India and two-wheelers go hand in glove. With millions being sold annually, the country has emerged as one of the largest two-wheeler markets in the world. Be that the riding thrill, the ease with which one can zip through clogged roads, or affordability compared to their four-wheeled cousins-more than anything else, bikes are an affair of love with Indians. As good this love for bikes may sound, the responsibility towards their protection is yet another important duty of every biker: getting bike insurance.
The present comprehensive guide takes into consideration the whole gamut of debate on some of the best two-wheeler insurance in India, the best bike insurance companies, the importance of electric bike insurance besides delving deeper into some of the top models and manufacturers doing the rounds in this country. We shall also discuss herein various ways AapkaPolicyWala as one of the finest intermediaries can help in picking out the right policy.
Indian Bike Market: A Bird’s-Eye View
India is the home of a huge and heterogeneous two-wheeler market, having a lot of needs across different user categories. It goes all the way from fuel-efficient commuter bikes to high performance motorcycles. It would, thus, be appropriate at this juncture to closely look into the current scenario in bike models, their manufacturers and sales trends in India.
India Two-Wheelers Sales
Historically, India has emerged as one of the largest two-wheeler markets in the world. The economic slowdown and pandemic did not affect the usually resilient two-wheeler industry in the country. Of late, the country is recording astonishing growth in the sale of two-wheelers contributed by rapid urbanization, improvement in disposable incomes of customers, and aspirations for personal mobility.
In fact, by 2023, India is projected to witness phenomenal growth in the two-wheeler market for millions of units to be sold across different categories. All in all, young people, rural penetration, and budget options continue to keep the demand upbeat in the bike segment for the aspiring middle class.
Best-Selling Bike Models in India
The list is endless from models meant for different needs to models that differed in their range of taste and preference. Some of the best-selling models of bikes which conquered the Indian consumers:
Hero Splendor Plus: Being one of the most iconic names and one of the best-selling products of this country, Hero Splendor Plus strikes a perfect balance in front of the customers for its dependability, fuel efficiency, and affordability. It is every commuter’s favorite, with a major hold especially in the countryside.
Honda Activa: Although a scooter, Honda Activa finds its place in the list because of its popularity. It is the ultimate means for intra-city travel, combining style, performance, and convenience in the right proportion.
Bajaj Pulsar: Bajaj Pulsar has brought about a revolution in the Indian market. With its sporty design and power-packed performance, it has become the most sought-after vehicle by the young.
Royal Enfield Classic 350: For its reputation as one potent highway cruiser at pace, here is a look at the latest launch by Royal Enfield, the Classic 350. With its classical motorcycle design and thumping engine, this motorcycle already is in the category of cult favorite.
TVS Apache: The TVS Apache series have performance-based motorcycles. Hence, these brands will always have a taker among people who want both power and style.
Another popular choice amongst the youth with Yamaha is the FZ series of bikes. It has proved to be the perfect blend of performance, style, and fuel efficiency.
Leading Manufacturers of Bike in India
Few leading key players dominated the Indian two-wheeler market and established themselves as the go-to brands when it came to quality bikes. Following is the list of top-rated bike manufacturers in India:
Hero MotoCorp: It is the number one manufacturing company of two-wheelers, not only in India but also in the world. Being a manufacturer of reliable and fuel-efficient bikes, Hero has made sure it reaches out to not only metropolitan cities but also to rural areas.
Honda Motorcycle and Scooter India: HMSI-Honda is a name known to each and every household in India. They cater with a wide range of bikes and scooters. Their focus on innovation and quality paid off; hence, they are leaders in the game.
Bajaj Auto: Bajaj Auto is another leading player in the Indian two-wheeler market. With sporting and performance-oriented bikes, Bajaj maintains an army of young followers in the segment of the market.
TVS Motor Company: TVS is prominent among the most wanted brands in India itself, as their focus is on design and performance.
Royal Enfield: Royal Enfield has carved a niche for itself in the case of classic bikes and is favored most by people who like to cruise along for long distances. A few of the bikes from this company enjoy very dedicated fan followings in India, let alone abroad.
Yamaha Motor India: Since the company deals in performance-oriented bikes, it generally attracts pretty young audiences in itself. The bikes from this company are quite famous amongst the masses due to its style, power, and reliability.
Understanding Bike Insurance: Why It is Crucial
While owning a bike gives one freedom and ease of movement, it brings responsibilities in its wake-first and foremost, the rider and bike safety. It is here that the insurance for the bike helps. Though third-party insurance for your bike is the minimum mandatory requirement under law in India, still comprehensive bike insurance covers much more, giving protection against a wide range of risks.
Variants of Bike Insurance in India
Third-Party Insurance: This is the most basic bike insurance available in India. In India, it is compulsorily required by law, though with only limited coverage. If your bike is involved in any accident where there is damage or injury to a third party. The cover that shall be given is compensation against such damages or injury. The insurance policy does not take care of any damage caused to your own bike.
Comprehensive Insurance: As the name suggests, the coverage in comprehensive bike insurance is big. Other than third-party liability and damages to your own bike, theft, fire, natural calamity, and all those unforeseen events are covered.
Standalone Own-Damage Insurance: The name says it all; this category of insurance provides protection to your bike against loss or damages arising from accidents, theft, fire, or any other event but does not deal with third-party liabilities.
Personal Accident Cover: It covers the owner/rider against accidental injuries or death compulsorily issued. Top Bike Insurance Companies in India While seeking proper protection for your bike, choosing the right bike insurance provider is of essence. Here are consider some of the best bike insurance companies in India that offer comprehensive coverage, great customer service, and smooth claims:
ICICI Lombard: ICICI Lombard is one of the top few bike insurance companies in India. Comprehensive coverage, cashless repair at network garages, and smooth procedures with respect to hassle-free claim settlement processes are offered by the firm.
Bajaj Allianz: It is considerably well-known for offering fast and quick processes for claim settlements. Comprehensive bike insurance policies can be avail from the company for which a number of add-ons can further extend the scope of coverage.
New India Assurance: This is another government-owned bike insurance company. They have huge network bases throughout India, which guarantees hassle-free claim processes.
Growing Demand for Electric Cycles and Requirement of E-Bike Insurance
Now, with increasing emphasis on sustainability and fuel prices touching the sky. Electric bikes are one of the most sought-after modes of transport in India. Unlike conventional fuel-run bikes, an electric bike is green and inexpensive to operate. Much like their conventional counterparts, however, electric bikes do need insurance coverage for any eventuality or risks.
Why Electric Bike Insurance is Important
The importance of insurance for an electric bike can be based on the following reasons:
Accident Cover: Ebike insurance covers all the damages caused to the bike in case of accidents. It covers repairing costs or replacement costs.
Theft Cover: Ebikes are very pricey, and theft can render a person to heavy losses. E-bike insurance, therefore offers protection from theft by compensating for the financial loss.
Natural Disaster Cover: E-bikes are prone to natural calamities that could come in the form of floods, earthquakes, or even cyclones. For that, damages fall under insurance, and hence you can be at peace.
Third-Party Liability: Much like conventional bikes, e-bikes, too, can cause accidents and thus damage third-party property or cause injury to the third party. Thus, e-bike insurance covers third-party liability.
Personal Accident Cover: E-bike insurance also covers personal accident cover wherein the financial losses of the policyholder are covered in case of injury/death cause due to an accident.
Best Electric Bike Insurance Providers in India
There are a number of insurance companies selling special insurance policies designed for electric bikes in India. Some of the top insurance providers for electric bikes include:
ICICI Lombard: The company covers comprehensive insurance, which quite fits e-bikes also, for a wide range of accidents and theft, and in some instances, natural calamities.
Allianz, Bajaj: In the comprehensive ebike insurance policy, issued by Bajaj Allianz. It provides Third Party Liability and Personal Accident Cover.
HDFC ERGO: HDFC ERGO would distribute ebike insurance cover at affordable costs. The policy shall cover accidental damage, theft, loss due to natural calamities, etc. Even add-ons are distribute with a view to increasing the scope of coverage.
Reliance General Insurance: Reliance General Insurance has been offering customized insurance for electric bikes. It covers accident, theft, and third-party liabilities.
Tata AIG: Under the brand name of Tata AIG comprehensive ebike insurance policies are offer. Such policies reflect customer-oriented strategies or policies, fully committed to ensure highest customer satisfaction. In the broad coverage of the Tata AIG Policy, a wide array of risks has been cover.
Conclusion: Cover with the Best Bike Insurance, Protect your Ride
Owning a bike in India is pretty much related to a lifestyle. Be it the daily commuter, the weekend rider, or the long-distance traveler, your bike deserves nothing but the best protection. It is very important to get the right bike insurance policy with the view to keeping your ride covered against any unfortunate eventuality.
With different insurers offering comprehensive insurance to bikes, you are expect to do your homework and choose such a policy that will suit you best. Be it an electric bike or the conventional, you should ensure the chosen insurance provider offers dependable cover, great customer service, and hassle-free claiming.
In addition, if you are puzzle with the policy choices, AapkaPolicyWala will assist you through each step. Its valued advice with an easy-to-use comparison tool will result in choosing exactly that bike insurance policy that keeps you hassle-free and protects your investment.
Gear up, ride safe, and keep your bike safe with the best insurance in India. After all, your bike is so much more than just a means of conveyance-it’s a buddy on the roads of adventure.