I agree to the Terms & Conditions
I agree to the Terms & Conditions
Are you currently in the middle of selecting the perfect bike or scooter model? While doing so, you must also spare a thought about the insurance policy for this brand new vehicle.
As per the Motor Vehicle’s Act of 1988, all two-wheelers and cars plying on Indian roads must have valid insurance coverage at all times. Failure to comply with this rule can lead to hefty fines, ranging up to Rs.4000 for repeat offenders.
In most cases, two-wheeler dealerships bundle insurance policies when you purchase a vehicle from them. However, you are free to refuse such an offer and seek your insurance plan directly from the various companies in the market.
Take a look at the list of two wheeler insurance companies in India.
National Insurance Co. Ltd.
Go Digit General Insurance Ltd.
Bajaj Allianz General Insurance Co. Ltd.
Cholamandalam MS General Insurance Co. Ltd.
Bharti AXA General Insurance Co. Ltd.
HDFC ERGO General Insurance Co. Ltd.
Future Generali India Insurance Co. Ltd.
The New India Assurance Co. Ltd.
Iffco Tokio General Insurance Co. Ltd.
Reliance General Insurance Co. Ltd.
Royal Sundaram General Insurance Co. Ltd.
The Oriental Insurance Co. Ltd.
Tata AIG General Insurance Co. Ltd.
SBI General Insurance Co. Ltd.
Acko General Insurance Ltd.
Navi General Insurance Ltd.
Edelweiss General Insurance Co. Ltd.
ICICI Lombard General Insurance Co. Ltd.
Kotak Mahindra General Insurance Co. Ltd.
Liberty General Insurance Ltd.
Magma HDI General Insurance Co. Ltd.
Raheja QBE General Insurance Co. Ltd.
Shriram General Insurance Co. Ltd.
United India Insurance Co. Ltd.
Universal Sompo General Insurance Co. Ltd.
Understand the difference between insurance companies, aggregators and brokers.
All insurance policies are packaged and marketed by insurance companies. All benefits and features tied to a particular policy come directly from these companies.
Aggregators list the names of all two-wheeler insurance companies operating in India, along with specific information regarding each of these policies.
Brokers are individuals/entities who mediate between the insurance company and the customers.
Role - Insurance companies create quality insurance policies, with sufficient financial benefits for policyholders during emergencies, such as accidents, theft and more.
Role - To provide information about all available two-wheeler insurance policies to potential policyholders for comparison and research purposes.
Role - Brokers sell insurance policies on behalf of insurance companies, primarily to acquire a commission on each such sale.
Employed By - None
Aggregators are third parties with no affiliations to any insurance companies operating in the market.
Brokers are often employed by the insurance company. Alternatively, they may be affiliated to such companies through a commission programme.
Insurance companies are directly responsible for settling all valid claims that they receive from their policyholders. However, these companies are free to verify the information before settling the claims.
A quality insurance plan will provide the following facilities and features. You must keep these factors in mind when picking such protection plans.
Another common mistake that many consumers make is buying two-wheeler insurance policy from third-party sources, instead of the insurance company itself. However, purchasing directly from an insurance provider is the wiser move.
While most people tend to purchase two wheeler insurance plans along with their vehicle from the dealership, doing so may not be too profitable. Listed below are some reasons to acquire such a policy from the insurance provider:
Regardless of how you buy insurance plans for your two-wheeler, reading the terms and conditions of such a policy is important. This section of your policy document should help you understand the extent of coverage.