Two Wheeler Insurance in Chennai

Two-wheelers are a preferred mode of transportation by many people in the country. In 2015, Chennai was listed as the city with the highest vehicle density in India. With so many vehicles plying the roads, the accident rate is sure to go up. In the event of something misfortunate on the road, people involved in the accident can be held accountable to pay for expenses incurred due to damages, injuries and even death. This can be an expensive affair if one does not have a valid insurance policy. The Government of India made it mandatory to have at least a liability-only policy that will take care of third-party expenses.

Two-wheeler Insurance Providers in Chennai

A number of insurance companies in the country offer two-wheeler insurance plans in Chennai. For customers looking to purchase a plan, these companies offer third-party liability policies and comprehensive cover packages. Some of the popular insurance companies that offer two-wheeler insurance have been listed below:

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

*Insurance companies have been listed in no particular order.

Cashless Garages in Chennai

Insurance providers usually tie-up with garages across the country to make the insurance process smooth. When you opt for a two-wheeler insurance policy, you can benefit from the facility of cashless settlements at partner garages. If the policyholder chooses to repair the insured vehicle at a network garage, then the insurance company will deal directly with the garage. The insurer will pay the bill and the policyholder will only be liable to pay any amount over and above the insurance cover, or any part of the bill that is not covered by the insurance policy.

Network garages differ between two-wheeler insurance companies. To locate a network garage, the insurance companies provide a number of avenues:

• A list of cashless garages should be included in the brochure or policy document issued to the customer.
• Insurance companies have a locator on their official websites. To find a network garage in their area, customers can enter their city and location to see the garages on a map.
• Alternatively, customers can contact the customer support team to get assistance on locating a network garage.

Benefits of Cashless Garages in Chennai

Opting for an insurance policy that offers cashless settlements can make all the difference in the claims settlement process.

Smoother process

After intimating the claim to the insurance company, the insured person has to take their two-wheeler to a network garage for repairs. All that is required is the policy number along with a few other documents, if needed, to process to the claim. The garage will contact the insurance provider and get an approval. Once the approval is given, the insurer will settle the bill directly with the garage.

Reduces out-of-pocket expenses

Out-of-pocket expenses are limited to only what the insurance policy does not cover. Customers may have to pay for any part of the bill that is not covered by the insurance plan such as depreciation on spare parts of the vehicles.

Fast turn-around

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 turn-around time for approval and claim settlement will be shorter.

What to Consider when Purchasing Bike Insurance?

When it comes to purchasing an insurance policy, finding the best or the cheapest bike insurance company is relative to each person. Premium rates depend on a number of factors and can vary between different customers who wish to avail a policy from the same company. A number of factors come into play when finding the ideal bike insurance policy.

Policy Coverage

A third-party liability policy will cover only expenses incurred in damages, injuries or death caused to a third party involved in the accident. A comprehensive package will also cover own damages and injuries along with third-party liability. You need to determine whether a third-party liability policy is sufficient or whether you need a comprehensive package that provides full cover for both third-party and own damages. If you can afford the premiums, it is smart to choose a comprehensive package.

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. You will not be required to pay from your own pocket for the repairs. The insurer will settle the bill directly with the garage, however, you will be required to pay any part of the bill that is not covered under your insurance plan.

Premium Rates

A number of factors contribute to the rate of premium of an insurance plan. Insurance providers will take into consideration the make, model and cubic capacity of your bike, the city of registration and purchase, the details of the driver and so on. You can avail discounts for various factors such as safety features of the vehicle.

No-Claim Bonus

A no-claim bonus is awarded to customers who do not make a claim during the policy term. Upon renewal of the policy, the customer will be entitled to a discount on the premium. NCB is 20% for the first claim-free year and subsequently increases to 25%, 35%, 45% and 50% maximum.

Limits on Third-party Claim

Insurers will cover up to certain limits for third-party damages. 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.

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

In the event that you want to sell your bike, there are a few formalities that you must fulfill. Firstly, you will need to transfer the ownership of the vehicle. In addition to this, you can also transfer the bike insurance policy to the new owner.

When you sell your two-wheeler, it is important to inform the Regional Transport Authority (RTO) of the sale and apply for a No Objection Certificate (NOC). To make sure you are not legally obliged to any future liabilities connected to the bike, you need to hand over the necessary documents to the new owner and transfer the ownership name.

To transfer the insurance policy, you can follow the steps below:

• Contact your insurance company and inform them that you wish to transfer the insurance policy as you are selling your vehicle.
• If you have accumulated a no-claim bonus under your policy, you can apply for a no-claim bonus certificate. The no-claim bonus is non-transferrable and this certificate will ensure the bonus remains in your name. If you apply for a fresh insurance plan for a different vehicle, you can then avail the no-claim bonus on that policy.
• The insurance company will transfer the policy to the new owner, provided that the person is fulfills the eligibility criteria of the existing plan.
• After the new owner provides the necessary personal details, the policy will be transferred.

Transferring the policy saves one the hassle of getting a new policy. It could also fetch a better price on the vehicle.