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Top 5 Best 2 Wheeler Insurance Companies in India 2021 Basis IRDA Claim Settlement Ratio & Garages - YouTube
Channel: TrekBook India
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Hello Friends I am Mahesh from TrekBook India
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Todays topic is Top 5 Two-Wheeler insurance companies in India
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so before we begin, let's see
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criteria's that I have considered to select best insurance
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first & foremost criteria is
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How strong is cashless garages network of insurance company
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this is very important since maximum 2-wheelers are there in India
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& in case of accident, network garage is must for repairs
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and to get cashless insurance without any hassle
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just submit the bike for repairs & you get it back without paying any cash
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so this important point I have considered
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second is Which add-on rider options are given by company
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as an example - Zero Depreciation
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in case Plastic part brakes & you don't have taken Zero Dep
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then you get only 50% cost of broken part
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so I will prefer to get Zero Dep cover by the company
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then accessories gets covered
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medical cover, passenger cover is there
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like in accident case driver & passenger hospitalization expenses
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this can be also covered by insurance company as additional option
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so you should look at this option too
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Third point is How is the Customer Care Support?
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you need to see if they have 24x7 attention line
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because anything can happen anytime & getting timely help is important
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and main point again - coming to the Claim Settlement Ratio
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IRDA - Insurance Development Authority of India
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IRDA publishes data of claim settlement ratios by insurance companies
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so now I am moving on to the chart
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so I have taken an example at the top of chart
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my friends 2Wh Vespa VXL125 Std model, 125cc
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this is December 2016 model
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for this I took out online quotations
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this is just a sample
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our main focus is not on example
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focus will be on which company is best based on criteria's which I told you
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so first column is Insurance company name
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second column belongs to claim settlement ratio in the year 2019-20
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this is IRDA data
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this I have taken from insurance dekho dot com website
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so indexing of table is done on that key
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means company having highest claim settlement ratio tops the list
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company having lowest claim settlement ratio is at bottom of table
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chart have become slightly bigger, but t this time I have included each company
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during my last car insurance video I skipped some companies & people asked questions!
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now see that third party cover highlighted in blue colour
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so that is common across all
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because the third party insurance price is fixed price
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so 752 Rs in this case is constant for all companies
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previous column is IDV Insured Declared Value
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means How much amount you will get if your bike gets 100% damage
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this is flexible & you can increase it, but then premium will go up accordingly
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third column is Zero Depreciation cover
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if you wish, you can take that
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it will add to some charges
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& then road toe assistance
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so personally as per me Zero Dep & Road toe assistance is better to take
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so if you take both these riders
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so rider will have added cost depending on company to company
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& finally it comes out to Total Package Premium
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over & above you have 18% GST
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so second last column will have amount to be paid
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last column shows the network garages
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so how many network garages a company have?
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so considering all these I have numbered top companies
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& why that I want to tell you
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so I have given number 1 for SBI General insurance
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there are 2 reasons for that
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one is their Claim settlement ration is 90%
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second they have highest 16K+ network garages
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so compared to other companies SBI Gen have both claim settlement ratio & network garages good
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that is the reason I have sleeted them at Number 1
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Number 2 is HDFC General Ergo Insurance
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their Claim settlement ratio is 91.23%
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and
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they have @6800+ network garages
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for this reason I have kept them at Number 2
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Number 3 is Tata AIG General insurance
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TATA AIG is also one of the well known insurance company in India
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so their claim settlement ratio is also 90.49%
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& they have 5000+ network garages
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so they rank on third number as per me
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fourth number is Tokyo General insurance
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their claim settlement ration is highest 95.3%
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but their network garages are 4300+
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that is why I have kept them on fourth ranking
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fifth ranking is Royal Sundaram General Insurance
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their claim settlement ration is second highest i.e. 92.66%
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their network garages are also 4600+
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now why I have shuffled Tokyo & Royal sundaram?
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because I liked the road assistance & Zero dep coverage in Tokoy Gen
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that is why I have kept them on fourth ranking
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I have highlighted separately ...
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those companies having higher network garages like
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Chola mangalam gen insurance have 7100+ garages
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& ICICI Lombard have 5600+
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& Bharti Axa General have 5200+
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that is why I have highlighted them too
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so those having 5000+
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such companies I have highlighted
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but Top 5 I have already told you
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so again while selecting insurance do select riders
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as per the company in top 5 giving you lowest premium, you can go ahead
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so thank you very much
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do tell me in comments if you liked the video
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bye for now
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