1. Tata AIG General Insurance
Another successful joint venture of the Tata Group with an international partner is the Tata AIG General Insurance Company Limited. It was set up in 2001 between the Tata Group and American International Group. While the Indian conglomerate holds about 74% of the stake, the American counterpart holds the remaining shares. Tata AIG General insurance boasts of a wide range of products and services like automobile insurance, home insurance, personal accident cover, travel insurance, etc.
2. SBI General Insurance
Cholamandalam MS General Insurance Company Ltd is an Indian insurance company that was set up in 2001 as a joint venture between Mitsui Sumitomo Insurance Group, a Japanese insurance company, and the Murugappa Group, an Indian conglomerate. It offers a wide variety of insurance products and services such as accident insurance, health insurance, liability, marine, motor, property, travel, and rural insurance.
3. Bajaj Allianz
Bajaj Allianz General Insurance is an Indian private general insurance company in India that started in the year 2001. The insurance firm is a joint venture between Bajaj Finserv Limited (74% ownership) owned by the Bajaj Group of India and Allianz SE (26% ownership), a German financial services company. Out of the 97 filed and approved products listed by the firm, 27 products belong to the healthcare sector.
4. Magma HDI General Insurance
Set up as a joint venture between Magma Fincorp Limited and HDI-Gerling Industrie Versicherung AG in 2009, Magma HDI General Insurance Co. Ltd. started operations after receiving its license from the IRDAI in October 2012. Its wide range of product offerings includes motor insurance, health insurance, liability insurance, fire insurance, engineering insurance, marine insurance, and burglary and risk insurance.
After understanding the above information, you can make a more informed decision about the two wheeler insurance company you should go ahead with. However, it may be noteworthy that there are other factors like premium amount, terms and conditions, etc., that are equally important considerations while choosing the insurer.
5. Go Digit General Insurance
Incorporated in 2016, Go Digit General Insurance Ltd. is a non-Government company whose primary objective is to make insurance simple and easy for the common man. It was started by Kamlesh Goyal and backed by the Fairfax Group. The product offerings include car insurance, travel insurance, home insurance, commercial vehicle insurance, and shop insurance.
6. ICICI Lombard
One of the biggest and most recognized insurance providers in India, ICICI Lombard General Insurance Co. Ltd. is a general insurance company that was founded in 2001 in Mumbai, India. The firm’s key product and service offerings include general insurance, reinsurance, insurance claims management, and investment management.
Importance Of Claim Settlement Ratio While Buying two wheeler Insurance
A very important factor to consider while selecting the insurance company for your two wheeler insurance is the claim settlement ratio of the company.
Claim settlement ratio shows you the number of claims settled as a percentage of the total number of claims received. Opting for an insurance company that has a higher claim settlement ratio ensures that your chances of a successful claim settlement are much higher. A lower ratio means they are more stringent in their claims processing and that getting your due amount could be more difficult.
What Are The Risks Associated With IRDAI Unregistered Insurance Companies?
Any insurance company that is registered and approved by the Insurance Regulatory and Development Authority in India falls directly under the supervision and regulation of the government organization. The IRDAI also handles the overall development of, and policies followed by the insurance sector in India.
If your insurance company is unregistered with the IRDAI, you may expose yourself to the following risks:
- Any fraud or non-payment of claims by the insurer
- The insurance company’s non-adherence to terms and conditions mentioned in the policy documents
- Insurance companies may indulge in other illegal activities with your money
- It may not have a good network of garages.