Bike has always been one of the most convenient and preferred ways of traveling. But at the same time, we can’t deny that most accidents are always faced by bike runners. So seeing the rising purchases and concerning the holder’s security government has made bike insurance mandatory. And this has become one of the crucial and major ways in which you can protect yourself from any huge financial losses. So, today we have decided to a blog through which we aim to tell you about the 5 best bike insurance companies in 2023 lyricsbaazaar.com, thus, keep reading till the very end. 

    What is Bike Insurance?

    Bike Insurance which is also referred to as two-wheeler insurance, is an agreement between the bike owner and the insurer. Through bike insurance, you safeguard yourself from the financial losses that might arise at the time of any unfateful events. And today nobody can ride bikes on the roads of India without bike insurance, otherwise it would be an offense. This purchasing of bike insurance was made mandatory age the Indian Motor Tariff of 2002. 

    Types Of 5 Best Bike Insurance Companies In 2023 Lyricsbaazaar.com

    There are three major types of bike insurance, and in order to help you find what will match your preference best, we have mentioned them here in brief. 

    • Comprehensive Insurance: Under this insurance, you will get coverage for your own damage, as well as for the damages incurred by the third party.  While purchasing these insurance people look out for some of the additional coverage. 
    • Own Damage Insurance: The own damage insurance covers only losses that have been sustained by the insured vehicles. But while getting this insurance, one should always be sure and must thoroughly go through the services covered under the same. 
    • Third-party Insurance: Though this is one of the most affordable insurance, let me tell you that as the name suggests, it will only cover losses incurred by the third party. Mostly, people purchase these kinds of insurance just to simply get eligible to ride their vehicles on the roads. 

    5 Best Bike Insurance Companies In 2023 lyricsbaazaar.com

    Mentioned below are the 5 best bike insurance companies in 2023 lyricsbaazaar.com, that we have listed after a tiring research.

    Company NameCompany DetailsFeatures
    New India Bike InsuranceThe company was founded in the year 1919, and since then has been regulated and owned by Govt. of India. 92.33% Claim Settlement 3000+ Cashless Garages Premium Starts From Rs. 108 Provides all three types of Insurance, i.e. Comprehensive, Third-Party as well as Own damage. 
    Universal Sampo General InsuranceFounded in the year 2007, as a public-private venture of two national banks, Allahabad Bank and Indian Overseas Bank. 90% Claim Settlement 3500+ Cashless Garage Network Premium Starting at Just Rs. 31724*7 Emergency Assistance. 
    HDFC Ergo Bike InsuranceThe company is a joint venture between HDFC Ltd. and Ergo International.You get 100% Claim Settlement 2000+ Cashless Garages Premium Starting at only Rs. 5382487 Customer Support
    Royal Sundaram Bike InsuranceIt is one of the leading bike insurance companies and was founded in the year 2001. 98.60% Claim Settlement 3300 Cashless Garages Premium beginning at just Rs. 25024* 7 claim settlement
    Tata AIG Bike InsuranceWith the collaboration of two ventures i.e. Tata Group and American International Group, the Tata AIG came into existence.  Get a completely paperless process You get unlimited claims Premium at just Rs.47524*7 customer assistance

    Points to Remember While Getting Bike Insurance

    Before you avail or go for any type of insurance we would recommend you keep some of these enlisted pints in mind. By looking out for these points you can choose not only the best but also the most reliable 5 best bike insurance companies in 2023 lyricsbaazaar.com

    • Hidden Clauses: This could be termed as one of the most useful and important things to consider while selecting any bike insurance. You must read out or ask the insurer if there are any kind of hidden clauses applicable to the buyer. 
    • Terms and Conditions: Make sure to go through the terms and conditions of the platform thoroughly. Because you must not agree to some controversial things that might suit your choices. And it is also very necessary to be aware of the company that you are opting for. 
    • No Claim Bonus: Many bike insurance companies also provide its buyer with different plus points, when they do not claim any insurance during the period. Some companies might extend the insurance periods or others might provide some other lucrative options. 
    • Settlement Process: It is always recommended to know about the settlement process of the company. Because it will save you from any future tiring procedure or hustle. 
    • Success Percent: Knowing the claim success percentage is very pivotal, as it will give you a better overview of the company and its offerings. You must skip through any kind of lengthy process that will make it hard for you to claim insurance. 
    • Add-ons: Many companies provide multiple add-ons, to the insurance that they provide to their customers. These add-ons not only make the insurance appear lucrative but also become beneficial for the buyer. 

    Conclusions

    To conclude we would like our readers to be aware that riding bikes on the Indian road without any proper bike insurance, is a finable offense. Thus, you must take bike insurance, that suits your preferences the best. To assist and guide you in the process, we have listed down the 5 best bike insurance companies in 2023 lyricsbaazaar.com here in this blog. Thus, you must read the given information to get the best insurance for yourself.

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