India has a law that it is compulsory for all bike owners to have a basic third-party insurance policy. So, as per the Motor Vehicles Act, all the two-wheeler vehicles like bikes, motorcycles, scooters, etc., are permitted to be driven on the road only after having two-wheeler insurance.
Now, if you have bought a new bike and are looking forward to acquiring bike insurance, then it is important to pick a suitable two-wheeler insurance policy. Considering a whole lot of options is essential to choose the best one with the maximum benefits.
At the time of choosing your policy, you should aim to opt for a comprehensive insurance policy and not just the third-party cover.
It will provide you with more extensive protection compared to the third-party liability policy. It will also cover the damages caused to your vehicle in case of a mishap like an accident, fire, theft, natural calamities, etc.
While searching for the best bike insurance policies, you may come across the two main insurance providers – LIC two-wheeler insurance and HDFC bike insurance.
When purchasing a bike insurance policy, many are confused between the two. If you can’t decide whether you should go for a LIC two-wheeler insurance policy or HDFC bike insurance, here is a guide that will help you arrive at the right decision.
Below we compare the two policies to clear any doubts you might have, which may lead to hindrances in the insurance policy selection process:
LIC Bike Insurance Price
Starting with the LIC two-wheeler insurance policy, this service provider offers NCB benefits of around 50% to their consumers. With this insurance policy, the holder can save around 70% on the insurance premium.
As per their two-wheeler insurance policy, the holder gets cover for their own damages as well as the damages caused to the third party, which is mandatory as per the Indian Law.
The company promises to settle the insurance claims as quickly as within 4 hours. It is known to have a claim settlement ratio of 96%. The customers also benefit from round the clock claim assistance by the customer service team.
If you want, you can also choose some add-on covers. The additional covers available are zero depreciation cover, return to invoice, etc.
While a depreciation amount is always covered when the claim is considered, with zero depreciation cover, you can avail of the full value for repairs if there has been damage to the bike.
In the case of a total loss of the bike, then you can claim the original invoice price for the bike including the registration charges and road taxes, with a return to invoice feature.
HDFC Bike Insurance
Now that we have evaluated the top features offered by the LIC bike insurance policy, it is time to discuss the best key features offered by the bike insurance by HDFC.
Like LIC, even HDFC policyholders can save an amount of around 70% on the insurance premium. One of the best parts is that you also get a range of discounts and offerings through their website and other channels at the time of getting a new policy as well as during policy renewal.
HDFC Bike insurance is one of the best in the market due to its impeccable claim settlement policy. HDFC uses an AI-enabled tool called IDEAS which makes the claims settlement quicker and more convenient for the user.
HDFC has one of the highest claim settlement ratios in the market. Their online claim settlement process is known to be reliable and easy-to-use.
HDFC bike insurance offers a cashless facility as the company has a tie-up with more than 7,600 garages all over the country. So, when you need a bike repair, you don’t have to worry about finances. You can get your bikes repaired at their listed garages without needing to pay anything.
HDFC is known to offer one of the best and most comprehensive insurance covers. Their policy provides coverage for personal damage to the bike in case of an accident as well as covers third-party damage.
Another thing that deserves a mention here is that the damage costs include natural and man-made calamities. Third-party cover offers complete financial support for damage to third-party property as well as people.
If you are in a hurry and want to buy a bike insurance policy within a few minutes, then HDFC bike insurance is the one for you. Open the online portal, make a few clicks, and you are good to go!
If you want to go for additional features, HDFC offers a range of add-on features such as emergency roadside assistance, no claim bonus, etc.
Wrapping up
These were vital things you needed to know about the two leading bike insurance policies in the market – LIC and HDFC. Now that you know the features of both the HDFC bike insurance as well as LIC two-wheeler insurance policy, it will be easier for you to decide on the right service provider for you.
Consider the things such as claim settlement, the process of buying the bike insurance policy, customer service team responsiveness, add-on features, cashless facility, policy coverage, etc., while making a decision.
Study the details of both of these insurance policies carefully and make the right choice.
