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Two Wheeler Insurance

Comparing bike insurance policies is the best way to find the best coverage for your beloved two-wheeler. With a range of options available and most insurers offering all details on their websites, comparing policies is now easier than ever before. Once you sift through your options and filter them down to two or three insurers, you need a detailed comparison to make the right decision. Today, we will be comparing two of India’s leading bike insurance companies – Tata AIG and Bharti AXA. If you are confused between these two, then we hope this article helps you gain some clarity and make an informed decision.

While most insurance companies offer similar features and benefits, there are few factors that can help you choose the better one (provided the plans suit your needs). Here are some comparison points:

Claim Settlement Ratio (CSR)

As the name suggests, the claim settlement ratio is the percentage of claims settled by an insurer out of the total number of claims received by it. This is an indicator of how streamlined the claims process is and how efficiently the insurer manages claim requests. A higher claim settlement ratio implies a better probability of getting your claim request honoured.

According to the Annual Report published by the IRDAI:

Claim Settlement Ratio for the financial year 2018-19 for Motor Insurance
TATA AIG 70%
Bharti AXA 75%

 

The network of cashless garages

If you meet with an unexpected accident or collision, then you would expect your bike insurer to take care of the costs of repair. Most insurance companies have a network of cashless garages that help you to get the repair done without spending anything. The garage sends a report to the company and once approved, repairs your bike at no cost to you. Based on your travel, you must ensure that the insurer has a cashless garage close by.

Network of cashless garages in India
TATA AIG 5000+
Bharti AXA 5200+

 

More than the number of garages, you need to ensure that you have a garage around your place of work, residence, and the route of frequent travel.

Types of add-on covers

Own-damage and comprehensive two wheeler insurance plans allow you to include add-ons in your policy to customize it based on your requirements. Each add-on is available at a nominal premium. Before buying a policy, ensure that you glance through the add-ons to check if you can get exactly what you want from the policy.

Add-on Covers
TATA AIG
    • Depreciation allowance
  • Personal Accident Insurance Cover
    • Consumable expenses
    • Emergency medical expenses
    • Additional personal accident cover for the owner-rider
  • Additional personal accident cover for unnamed persons
  • Return to invoice
  • Additional third-party property damage cover
Bharti AXA
  • Personal accident cover
  • Pillion rider cover
  • Medical cost insurance and cashless hospitalization
  • Zero depreciation cover
  • Roadside assistance cover

 

Other factors

Insurance is a highly regulated industry in India. With the IRDAI mandating certain features of a two wheeler insurance policy, there is not much to differentiate between the two in the core plans. While add-ons can make a difference, it boils down to what you need from the insurance policy and which insurer is offering the right combination of features and premium.

TATA AIG is a reputable brand that has earned the trust of millions of Indians over the years with the renowned ‘Tata trust’. It has also managed to live up to its name and offers prompt and efficient service, ensuring a resolution in no time. It also ensures that the claims are processed quickly.

Bharti AXA is famous for offering a wide range of add-ons to help you create a customized policy, and has a seamless claims process.

Summing Up

As you can see, there is nothing much differentiating Tata AIG from Bharti AXA primarily due to the fact that the IRDAI regulates the industry. However, apart from comparing insurers, we would urge you to enter your details on both websites and get a quote for the bike insurance policy. Also, ensure that you assess your insurance requirements carefully before you sign the dotted line. You might also want to read some reviews about servicing and claims management from other users to help you understand those aspects better.

Remember, two wheeler insurance is an umbrella that protects you from financial losses in the event of an accident, mishap, bike theft, natural disasters like flood, earthquake, cyclone, etc., and man-made disasters like riots, terrorist activities, vandalism, etc. Hence, buying the right policy is important to be assured that if disaster strikes, you are financially prepared. As we compared Tata AIG and Bharti AXA, ensure that you compare the insurance companies where you want to buy the policy from. If there isn’t much that separates them, then drill down to the policy-level and find the perfect fit. Roads are unpredictable, and riding a two-wheeler can be risky. Consider all aspects thoroughly before buying the perfect two-wheeler insurance for your bike. Good Luck!

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