The rate at which the number of two-wheelers has increased in India is alarming. As per registration records of March 2015, our roads have seen an increase of about 153 million two-wheelers over the past 20 years, Taking this into consideration the high chances of accidents, the Government of India introduced a rule under the Motor Vehicles Act, 1988, making it mandatory for all vehicle owners to have at least a third-party insurance policy.
Two-wheeler Insurance Providers in Meerut
The best two-wheeler insurance plan differs between customers and will be relative to your requirements, the coverage you want and the premium you are willing to pay. To choose the most suitable policy, you need to do your own research between the different insurance companies and the plans available in the market. Some of the popular insurance companies in Meerut that offer motor insurance for two-wheelers have been listed below.
- United India Insurance
- Magma HDI General Insurance
- Shriram General Insurance
- New India Assurance
- Tata AIG General Insurance
- ICICI Lombard General Insurance
- Universal Sompo General Insurance
- Liberty Videocon General Insurance
- Bajaj Allianz General Insurance
- HDFC Ergo General Insurance
- IFFCO Tokio General Insurance
- Oriental Insurance
- Reliance General Insurance
- SBI General Insurance
- Bharti AXA General Insurance
*Insurance companies have been listed in no particular order.
Cashless Garages in Meerut for Two-wheelers
Cashless settlements make the insurance claim settlement process convenient, easier and quick. Cashless facility is available only if the insurance provider ties up with garages. Customers can get cashless settlements at these network garages. To locate a cashless garage in Meerut, insurance providers provide the following options:
- Most companies offer a garage locator tool on their official websites. Enter your location to see garages near you.
- A list of network garages should be provided to you with your welcome kit or policy document.
- Call the customer support team of your insurance provider to find out if a particular garage is within its network.
Benefits of Cashless Garages in Meerut
Garages within the network of the insurance company will offer cashless settlements to policyholders. There are plenty of benefits for all parties involved as the turnaround time and hassle is reduced significantly.
Quick turnaround - The time taken to file a request and a get an approval on the cashless claim usually takes 24-48 hours maximum.
Less Documentation - Since the garage and the insurer are already tied up, there is minimal documentation that needs to be submitted. This is usually handled by the garage directly.
Less Financial Strain - When you choose cashless settlements, the insurance company settles the bill. You will not be required to pay the money upfront and collect it later from your insurance provider. You only need to pay for what is not covered by your policy.
Minimal Hassle - The process of the claim is mostly taken care of by the insurer and the garage. There is minimal involvement from the customer. This reduces the hassle involved significantly.
What to Consider when Purchasing Bike Insurance?
There are a few things to keep in mind when buying a two-wheeler insurance policy. This could make all the difference in how satisfied you are with your insurance plan.
Premium Rates - Premiums are determined based on the age of the vehicle, the accident history, no-claim bonuses, location of purchase and registration, along with a few other factors. Compare different premiums, premium payment modes and frequencies.
Scope of Cover - You can opt for two types of cover: liability-only policy or a comprehensive package. If you choose a comprehensive package, then you will also be covered for own damages. With a third-party liability policy, only damages, injury and death caused to a third party will be covered.
Settlement Options - There are two types of settlement options: Cashless and reimbursement. Cashless settlement is the easier option. If your insurance provider offers cashless settlements, you will not be required to pay from your own pocket for the repairs. It saves a lot of time, reduces the hassle and cuts down own expenses.
Plan Terms - Terms available on two-wheeler insurance are usually between 1 year and 3 years. When you opt for a longer term, you will be protected against rising premiums on third-party insurance as declared by the IRDAI from time to time.
Deductibles - Deductible is the amount you volunteer to pay in case of a claim. If you choose a 10% deductible, the insurance company will pay only 90% of the insurance claim. Opting for a lower deductible will increase your premium, while a higher deductible will reduce it.
Exclusions - There are certain circumstances under which the insurance company will not be liable to pay any claims. Some of the common exclusions of two-wheeler insurance plans are driving without a valid licence, driving under the influence of alcohol or drugs, damage due to war, terrorism or nuclear-related incidents, consequential losses, gross negligence in case of theft, and so on.
Maximum Claim Limit - Insurance providers will pay only a certain limit in damages and liabilities. For death caused to a third party, there is usually no limit. For claims on damage to third-party property, the insurance amount is capped at Rs.1 lakh. When it comes to comprehensive policies, the limits will depend on the premium paid, the sum assured and the coverage opted for.
No-Claim Bonus Options - For customers who make no claims during the policy year, the insurance company awards a no-claim bonus (NCB). The NCB is a discount on premiums when the policy is renewed. NCB is 20% for the first claim-free year and subsequently increases to 25%, 35%, 45% and 50% maximum. NCB cannot be transferred between policyholders.
How to Transfer Ownership of Bike Insurance for Vehicles of Other State?
When you sell your two-wheeler, there are a few formalities that need to be fulfilled in order to complete the sale legally. These procedures ensure that the previous owner is not held liable for any future incidents that may occur with the bike. To transfer the ownership of the bike, one needs to follow the procedure given below:
- Visit to the Regional Transport Authority (RTO).
- Inform them of the sale of the vehicle and request to transfer the name.
- You will need to fill up an application and state the time and date at which the bike is no longer yours.
- You can then apply for a No Objection Certificate (NOC).
The insurance policy on the vehicle can also be transferred to the new owner. This is possible only if the new owner meets the eligibility criteria of the insurance plan. To transfer the insurance policy, one can follow the steps below:
- Intimate the sale of the vehicle to the insurance provider.
- Place a request to transfer the name of the policy to the new owner.
- The new owner will have to verify his eligibility, and provide details and documents as required.
- If you have not made a claim on the insurance policy, you can apply for a NCB certificate. The no-claim bonus on your policy will remain in your name as it is not transferrable to another person. You can then avail the NCB on any new motor insurance policy that you may purchase.
- Once all requirements have been met, the insurer will transfer the policy to the new owner of the vehicle.
Having a two-wheeler insurance policy is not only mandatory but is a wise decision. It could save you from rising repair and replacement costs, and protect you from third-party liabilities.