One of the main reasons you buy insurance for your bike is an expectation that your insurance company will take care of damages in case of an unforeseen accident. In case of accidents or damages due to fire, calamities, etc, you inform your insurance company about the losses by raising a claim. And you hope that the insurance company would compensate you accordingly. However, insurance companies receive a lot of claims in a year, and unfortunately, a few claims are even rejected. While such cases are rare, you would still want to know the chances of your claim getting settled. And Claim Settlement Ratio tells you the same. Claim Settlement Ratio is a critical concept to look at while buying a two wheeler insurance plan.
Trustworthy Claim Settlement: 98.4% (FY 23-24)
Bike insurance Claim Settlement Ratio (CSR) is the ratio of the number of claims that an insurance company settles successfully as compared to the number of claims that are received by them in one financial year. A higher CSR means a higher chance of your accidental claims being settled. Thus, you must consider a company’s CSR while buying new bike insurance. A CSR anywhere between 85% to 95% can be considered ideal.
Claim Settlement Ratio is calculated as the total number of claims settled in a given financial year divided by the total number of claims received in the same period multiplied by 100. The higher the CSR, the better are the chances of your claim getting honored by your insurance company.
At ACKO, our primary objective has always been to adopt best practices to offer an easy, transparent and hassle-free claim experience. We make our best attempt to help you make an informed decision while buying an insurance policy for your bike.
Note: CSR = claims settled / claims processed
| Category | Claim Settlement Ratio |
| Motor Own Damage Pvt Bike Insurance | 98.40% |
Selecting an insurance company solely based upon its CSR may not give you a complete picture of the insurer. Here are a few reasons why CSR may not give you a complete picture.
Policyholders might not follow the claim process leading to rejection.
The company rejects a fraudulent claim. However, if such instances are more, the CSR will drop.
The policyholder got the bike repaired before informing the insurance company leading to rejection.
An insurance company may have received lesser number of claims in one financial year leading to an increase in CSR.
The policyholder did not file a claim in the stipulated time, thus leading to rejection.
The policyholder may not have submitted the required documents in time.
Note: The above factors can increase or decrease the CSR of an insurance company and one cannot predict the capability of the insurer for settling claims because of such things. Thus, it is not a good idea to choose an insurance company only basis its CSR.
*The premium rates mentioned are for EV two-wheelers not exceeding 3KW
Comparing the claim settlement ratio of bike insurance companies is an effective way to gauge the insurer's capability to settle claims. However, it is not the only factor based on which the performance of an insurer should be judged. The policyholder should consider a few other things apart from the claim settlement ratio while choosing an insurance company.
Insurance Regulatory and Development Authority of India (IRDAI) releases a report on the Indian insurance sector each year. This report also mentions the claim settlement ratio of bike insurers. It is recommended to take a look at this report to understand the probability of your claim getting settled with a particular insurer.
Take a look at how swiftly and conveniently the insurer settles your claims. New-age insurers like ACKO relieve you from the tedious process of form-filling and documentation. With 100% paperless transactions, you can buy, renew, raise claims and track them online.
With the advent of digitisation, it has become easy to find out what customers think about a product or service. Check the ratings and experiences of customers of a particular two wheeler insurance company to make an informed decision while buying a bike insurance policy.
Frequently Asked Questions About Two-wheeler Claim Settlement Ratio
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Reviewed by Lokesh Shetty 
Acko Technology & Services Private Limited
#36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102
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