Cochin , with a population of over 2 million people is home to thousands of vehicles, with two-wheelers accounting for close to 70% of them. Each year, the city sees an increase in the number of bikes registered, with over 1.29 lakh vehicles registered in the period between 2007 and 2012. Reports by local authorities indicate that around 30,000 vehicles are registered in Cochin annually.
The number of vehicles in Kerala has increased from 0.24 lakh in 1960 to around 70 lakh in 2013. This has not only resulted in congestion on the streets, but has contributed to the sharp rise in the number of accidents. There were 3,000 reported accidents during Jan-June of 2016 in Ernakulam, with all of these involving two-wheelers. A good two-wheeler insurance policy can help offset any financial cost associated with such accidents, making it not just a mandatory requirement but also a necessity.
Two-wheeler insurance providers in Cochin
The city of Cochin sees a number of two-wheelers purchased each day. General Insurance companies have realised the potential to cash in on this market, with around 30 such companies offering two-wheeler insurance in Cochin . This number has helped residents, with a plethora of products of offer. Individuals looking to insure their bike can consider a policy from one of these popular names.
The names mentioned above are not ranked in any specific order and just highlight the popular options in the city.
Cashless garages in Cochin
Competition among insurers has resulted in better services and products for customers. One service which is standard across insurers is cashless garages. A wide network of cashless garages can help an insurer retain existing customers, in addition to targeting new ones. Insurance providers in Cochin have tied up with local garages, offering a decent network of cashless garages.
A cashless garage can be a boon in case of an accident, for a customer can get the damage fixed without hassle, without the need to pay an additional amount from his/her pocket. Locating a cashless garage in Cochin is simple and straightforward, with it possible to do so by using any of the methods listed below:
- Check the official website of the insurer for any information on cashless garages. Almost all insurance companies display their network on the website, making it easy to track one closest to the customer.
- In cases where the policy was purchased through an agent, a customer can contact him/her and request for details regarding network garages.
- A customer can call the customer care number of the insurer and ask for information about cashless garages. Customer care executives are trained to provide such information.
- The mobile app of an insurer can be used to locate a cashless garage.
- Certain policy brochures contain details about network garages.
Benefits of cashless garages in Cochin
Choosing to get a damaged vehicle fixed at a cashless garage can be beneficial in a number of ways, as highlighted below:
Faster – Getting damages fixed at a cashless garage is often faster when compared to local garages. This is primarily on account of the relationship shared between the garage and the insurer. One can be rest assured that the wait to get the vehicle isn’t very long.
Expertise – Network garages are typically the best in the city. This ensures that the mechanics and technicians working on the vehicle are knowledgeable. The knowledge of a mechanic becomes even more important when the bike in question is rare/imported.
Peace of mind – Getting a bike fixed at a local garage comes with its own share of worries. Unless the mechanic is trusted, there are chances of having original parts replaced with duplicate ones. This, however, isn’t the case with network garages. One can be rest assured that genuine spares are used, ensuring that there are no future complications which are typically associated with fake parts.
Simple process – The process of getting a damaged vehicle fixed at a cashless garage is simple and efficient. One needs to inform the insurer about the accident, with the insurer handling all communication with the garage. There is no need to negotiate the cost of repair. One can also be rest assured that the vehicle will be fixed within the stipulated time period.
Replacement vehicle – It is possible for an insurer to provide a replacement vehicle while the damaged bike gets fixed at a network garage. This can vary from insurer to insurer.
Financial savings – One needn’t pay for repairs from his/her own pocket when the vehicle is fixed at a network garage. The insurer handles the settlement. An individual might have to pay an amount only if the cost of repair exceeds the cover limit.
Add-on services – Network garages offer add-on services like towing, roadside assistance, home pickup and drop, etc.
What to consider while buying bike insurance
Purchasing a bike insurance policy goes beyond meeting government regulations, for a good policy can offset losses and provide peace of mind during emergencies. With a host of products on offer, one should keep these basic points in mind before purchasing a policy.
Cost of policy – The premium one pays for a policy should be affordable. One should ensure that the policy isn’t too expensive. The cost of a policy varies based on a number of factors, including the type of cover chosen, place of vehicle registration, engine capacity of bike, etc. Checking for discounts and comparing policies can help one land a better deal.
Cover type – There are two popular options when it comes to cover, liability-only and comprehensive cover. A comprehensive policy provides additional protection when compared to a liability-only policy which offers only-third-party cover.
Claims process – Opt for an insurance company which is known to have an efficient claims process. Check reviews and performance reports for the same.
Network garages – Opt for an insurance company which has network garages located across the country. The number of garages in the city of use should be sufficient to handle any bike-related incident.
Policy term – Choosing a longer policy term can be beneficial, helping one save money on premiums.
- Inclusions/exclusions – Check the list of inclusions/exclusions mentioned in the policy.
How to transfer ownership of bike insurance for vehicles of other states
Purchasing a used two-wheeler is common in India, with the second-hand vehicle market growing in leaps and bounds each passing year. Individuals who have purchased a used vehicle from a different state should not forget to get the insurance transferred in their name. Failure to do so might result in the insurance company rejecting any claim.
Transferring bike insurance is simple, and can be done by following a few simple steps.
- Inform the insurance company about the sale of bike. The seller is expected to do this.
- Provide details of sale to the insurer. These include documents like the sales deed, registration certificate, NOC from the RTO, etc.
- Provide personal details of the buyer to the insurer.
- Pay any fees which might be mentioned.
- Once all formalities are done the insurer will transfer the insurance policy to the buyer.