The Government of India made it mandatory to have a valid third-party liability plan on any two-wheeler in India, under the Motor Vehicles Act, 1988. The reason for this was the excessive and ever-increasing number of vehicles on the roads that increase the possibility of accidents. Apart from it being a legal requirement, it is smart decision to pay a small premium to ensure you are financially protected in case you are ever in an accident.
Two-wheeler Insurance Providers in Gurgaon
Choosing the best two-wheeler insurance provider in Gurgaon will depend on your needs and what you are looking for. Premium rates depend on a number of factors and can vary according to the risk that the insurer has to bear. Some of the popular two-wheeler insurance providers in Gurgaon have been listed below.
*Insurance companies have been listed in no particular order.
Cashless Garages in Gurgaon for Two-wheelers
By partnering with garages, insurance companies save time, money and energy for all three parties involved. Every insurance provider ties up with different garages. If the customer opts to have their vehicle fixed at a non-network garage, then they will have to pay for the bill and later claim a refund from the insurer. But cashless facility can greatly reduce the financial burden on a policyholder in the event of an insurance claim. With cashless settlements, the insurance provider will settle the bill directly with the garage. To locate a partner garage, insurance providers provide the following options:
- Insurance companies list the network garages in the policy document or in a separate pamphlet that is given to the policyholder at the inception of the policy.
- On the official website of the insurance company, there will be an option to locate a garage nearby.
- You can contact the customer care to get assistance with locating a network garage nearby.
Benefits of Cashless Garages in Gurgaon
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.
Direct Settlement - The bill for repairs, if cashless facility is available, will be settled by the insurance company directly with the garage. The financial burden on the policyholder is greatly reduced. The customer will only be required to pay for any part of the bill that is not covered by the insurance plan.
Quality - Network garages should provide good quality service and be a safer bet than any unknown garage.
No branch visit - With cashless settlements, customers are not required to visit the insurance branch and submit claims forms and documents. The customer needs to provide their policy number, information about the incident leading to the claim and submit any documentation necessary. The garage will handle the rest with the insurance provider.
Fast claim processing - There will be lesser hassles, and the turn-around time for approval and claim settlement will be shorter. This is because the insurance provider will already have much of the information they need as the garage is their partner.
What to Consider when Purchasing Bike Insurance?
Depending on the coverage you require and the premium amount you are willing to pay, you can select an ideal policy from a number of insurance plans available in the market. Different policies available are designed to cater to the varied needs of customers. Selecting the best insurance policy for your two-wheeler can be a difficult task as there are plenty of options in the market. Listed below are some of the important things to keep in mind while choosing a policy for your two-wheeler in Gurgaon:
Premium Rates - Premiums are the cost of the plan and depend on many factors. Insurance providers will assess the risk they have to bear to insure your vehicle based 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 Cover - There are two plan options available in the market: liability-only policy or a comprehensive package. A third-party liability policy covers only expenses incurred in third-party damages and is mandatory by the Government of India. Comprehensive cover offers protection against damages to self and own vehicle as well. It is advisable to choose a comprehensive package to be fully protected in the event of an accident.
Exclusions - It is important to know what your insurance plan doesn’t cover. Under certain circumstances, the insurer will not be liable to pay for any insurance claim made by you. Some of the common exclusions are driving under the influence, invalid licence, gross negligence in case of theft, war, nuclear-related incidents, consequential losses and so on.
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.
Claim limits - Insurance providers usually have limits on the amount you can claim in the event of an accident. For third-party death claims, there is usually no limit but for damage to third-party property, the claims are capped at Rs.1 lakh. The cap on claims for self will depend on the sum assured selected by the insured.
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. The cashless option saves time and the hassle. It also reduces the financial burden you may have to bear.
Deductibles - Deductibles is the amount you are willing to pay in the event of a claim. The remainder of the bill will be paid for by the insurance provider. If you choose a lower deductible, your premium will be higher, but in the event of a claim, the insurance company will pay a larger portion of the bill. Choosing a high deductible will lower your premium, however, in the event of a claim, you will be required to pay more for the cost of repairs.
How to Transfer Ownership of Bike Insurance for Vehicles of Other State?
Selling your bike involves more than just collecting the payment and handing over the vehicle. You need to visit the Regional Transport Authority (RTO) and inform them of the sale of the vehicle. You can then apply for a No Objection Certificate (NOC). You need to hand over the necessary documents to the new owner and transfer the ownership name.
When you sell bike, you can also handover the insurance policy by transferring 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 company and inform them of the sale of the bike.
- Request that the policy be transferred to the new owner.
- The new owner will have to provide details and documents as required.
- The company will then 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.