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  • Two Wheeler Insurance in Chandigarh

    Two Wheeler Insurance
    • Get quotes from multiple insurers
    • Cashless garages available
    • Buy/renew your policy online without hassles

    With an increasing number of two-wheelers hitting the roads of Chandigarh, it is imperative to have a valid insurance policy to safeguard yourself from expenses you might incur in the event of an accident. As per the Motor Vehicles Act, 1988, it is a legal requirement to have at least a third-party liability policy on your two-wheeler in order to ride it on Indian roads. Insurance companies in Chandigarh offer both liability-only policies as well as comprehensive packages. Comprehensive cover offers protection against damages to self and own vehicle as well.

    Two-wheeler Insurance Providers in Chandigarh

    There are plenty of insurance providers that offer motor insurance in Chandigarh. Choosing the ideal insurance provider depends on what cover you require, what benefits you are looking for and what premium you are willing to pay. Some of the popular insurance companies that offer two-wheeler insurance have been listed below:

    • Reliance General Insurance
    • Bajaj Allianz General Insurance
    • Bharti AXA General Insurance
    • Tata AIG General Insurance
    • Universal Sompo General Insurance
    • ICICI Lombard General Insurance
    • Shriram General Insurance
    • United India Insurance
    • New India Assurance
    • HDFC Ergo General Insurance
    • Magma HDI General Insurance
    • SBI General Insurance
    • Liberty Videocon General Insurance
    • Oriental Insurance
    • IFFCO Tokio General Insurance

    *Insurance companies have been listed in no particular order.

    Cashless Garages in Chandigarh

    There are two kinds of settlement options offered by insurance companies - reimbursement and cashless. Under reimbursement, customers need to pay the bill themselves and later collect a refund from the insurer. Under cashless settlements, if the customer avails services at a network garage, then the insurance company will settle the bill directly. The customer is only required to pay for any portion of the bill that is not covered by the insurance plan, such as depreciation of spare parts. If you wish to find a network garage, there are multiple avenues to do so. Note that every insurance company has a different network of garages.

    • Insurance providers usually list out the network garages in the insurance brochure or policy document which is issued to the customer.
    • The customer care can also provide information as to whether a garage is within the network or not, or provide assistance in locating a network garage.
    • Insurance companies have the option of locating a garage on their official websites. A customer can enter their location and city to find garages nearby.

    Benefits of Cashless Garages in Chandigarh

    Cashless settlements can make all the difference in the claims settlement process. The process is faster and smoother.

    Easy Claim Settlement

    The claim settlement is done at the garage itself. Customers are not required to go down to the insurance branch and file for a reimbursement claim. Customers are also not required to collect all receipts and documents, make copies and provide the same to the insurance company. The garage will handle this and send the required documentation to the insurer.

    Faster Process

    Once the customer informs the insurer about the incident that will give rise to a claim, they can take their bike to a network garage to get it fixed. By providing the policy number and other required details, the garage will file for a cashless claim and seek approval for the same. The insurer will send over its decision for approval, query for more information or rejection. If the claim is approved, the bill will be settled directly between the insurer and the garage.

    Reduces Own Expenses

    When the settlement is cashless, customers are required to pay only for services and items that are not covered under the insurance plan. The rest of the bill will be settled with the garage by the insurance company. This greatly reduces any financial burden on the policyholder.

    Quick turnaround

    Since the garage and the insurance company are tied-up, much of the process will be shortened as the information of the garage is already held by the insurer. There will be lesser hassles and the turnaround time for approval and claim settlement will be shorter.

    What to Consider when Purchasing Bike Insurance?

    Premiums differ between each person and between vehicles. There is no particular insurance company that offers the best two-wheeler insurance policy at the cheapest two-wheeler premium. Many factors come into play while determining the required coverage and the cost of the plan. When trying to find an ideal bike insurance policy, there a few important things to consider.

    Coverage Required

    There are mainly two broad categories of types of cover one can avail for their two-wheeler - liability-only and comprehensive cover. A comprehensive package will also cover own damages and injuries along with third-party liability. A third-party liability policy will cover only expenses incurred in damages, injuries or death caused to a third party involved in the accident. If you can afford the premiums, it is smart to choose a comprehensive package.

    No-Claim Bonus

    A no-claim bonus (NCB) is a discount awarded to customers who do not make a claim during the policy term. When a customer renews the two-wheeler insurance policy, the insurer will provide a discount on the premium amount. NCB is non-transferable between policyholders, but can be transferred between different insurance providers. NCB is 20% for the first claim-free year and subsequently increases to 25%, 35%, 45% and 50% maximum.

    Premium Rates

    Your premium depends on a number of factors that influence the risk borne by the insurance provider. Insurance providers will take into consideration the make and model of the bike, the cubic capacity, the city of registration and purchase, the details of the driver and so on.

    Limits on Third-party Claims

    Insurers will cover up to certain limits for third-party damages to people and property. Most insurers do not have a cap on the limit for third-party death claims, but for damage to property, the claims are capped at Rs.1 lakh.

    Cashless Claims

    Opting for an insurance provider that offers cashless facilities at network garages will save you a lot of the hassle involved with insurance. If your insurance provider offers cashless settlements, you will not be required to pay from your own pocket for the repairs. The bill for repairs will be paid for directly by the insurer. Any part of the bill that is not covered under your insurance plan will have to be borne by you.

    How to Transfer Ownership of Bike Insurance for Vehicles of Other State?

    When you sell your bike, it is important to transfer the ownership of the vehicle to the new owner. This will ensure that you are not held liable for any future liabilities associated with the bike. This can be done in a few steps but requires a little bit of effort. You need to inform the Regional Transport Authority (RTO) of the sale of the vehicle and apply for a No Objection Certificate (NOC). You need to hand over the necessary documents to the new owner and transfer the ownership name.

    Apart from transferring the bike ownership, you can also transfer the bike insurance policy to the new owner as well. To transfer the insurance policy on your two-wheeler, you can follow the steps below:

    • Contact the insurance company and inform them of the sale of your bike and your intention to transfer the insurance policy to the new owner.
    • If you have not made any claims on your insurance policy, and have accumulated a no-claim bonus, you can apply for a no-claim bonus certificate. The no-claim bonus certificate will ensure that the bonus is in your name as it is non-transferrable. If you apply for a fresh insurance plan for a different vehicle, you can then avail the no-claim bonus on that policy.
    • In order to transfer the plan, the new owner must first fulfill the eligibility criteria of the existing plan.
    • After the new owner provides the necessary personal details, the policy will be transferred.

    Investing in an insurance plan for your bike is a smart decision, not only because it is legally mandatory, but it will provide financial protection in case any untoward accident were to take place.