Having a vehicle of your own gives you access to move around and carry out day to day activities with ease. With a two-wheeler, you don’t have to depend on public transportation to get your work done. When purchasing a bike you also need to get two-wheeler insurance for protection. Moreover, it is mandatory to buy a two-wheeler insurance policy in India.
What is IDV in bike insurance?
Insured Declared Value (IDV) is the maximum Sum Assured fixed by the insurer that is provided on theft or total loss of your bike in case of an accident. IDV is the current market value of the two-wheeler. It is the compensation that the insurer will provide to the policyholder.
Let’s have a look at some of the insurance companies that offer the best two-wheeler insurance solutions.
1. HDFC Ergo General Insurance
HDFC Ergo offers a two-wheeler insurance policy at an affordable price without compromising the benefits. HDFC Ergo General Insurance Company got the iAAA rating and it has also received the ISO certification for its customer service, policy issuance, and claim services, making it one of the best options.
2. Bajaj Allianz Bike Insurance
Boasting of a claim settlement ratio of 95%, Bajaj Allianz bike insurance is the most sought after two wheeler insurance plans available in the market. You can buy a Bajaj Allianz bike insurance plan online on the Finserv MARKETS website and avail a host of benefits such as access to a wide network of cashless garages, roadside assistance, no claim bonus and much more.
3. Tata AIG Motor Insurance
Tata AIG Motor Insurance Company is a popular name in the market thanks to its provision of innovative insurance solutions. It has the reputation of providing international experience to its customers in India. Tata AIG can fulfill the emerging needs of urban as well as rural two-wheeler commuters.
4. Bharti AXA Motor Insurance
Bharti AXA is one of the most reputed general insurance company in India. It is one of the first insurance providers in India to introduce bike insurance products. Their two-wheeler insurance extends to a number of helpful products such as commercial vehicle insurance, third-party liability insurance, etc.
5. Reliance General Insurance
Reliance General Insurance Company is part of the reliance group. It is among India’s most trusted insurance companies. It’s the first insurance company from India to receive the company-wide ISO 9001:2008 certification due to its provision of quality products and services to customers.
6. SBI General Insurance
The SBI General Insurance Company is jointly owned by the Insurance Australia Group (IAG) and the State Bank of India. They also offer an extensive range of customer-oriented products. You can choose the best two-wheeler insurance plan as per your needs.
But before you buy bike insurance online you need to do good research to find the insurance company and policy that best suit your requirements. But how to renew bike insurance policy? Well, renewal of an insurance policy is quite easy it can be done online with your credit card, debit card or internet banking.
Policyholders must also renew the zero depreciation bike insurance coverage yearly to continue enjoying its benefits. Suppose, if your bike was involved in an accident and eventually suffered damages due to an accident, your two-wheeler insurance provider will cover the entire cost of the losses incurred when you file a claim. It acts as a comprehensive coverage without factoring in for depreciation.