Motor insurance is a smart investment to make because the risk of accidents on Indian roads is very high. The number of two-wheelers plying the roads has drastically increased over the past few decades and the numbers are ever-increasing. Under the Motor Vehicles Act, 1988, it is mandatory to have at least a third-party liability policy for any two-wheeler. There are a number of insurance providers offering adequate coverage at affordable premiums in Ghaziabad.
Two-wheeler Insurance Providers in Ghaziabad
With so many insurance providers in the country, choosing the best insurance policy can be a daunting task. Finding the ideal policy will depend on your requirements, the coverage you want and the premium you are willing to pay. Some of the popular two-wheeler insurance providers in Ghaziabad have been listed below.
*Insurance companies have been listed in no particular order.
Cashless Garages in Ghaziabad for Two-wheelers
Insurance companies that provide motor insurance often partner with garages to make the claims settlement process smoother and easier for all parties involved. If a customer chooses to avail repair services from a partner garage, then the insurance company will be able to eliminate much of the hassle involved with insurance claims. The garage and the insurer will deal directly with each other and settle the bill, making it less expensive for the customer. To locate a cashless garage in Ghaziabad, insurance providers provide the following options:
- On the official website of the insurance provider, there will be an option to locate a cashless network garage. Simply enter your location to find garages nearby.
- In the welcome kit or policy document, there should be a list of cashless network garages.
- The customer care service will also be able to provide assistance in finding a cashless network garage.
Benefits of Cashless Garages in Ghaziabad
The main feature of cashless garages is the claim is settled directly between the garage and the insurance provider. Apart from this, customers can benefit from a number of other features of cashless garages in Ghaziabad.
Quick claim settlement - Claim settlements are much faster as the insurer deals with the network garage for all paperwork and bills.
Less expenses for the customer - With direct settlement facility, the out-of-pocket expenses to be borne by the customer reduces significantly. The customer is required to pay only for expenses not covered under the insurance plan.
Hassle-free process - The process of intimating a claim is much easier. The customer can contact the insurance company through the customer care. Once the claim is approved, the garage and the insurer will handle the rest between themselves. The customer is not required to visit a branch to collect the reimbursement.
What to Consider when Purchasing Bike Insurance?
When buying a two-wheeler insurance policy, there are some important factors that will influence the premium and the coverage. To find the most ideal plan for your two-wheeler, these are a few important things to keep in mind:
Plan cost - The cost of the plan is the premium that has to be paid in order to commence risk cover. Premiums depend on the make and model of the bike, the cubic capacity, the city of registration and purchase, the details of the driver and so on.
Type of coverage - Customers can choose from two types of two-wheeler insurance: liability-only policy or a comprehensive package. A liability-only policy is mandatory to have in order to ride on Indian roads legally. This type of policy covers only expenses incurred in third-party damages to people or property. Comprehensive cover includes expenses incurred in damage to self and own property as well.
Exclusions - Insurance plans usually have exclusions under which the insurer will not be liable to pay any claims. Some of the common exclusions are driving under the influence, invalid licence, war, nuclear-related incidents, gross negligence in case of theft, consequential losses and so on.
Limits on Claims - Insurance providers usually have limits on the amount you can claim in the event of an accident. For death caused to a third party, there is usually no limit but for damage to third-party property, the claims are capped at Rs.1 lakh. Under comprehensive plans, the caps are dependent on the sum assured, premiums paid and coverage selected.
No-Claim bonus - A no-claim bonus (NCB) is a discount awarded to customers who do not make a claim during the policy term. NCB is 20% for the first claim-free year and subsequently increases to 25%, 35%, 45% and 50% maximum. 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.
Deductibles - Deductibles means the share of the bill you are willing to pay in case of a claim. The two-wheeler insurance provider will pay for the rest of the bill. Choosing a higher deductible will reduce your premium, but in case of a claim, you will have to pay a higher amount. Choosing a lower deductible will increase your premium, but when it comes to making a claim, the insurance company will be liable to pay for a larger portion of the bill.
Cashless claims - There are two types of claim settlements - reimbursement and cashless. If your insurance provider offers cashless settlements, you will not be required to pay from your own pocket for the repairs. Cashless claims settlements save a lot of time, reduce the hassle and out-of-pocket expenses.
How to Transfer Ownership of Bike Insurance for Vehicles of Other State?
When you sell you two-wheeler, there is a legal process to follow. When handing over the vehicle, you need to ensure the ownership name is transferred. You can do this by visiting the Regional Transport Authority (RTO). You need to inform them of the sale of the vehicle. You can then apply for a No Objection Certificate (NOC).
In addition to this, you can also transfer the insurance policy by changing the name to the new owner. If the new owner fulfills the eligibility criteria of the insurance plan, the company will transfer the name. To do so, you can follow the steps given below:
- Contact your insurance provider and inform them of the sale of the bike.
- Place a request to transfer the plan to the new owner.
- Once the new owner provides the details and documents required, the company will transfer the policy name to the new owner.
If you have accumulated a no-claim bonus on your policy, then you can apply for an NCB certificate. The bonus will remain in your name as it is not transferrable to another person. If you buy a new insurance policy on a different vehicle, you can avail the NCB from your old policy.