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7 Best Bike Insurance Companies in India

by Litinbox

Hundreds of bike insurance companies offer multiple two-wheeler insurance plans in India. So, it is not easy to sort out and prepare a list of best bike insurance plans in India. Yet, we have prepared you a list of ‘7 Best Bike Insurance Companies in India’ focusing on the best prices, and convenient, paperless options of the companies.

It is to keep in mind that the prices must vary depending on the bike, bike type (fuel or electric), model, year of manufacture, bike’s cubic capacity (CC), duration of the policy, among other factors.

7 Best Bike Insurance Companies in India

Comprehensive bike insurance plans of 7 best bike insurance companies in India starting at:

  1. ACKO Bike Insurance: ₹ 702
  2. Digit Bike Insurance: ₹ 719
  3. Reliance Bike Insurance: ₹ 719
  4. Kotak Bike Insurance: ₹ 733
  5. United India Insurance: ₹ 768
  6. Shriram Bike Insurance: ₹ 771
  7. New India Assurance: ₹ 782

The rates provided here are Premium Rates for 1 Year Policy. If you buy a policy for more than one year, the rate goes up, and the price for renewal may differ as well.

1) ACKO General Insurance

ACKO Insurance provides instant and paperless bike insurance premium plans starting at ₹ 702 for one year. For two-wheelers with less than 3 KW (Kilo Watt) capacity, the premium plans for one year is even lesser starting at ₹ 457.

For bikes between 3 KW and 7 KW, the price starts at ₹ 607. The higher the kilowatt & cubic capacity, the higher the price. Here are some Frequently Asked Questions (FAQs) on internet:

↗️ Why is ACKO insurance so cheap?

Acko Insurance policy prices are so cheap and best because of various factors. Some of the factors may include:

  • All processes are done online and paperless. This drastically cuts down the administrative costs involving the policy issuing process.
  • No mediator (agents or brokers) charges for policies as everything is done online.
  • No add-ons into your policy (like the mediator does for more commission) and everything is transparent.

↗️ How to buy ACKO bike insurance?

Buying ACKO bike insurance is very easy through online. It is paperless and no inspection required when you buy the ACKO insurance. We can buy through ACKO’s official website or even through PhonePe and GPay platforms.

Here are steps to follow to buy ACKO bike insurance through the official website:

1) Visit www.acko.com.

2) Click on “Bike” in the above links and enter your bike registration number (Ex: MP17AC7295).

3) Then select the plan (Comprehensive plan/ Third Party Plan) and the duration of policy (1 Year/ 2 Years/ 3 Years etc).

4) If you want, you can edit the Insured Declared Value (IDV).

5) Then, it is mandatory to add Personal Accident Cover. If you have one already, then it is not mandatory.

6) Click “Buy Now” and verify your phone number.

7) Finally, make payment and download your insurance policy certificate.

2) Digit Bike Insurance

Digit General Insurance Company provides a number of insurance services such as vehicle, health, business, travel, etc in a quick and hassle-free way.

Digit Insurance is a part of its parent organisation, “Go Digit Infoworks Services Private Limited”. Go Digit was founded in 2016 by Kamesh Goyal and backed by the famous Indian cricketer Virat Kohli and his wife Anushka Sharma.

Digit Insurance provides bike insurance premium plans starting at ₹ 719 for one year. For two-wheelers with less than 3 KW (Kilo Watt) capacity and for bikes between 3 KW and 7 KW, the price is even lower.

Key Features

  • Two-wheeler insurance coverage for accidents, fire, theft, personal accident, natural disaster and third party losses.
  • Some coverage mentioned above are not available in Third-party Insurance but all can be availed in Comprehensive Bike Insurance.
  • Upto 97% Claim Settlement Ratio.
  • Cashless repair is available at 2300+ garages across the country.
  • Smartphone enabled claim process available and it can be done in minutes.
  • Unlimited liability for personal damages and upto 7.5 lakhs for property and vehicle damages.
  • Upto 50% discount on No Claim Bonus (NCB).
  • Customer care support available 24/7 including national holidays.
  • The average processing time for two-wheeler insurance claim is only around 10-12 days.
  • You can call the following customer care service number for your claim process: 1800-258-5956

Here are some Frequently Asked Questions (FAQs) on internet about Digit Bike Insurance:

↗️ Is Digit Insurance Good for a Two Wheeler?

With approximately 97% of claim settlement ratio, the Digit Insurance is a good for your two-wheeler. It also has a fast and hassle-free processing methods that makes you feel content with Digit Insurance.

↗️ What is the Claim Ratio for Digit Bike Insurance?

Digit Bike Insurance settlement ratio is 97% which is relatively high compared to many other popular companies. Bike Insurance-holders can avail the cashless benefits at a nearby Digit’s network garages.

3) Reliance Bike Insurance

Reliance General Insurance Company is a part of Reliance Anil Dhirubhai Ambani Group. Its products include General insurance, Health insurance, Vehicle insurance, Travel insurance etc.

Reliance Bike Insurance is relatively low with premium plans starting at ₹ 719 for one year. Renewal process for bike insurance is also easy. Insurance-holders can renew the bike insurance policy through the Reliance Self-i App, in the Reliance General Insurance website, or by calling the customer care at +91 22 4890 3009 (Paid).

Key Features

  • Upto 98% of Claim Settlement Ratio.
  • Easy and fast paperless claims with 24/7 customer care support to help you claim related questions.
  • 8,500+ network garages in service of bike and car insurance policies.
  • Safe and Easy-to-access website with all the required information.
  • Cashless facility to policyholders.
  • Theft is also covered by the Reliance General two-wheeler insurance.
  • Offers very easy renewal process in just few steps.
  • Coverage for accidents, fire, theft, flood, explosion, earthquake, lightning, and so on.

4) Kotak Bike Insurance

Kotak Mahindra Insurance Company Limited was established in 2001. As of 2023, the company is currently serving in around 150 cities in India with approximately 46 million customers.

It provides services like Life insurance, Vehicle insurance, Health insurance etc. Kotak Bike insurance premium plans starting at ₹ 733 for one year.

Key Features

  • Kotak Bike Insurance covers both natural and man-made damages.
  • Third-party coverage for bodily injury, death and natural calamities.
  • Smart add-ons available.
  • Financial compensation for the loss occurs because of theft.
  • More than 98.31% of Claim Settlement Ratio and upto 50% discount on premium renewal through No Claim Bonus (NCB).
  • Instant paperless policy and 4200+ cashless network garages.

5) United India Insurance

United India Insurance Company is a public sector insurance company run by the Government of India. Its headquarter is in Chennai, the company was established in 1938 and nationalised in 1972. Currently, it has around 30 regional offices and 1400 operating offices across the country.

The company provides services like general insurance, vehicle insurance, health insurance, property insurance etc. Its premium bike insurance starts as low as ₹ 768 and can be even less depending on the vehicle type etc.

Key Features

  • Complete vehicle protection.
  • NCB – No Claim Bonus added to renewal policy.
  • Personal accident coverage in United India Comprehensive Bike insurance policy.
  • Approximately 97% of Claim Settlement Ratio.
  • Protects against personal as well as third-party liabilities.

↗️ Is United India insurance good for bike insurance?

With exceptionally high settlement ratio (97%), and fast, paperless processings, United India Insurance is really good for bike insurance as reviewed many of its customers.

The company is owned and operated by the Government of India that makes it exceptionally good.

↗️ How to claim United India bike insurance?

The claim process is simple. You can walk to the nearest branch and start the process with the help of an officer or you can do the process on your own through the official website. Submit the required documents online and a surveyor will come and inspect the damaged vehicle. Once this process is over, your claim will be settled within 30 days. The documents required are:

  • Filled in form with policyholder’s signature.
  • Vehicle insurance policy document.
  • Driving licence of the policyholder.
  • Vehicle’s Registration Certificate (RC book).
  • FIR copy (First Information Report copy) provided by the concerned police station.

6) Shriram Bike Insurance

Shriram General Insurance is one of the leading insurance providers in India founded in 1974. At the beginning, Shriram Group was in the chit funds business and later on entered into the insurance business.

Its subsidiaries include Shriram Finance, Shriram Housing Finance, Shriram Life Insurance, Shriram General Insurance and so on. It provides vehicle insurance services and Shriram bike insurance policy starts at ₹ 771.

Key Features

  • Timely roadside assistance in case of emergency to the policyholder.
  • Instant paperless renewal process and pocket-friendly premium plans.
  • Unlimited claim submissions in a year.
  • Upto 80% of Claim Settlement Ratio and upto 15 lakhs of personal accidental cover.

7) New India Assurance

The New India Assurance Co. Limited is a public sector insurance company owned by the Government of India. Headquartered in Mumbai it was established in 1919, nationalised in 1973. Its products are vehicle insurance, general insurance, health insurance, property insurance and so on.

New India Assurance’s two-wheeler insurance premium plans starting as low as ₹ 782 for one year.

Key Features

  • Personal accident coverage upto 15 lakhs.
  • Claim settlement assistance for 24/7.
  • Add-ons available.
  • Claim ratio of 96%.

To claim settlement, you have follow the following steps:

  • Must notify the New India Assurance within 24 hours of the accident or theft of the bike.
  • Required documents can be submitted through online.
  • RC book, driving licence, insurance policy, FIR copy and so on as demanded by the company should be submitted.
  • You can contact the insurer by dialling the toll-free number: 1800-209-1415.