With an alarming rise of vehicles on the road in India, the Government of India made it mandatory to have a valid third-party liability plan. Two-wheelers are a preferred mode of transportation by many people in the country. This is because bikes are cheaper to purchase, provide better mileage, and save time on the commute. With so many vehicles on the road, it is important to have an insurance policy on your two-wheeler.
Two-wheeler Insurance Providers in Noida
Choosing the best insurance company depends on your needs and what you are looking for. Different policies available in the market are designed to cater to the varied needs of customers. Some of the popular two-wheeler insurance providers in Noida have been listed below.
*Insurance companies have been listed in no particular order.
Cashless Garages in Noida for Two-wheelers
When you opt for a two-wheeler insurance policy, you can benefit from the facility of cashless settlements at partner garages. Cashless facility can greatly reduce the financial burden on a policyholder in the event of an insurance claim. If the policyholder chooses to repair their vehicle at one of these partner garages, the insurance company will pay the bill directly. The policyholder will only be liable to pay for any part of the bill that is not covered under the insurance plan.
To locate a partner garage, insurance providers provide the following options:
- Insurance companies have a locator on their official websites. To find a network garage in their area, customers can enter their city and location to see the garages on a map.
- A list of cashless garages should be included in the brochure or policy document issued to the customer.
- Alternatively, customers can contact the customer support team to get assistance on locating a network garage.
Benefits of Cashless Garages in Noida
Cashless settlements can be highly beneficial in case of an insurance claim as it reduces the financial burden on the policyholder.
Quicker processing - Since the garage and the insurance company are tied-up, much of the process will be shortened as the information of the garage is already held by the insurer. There will be lesser hassles and the turn-around time for approval and claim settlement will be shorter.
Reduces Own Expenses - Scrambling for funds or wondering how you're going to pay for the damages of your two-wheeler are no longer an issue with cashless settlements. If you select a network garage, the bill for repairs will be settled by the insurance company directly with the garage. You will only be required to pay for any part of the bill that is not covered by the insurance plan.
Hassle-free - With cashless settlements, you are not required to visit the insurance branch and submit claims forms and documents. After providing your policy number, information about the incident leading to the claim and submitting any documentation necessary, the insurance process will be handled by the garage.
What to Consider when Purchasing Bike Insurance?
Before you select an insurance plan for your two-wheeler, there are a few important things to bear in mind.
Premiums - Premiums are the amount you need to pay to purchase the plan. Many factors play a role in determining the premium of the insurance plan. Insurance providers will take into consideration the make and model of the bike, the cubic capacity, the city of registration and purchase, the details of the driver and so on. Premiums vary between people and vehicles depending on the risk the insurer has to bear.
Choice of Coverage - There are two types of cover offered by insurance companies for two-wheelers: liability-only and comprehensive cover. While a liability-only policy provides financial protection against third-party liabilities, a comprehensive package will also cover own damages and injuries. 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.
Exclusions - Always ensure you are aware of the exclusions under the plan. Under these 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.
Deductibles - When buying an insurance plan, you may either be given a deductible or asked to choose one. A deductible is the amount of the bill you are willing to pay, for example, 10%. The insurer will then pay the remainder 90%. Choosing a high deductible will lower premiums but will also result in a lower settlement amount. On the other hand, if you choose a low deductible, the premiums might be higher, but if there is a claim, the insurance company will pay a higher amount in the settlement.
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 20% discount on premium for the first claim-free year. It subsequently increases to 25%, 35%, 45% and 50% maximum. NCB is non-transferable between policyholders, but can be transferred between different insurance providers.
Claim Options - 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.
Limits on Claim Settlements - Insurance providers usually have limits on the amount you can claim in the event of an accident. The cap on claims for self will depend on the sum assured selected by the insured. 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.
How to Transfer Ownership of Bike Insurance for Vehicles of Other State?
If you sell your two-wheeler, you need to make sure that all legal formalities have been fulfilled. This will ensure that you are no longer liable for any future liabilities that might arise in connection with the vehicle. To transfer the ownership, you need to inform the Regional Transport Authority (RTO). Apply for a No Objection Certificate (NOC) and then hand over the necessary documents to the new owner. The RTO will transfer the ownership name.
Insurance providers give policyholders the option of transferring the insurance policy. There are a few simple steps to follow in order to get the vehicle transferred.
- Contact the insurance company via customer care or at the branch and inform them of the sale of your vehicle.
- Request for the insurance policy to be transferred to the new owner.
- If you have not made any claims on your insurance policy, and have accumulated a no-claim bonus, you can apply for a no-claim bonus certificate. The no-claim bonus certificate will ensure that the bonus is in your name as it is non-transferrable. If you apply for a fresh insurance plan for a different vehicle, you can then avail the no-claim bonus on that policy.
- If the new owner fulfills the eligibility criteria of the existing plan, the insurance company be willing to transfer the policy to the new owner.
- After the new owner provides the necessary personal details, the policy will be transferred.