive Insurance: Comprehensive Insurance is very similar to its name as it provides coverage for the losses made by anybody. The buyer of this insurance can claim this insurance even if the accident is made by him or a third party. 

    Third-Party Insurance: As by reading the name of the insurance you can understand, that it provides coverage only if the losses are made by the third party. In other words, we can also say that it does not cover the losses made by the Owner of the vehicle. 

    Standalone or Own Damage Insurance: As the name suggests, this type of insurance only covers the losses made by the Owner of the vehicle. When you opt for these types of insurance you will also have to get third-party insurance, in order to abide by the Tariff rules. 

    Reasons To Take Bike Insurance

    Opting for bike insurance is always the best way you can protect yourself in times of crises that arise from some fateful event. This provides you aid to cure you from any damage, accidents, or theft. Above all, it will also help you follow the rules and regulations of the government and give a sense of security to your closed ones. 

    Points To Remember While Choosing Bike Insurance

    After reading about the different types of bike insurance and its necessity we have mentioned some of the points you should work through and look for when you get yourself a Bike Insurance. 

    Add-ons: Many top companies provide various Add-ons to the different types of insurance offered by them. These Add-ons enhance the insurance policy and make it more lucrative as well as beneficial for the buyers. 

    Terms & Conditions: Regarding terms and conditions while taking for any insurance or anything it is very vital to read the terms and conditions of the company. This will help you safeguard yourself and thereby you can avoid any discrepancy or issues in the near future. 

    No Claim Bonus: No Claim Bonus is provided to the insurance buyer by the companies when the buyer does not claim any bonus during the duration of the Insurance. These no-claim bonuses can be anything like extending the insurance period with the same amount or so on. 

    Hidden Clauses: As an informed citizen of the country you should try to know about any hidden clauses of the company or the insurance you are opting for. Because negiligence or Unawareness of any can lead you into serious trouble. 

    Success Percentage of Claim: Ask the insurer about the success percent of the Insurance at the time of claim. If the percentage of the successful claim is less then it might create issues for you in the future.

    Claim Settlement Process: Knowing the settlement process of the Insurance can prove to be very useful as you can avoid any lengthy process at the time of emergency.

    Coverage Provided By 5 Best Bike Insurance Companies In 2023 Lyricsbaazaar.Com

    Here we have mentioned multiple coverage provided by the top 5 insurance companies.

    Insurance CompanyClaim Ratio in %Cashless Garages
    Bajaj Allianz-Long Term Two-Wheeler Package Insurance98.148200+
    Reliance General Two-Wheeler Package Policy96.638200+
    ICICI Lombard Two-Wheeler Comprehensive Insurance97.8310800+
    TATA AIG Comprehensive Bike Insurance Policy97.428700+
    HDFC Ergo Two Wheeler Insurance Company 98.277800+

    List Of 5 Best Bike Insurance Companies In 2023 Lyricsbaazaar.Com

    There are several companies that offer good bike insurance with various lucrative offerings. And here we have listed down some of the  5 Best Bike Insurance Companies In 2023 Lyricsbaazaar.Com

    Tata AIG Bike Insurance

    After the collaboration of two enterprises i.e. TATA Group and American International Group, the  Tata AIG General Insurance Company came into existence in 2000. This collaboration happened in order to provide affordable vehicle insurance.

    Features offered by the Tata AIG Bike Insurance

    You can make unlimited claims.

    The premium will start at Rs. 475

    Has a paperless process

    Buyers and customers get 24*7 claim assistance. 

    HDFC Ergo Bike Insurance Company

    It provides its users with three types of bike insurance and it’s a joint venture of HDFC and ERgo International. Above all buyers also get multiple add-ons with the different types of bike insurance. 

    Features Offered by the HDFC Ergo Bike Insurance Company

    You will get 100% claim settlement.

    It provides 24*7 customer support.

    Has almost 2000+ cashless garages.

    The premium of this platform starts at Rs. 538

    Royal Sundaram Bike Insurance

    This is one the most loved and known bike insurance companies which was established in 2001. The company provides its users with three different insurance i.e. comprehensive Insurance, third-party insurance, and standalone insurance.

    Features offered by the Royal Sundaram Bike Insurance

    Has around 33300 cashless garages.

    24*7 customer assistance.

    Premium Starts at Rs250

    Provides around 98.60% of Settlement

    Universal Sampo General Insurance

    It is a joint initiative of Allahabad Bank and India Overseas Bank and was founded in 2007. And is very affordable and customers love insurance.

    Features offered by Universal Sampo General Insurance

    The premium of this company starts at Rs. 317

    Access to 90% Claim Settlement

    Has 3500+ Garage network

    Customer assistance is available 24*7

    New India Bike Insurance

    This company is owned and regulated by the government of India and was founded in 1919. It is known for providing various affordable insurance.

    Features of New India Bike Insurance

    You will get all three types of Insurance.

    Has 92.33% of claim settlement

    The company has around 3000+ garage

    Buyers can purchase premium at Rs. 108


    As we conclude here we would like to say that riding any vehicle in India without Insurance is a punishable offense. The owner of the vehicle might have to huge fine amount or at times he/she can also lose their vehicle to the regulatory system. Thus, as we have talked about the 5 Best Bike Insurance Companies In 2023 Lyricsbaazaar.Com we expect you all to get aware and an insurance policy for your betterment and safety.