Punjab is considered as one of the wealthiest states in India, with this wealth often reflected on the roads of its towns and cities. Ludhiana, one of the largest cities to the north of New Delhi is home to close to 20 lakh people, with the city having more than 1 vehicle every two people. A report in 2011 indicated that there were over 12 lakh vehicles plying on its roads, with this number having increased over the last six years.
Given these numbers accidents are common in the city, with two-wheelers accounting for a sizeable chunk of all accidents. A good two-wheeler insurance is therefore not just mandatory by law in the city, it can also be a lifesaver during accidents. Using a two-wheeler without a valid insurance can result in hefty fines, with the Motor Vehicles Act of 1988 giving power to the authorities to enforce the need for a vehicle insurance.
Two-wheeler insurance providers in Ludhiana
Purchasing a two-wheeler insurance in Ludhiana is simple, with a number of general insurance companies having a presence in the city. With close to 30 insurance companies offering bike insurance in the city one might be spoilt for choice, resulting in a possibility of missing out on a good deal. Some of the popular options when it comes to motorcycle insurance in the city include:
- Bajaj Allianz General Insurance
- New India Assurance
- United India Insurance
- Shriram General Insurance
- HDFC Ergo General Insurance
- SBI General Insurance
- ICICI Lombard General Insurance
- Reliance General Insurance
- IFFCO Tokio General Insurance
- Liberty Videocon General Insurance
- Bharti AXA General Insurance
- Oriental Insurance
- Magma HDI General Insurance
The names mentioned above are not ranked in any specific order and just highlight the popular options in the city.
Cashless garages in Ludhiana
Insurance companies have been compelled to come up with new initiatives and services to attract new customers and retain existing ones. One way they do so is by offering the services of cashless garages to their customers. This can be a boon during an accident, for a policyholder need not run around searching for a garage to get the damaged vehicle fixed. Most insurers have a tie-up with local garages, with it possible for the policyholder to fix a bike here, without having to pay money for the same.
Individuals looking to locate a network garage closest to them/the place of an accident in Ludhiana need not worry, for they can use any of these options to find the same.
- Visit the official website of the insurer and check for an option which mentions cashless garages. Most insurance companies typically display these garages on a map, helping one locate a network garage which is convenient for them.
- Most insurers now have mobile apps which can be used to search for network garages.
- One could contact company representatives on their customer care number and ask them to provide a list of all cashless garages in the vicinity.
- The brochure of the policy might contain a list of all network garages.
- Individuals who have purchased a policy through agents can call them and ask for assistance.
Benefits of cashless garages in Ludhiana
We live in a world where we are used to certain comforts. Opting for cashless garages can benefit one in numerous ways, as listed below:
Time saving – One of the biggest advantage of using a two-wheeler is the reduced time of travel when compared to a car or public transport. Getting this vehicle damaged in an accident could result in considerable loss of time. Finding a good mechanic to service the vehicle adds to the process. However, when one uses a network garage he/she can be rest assured that they do not have to waste time running around. These garages typically have a quicker turnover time compared to regular garages, ensuring that the bike is fixed and delivered as soon as possible.
Simple – The entire process of getting a bike to a network garage and getting it serviced is simple. One needn’t negotiate about the price or the duration of service, for all this is directly handled by the insurer. All they need to do is get in touch with the insurance provider after the accident and submit any documents related to getting the damage repaired at a network garage.
Quality products – We often come across cases where garages replace genuine parts with fake ones. This is a real problem faced by most of us. This, however is not the case when it comes to using a network garage. One can be sure that only genuine spare parts are used, ensuring that the safety and functioning of the vehicle is not compromised.
Assurance – Getting a vehicle fixed at a network garage can be reassuring. One needn’t worry about the kind of attention it is receiving. The bike is typically bound to be as good as new once it is serviced.
Monetary savings – Getting a damaged vehicle fixed at a regular garage can be expensive, with the bill likely to run into thousands, depending on the scope of repair. In case of getting the bike fixed at a cashless garage one can be rest assured that this amount will be significantly lower. The insurance company directly settles the bill with the garage. One might have to pay only if the bill amount exceeds the cover agreed upon. Additionally, since the turnover time is quicker, the garage will not charge for additional labour which is typically the case with normal garages. This can help save a decent amount of money.
Replacement bike – There are instances where insurance companies provide a replacement bike which can be used by the policyholder while the damaged vehicle gets fixed at a network garage. This might not always be the case and one should check the same with the insurance company.
Expertise – There are certain bikes which are rare. Fixing them can be a challenge, with most mechanics unaware about their dynamics. In such cases a network garage is the smartest choice for these have experts who can work on a variety of bikes across different engine categories.
Additional services – Network garages can provide additional services like home pickup and drop, towing, roadside assistance, etc.
What to consider while buying bike insurance
A bike insurance policy is not merely needed to meet government regulations, it is also an important investment which can help us save money during an accident. With a number of options available in the market today, it is important to keep a few simple points in mind in order to get a smart deal.
Cover type – The type of cover depends on the protection provided by a plan. While the liability-only policy meets basic requirements, it does not provide sufficient protection, providing only third-party liability cover. A comprehensive policy, on the other hand provides exhaustive cover, and should be the practical choice given the number of accidents which occur in Ludhiana.
Cost of insurance – The premium amount should not become a burden on the policyholder. A liability-only policy is much more affordable when compared to a comprehensive one. The premium amount is computed after taking factors like the age of bike, engine capacity, city of registration, etc. into consideration.
Discounts – A number of insurers provide discounts on two-wheeler insurance. This discount is typically in the form of the No-Claim Bonus (NCB). Also, one should compare various premium quotes in order to find the best price.
Claims process – Choose an insurer with a smooth and efficient claims process. One wouldn’t want to deal with complicated procedures after having been involved in an accident.
Policy term – Insurance companies provide two-wheeler insurance with a policy term ranging between 1 year and 3 years. One can choose a term which best suits their needs. A longer term results in discounts on the premium and removes the hassle of yearly renewal.
Network garages – Choose an insurer who has network garages across the country. There could be instances where big insurance companies fail to provide service in smaller towns. Ensure that your insurer has tied up with garages in your city.
Inclusions/exclusions – Each policy comes with a list of inclusions and exclusions. These should be checked before the policy is purchased.
How to transfer ownership of bike insurance for vehicles of other states
The second hand bike market of the country has grown over the years, with thousands of bikes sold each day. Given these numbers, it is possible for one to show interest in bikes registered in different states. One point which should be remembered when buying/selling such bikes is that the insurance should be transferred to the new owner, for failure to do this can result in the claim being rejected by the insurer. Those who have sold their bike can transfer the insurance by keeping these points in mind:
- The insurance company should be informed about the sale of vehicle. It is the duty of the seller to do this.
- The seller should provide the documents associated with the sale. These include the sale deed, NOC from the RTO, registration certificate of the vehicle, etc.
- The buyer will be expected to provide his/her personal details to the insurance company.
- Any fees will have to be borne by the buyer.
- The policy will be transferred to the new owner once all formalities are complete.
The seller should collect the NCB associated with the bike to ensure that the bonus is utilised.