Top 5 most commonly bought two-wheeler insurance policies in India
India’s two-wheeler sector has been growing tremendously despite the economic slowdown because of the pandemic. Some of the top-selling two-wheelers in India are Hero Splendor, Hero HF Delux, Bajaj Pulsor, etc. With a growing two-wheeler market, insurance for this segment has a lot of choices and customizations available. Having insurance for your two-wheeler is a must not because it is a legal requirement but to protect your vehicle against damages.
While selecting a Two-wheeler insurance policy the following points should be taken into consideration
- Lower Paper Work: With simplified IRDA norms, the paperwork for almost all the two-wheeler insurance policies is similar and very easy.
- Claim Ratio: Always select an insurer with a high claim ratio and a good record of settling claims on time.
- Coverage and suitable Add-ons: Let us understand this in detail
Types of two-wheeler insurance and important add-on coverages
Like any other auto insurance, two-wheelers insurance also has two types third-party liability and comprehensive coverage. To meet specific needs, you need specific coverage that is provided by the add-ons you include in your plan. Let us have a look at some add-ons that top-selling two-wheeler insurance in India offer.
10 Top Add-On Covers for Two Wheeler Insurance Policy in India
- Hospital Daily Cash Allowance
- Cover for loss of driving license and registration certificate
- Helmet Cover for two-wheeler
- EMI Protection
- Return to Invoice
- Roadside Assistance
- Zero Depreciation Cover
- Engine Protection
- Key Protection
- Tyre Protection
1. Hospital Daily Cash Allowance
It is the daily cash allowance that is provided to the policyholder for each day of hospitalization of more than 24 hrs. It is a fixed amount that is doubled for ICU admissions. This can be a part of your basic plan or can be bought as an additional cover. This allowance can be used to meet extra expenses not covered in a policyholder’s health plan.
2. Cover for loss of driving license and registration certificate
This is a very crucial add-on that covers you against the loss of your driving license or registration certificate. Both are very important documents, and this add-on covers the loss at a very nominal price. It requires the submission of an FIR.
3. Helmet Cover for two-wheeler
This add-on covers the cost of the helmet of the insured if it gets damaged because of an accident. This add-on covers the expanse of damage only once in a policy year.
4. EMI Protection
This add-on covers your EMIs in case your two-wheeler meets an accident is under repair for more than a month. It covers up to 3 EMIs. The EMI payments are directly made to your bank.
5. Return to Invoice
This add-on is very important as it covers the entire amount as per your insured vehicle’s invoice if your two-wheeler is destroyed completely in an accident or stolen. This add-n also covers road tax and registration charges of the vehicle.
6. Roadside Assistance
This add-on covers any breakdown on-road and provides free roadside assistance within 30 mins if the distance is within the company’s scope. It even covers towing and taxi charges if your vehicle can not be repaired on the spot. Most top selling 2 wheeler in India usually has this rider inbuilt.
7. Zero Depreciation Cover
This add-on covers the cost of depreciation. It will cover all the costs related to the repair and rubber parts of the vehicle.
8. Engine Protection
Your comprehensive policy does not cover the engine. This add-on covers the cost of repair and replacement of engine and gear box parts at a nominal price. It is an important add-on you must include in your policy.
9. Key Protection
This add-on covers the loss or damage of keys as it can be a costly affair. It covers, loss, damage, theft, and also the damaged lockset. It does not affect your NCB eligibility.
10. Tyre Protection
This add-on covers the cost of repairs and replacement of tyres against any damage or loss due to an accident or theft. It also covers the labor charges incurred. It covers tyre bursting, a bulge in tyre, and cuts and damage to tyre.
List of 5 Top-selling Two-Wheeler Insurance Policies in India 2021
- Tata AIG AutoSecure Two-Wheeler Package Policy
- Bharti AXA Two-Wheeler Insurance
- Bajaj Allianz Two-Wheeler Insurance
- HDFC ERGO Two-Wheeler Policy
- SBI General Two-Wheeler Insurance
1. Tata AIG AutoSecure Two-Wheeler Package Policy
It is a comprehensive two-wheeler policy that covers any loss or damage due to human causes or natural disasters along with third-party liability coverage and personal accident cover. It also offers a number of add-on s like zero depreciation, return to invoice, emergency medical expenses, etc.
2. Bharti AXA Two-Wheeler Insurance
It offers both third-party liability cover and comprehensive cover along with a range of add-on covers like zero depreciation and personal accident cover for the third party. It offers long-term protection with good discounts and personal accident cover for co-passenger up to 1 lakh.
3. Bajaj Allianz Two-Wheeler Insurance
It offers two types of comprehensive policies; a one-year package policy and a 3-year long-term package policy. The long-term policy allows proportional refund in case of mid-term cancellation. It also offers add-ons like zero depreciation and personal accident cover for the pillion rider.
4. HDFC ERGO Two-Wheeler Policy
It offers four types of coverages; single-year comprehensive coverage, standalone motor own damage cover, long-term comprehensive up to 5 years, and liability only cover. It allows policyholders to make unlimited claims and has got the claim settlement rating.
5. SBI General Two-Wheeler Insurance
One of the most trusted brands, it offers three types of coverages; a Two-wheeler insurance package policy, a long-term insurance package policy up to 3 years, and a motor act only long-term policy for 5 years. It offers add-ons like a return to invoice and protection of NCB.
These policies are the most popular coverages for the most selling two-wheelers in India. These brands are chosen based on their customer reviews and claim settlement ratios. It is always recommended to purchase insurance from a reputed company for assured customer satisfaction and peace of mind. In addition to looking for features and reviews of insurers, you should also understand your requirements clearly so that you purchase only what you need and not get carried away or take less coverage for saving money.