The number of two-wheelers plying the roads has drastically increased over the past few decades and the numbers are ever-increasing. With over 154 million two-wheelers in India, 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. With this insurance policy covering third-party liabilities, the person responsible can claim insurance to cover the damages caused to someone else.
Two-wheeler Insurance Providers in Rajkot
Finding the ideal policy will depend on your requirements, the coverage you want and the premium you are willing to pay. 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 Rajkot that offer motor insurance for two-wheelers have been listed below.
- SBI General Insurance
- Universal Sompo General Insurance
- Liberty Videocon General Insurance
- Tata AIG General Insurance
- ICICI Lombard General Insurance
- HDFC Ergo General Insurance
- Bajaj Allianz General Insurance
- United India Insurance
- Magma HDI General Insurance
- IFFCO Tokio General Insurance
- Oriental Insurance
- Reliance General Insurance
- Shriram General Insurance
- New India Assurance
- Bharti AXA General Insurance
*Insurance companies have been listed in no particular order.
Cashless Garages in Rajkot 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. Under cashless facility, the garage and the insurer will deal directly with each other and settle the bill, making it less expensive for the customer. The insurance company will be able to eliminate much of the hassle involved with insurance claims. To locate a cashless garage in Rajkot, insurance providers provide the following options:
- The customer support team of the respective insurance company should be able to help you find a network garage or confirm if a garage is within the network.
- In the policy document or booklet provided to you at the inception of the policy, the list of network garages should be available.
- Log on to the official website of the insurance provider. You should be able to find a network garage locator. Using this tool, enter your area and pincode to find network garages closeby.
Benefits of Cashless Garages in Rajkot
Availing services from cashless garages in Rajkot saves time for all parties involved. There is minimal involvement required from the customer, while the garage and the insurance company communicate directly with each other.
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.
Lesser out-of-pocket expenses - 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.
Minimal 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.
Fast processing - Getting an approval for a cashless request is done within a few minutes but not later than 24-48 hours. Once the approval comes through, the repairs will be done and the garage will settle the bill with the insurer.
Quick claim settlement - Claim settlements are much faster as the insurer deals with the network garage for all paperwork and bills.
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.
Claim Settlement 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.
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.
Limits on Claims - 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.
Premium Rates - Compare different premiums, premium payment modes and frequencies. Premium rates differ from person to person and vehicle to vehicle. It is determined based on the location of purchase and registration, age of the vehicle, the accident history, no-claim bonuses, along with a few other factors.
Deductibles - Deductible is the amount you voluntarily opt to pay in case a claim arises. For instance, if you opt for a 10% deductible, the insurance company will be liable to pay only 90% of the insurance claim. If you choose a lower deductible, your premium will be higher.
No-Claim Bonus Options - To rewards customers who make no claims during the policy year, the insurance company offers a no-claim bonus (NCB). The NCB is given in the form of 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.
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.
Plan Terms - Terms available on two-wheeler insurance are usually between 1 year and 3 years. 1-year terms require you to renew your policy annually by paying the premium by the due date. Opting for a longer tenure would secure you against rising premiums of third-party insurance as declared by the IRDA from time to time.
How to Transfer Ownership of Bike Insurance for Vehicles of Other State?
While selling your bike, there a few things you need to do to complete the sale legally and to ensure that you are not held accountable for any future liabilities that might arise in connection with the vehicle. To transfer the ownership of the bike, one needs to follow the procedure given below:
- Visit the Regional Transport Authority (RTO).
- Inform them of the sale of the vehicle and request them to transfer the name.
- Fill up an application and state the time and date at which the bike is deemed officially sold.
- Apply for a No Objection Certificate (NOC).
If the new owner meets the eligibility criteria of your current insurance policy, then you can transfer the policy to them. Most insurance companies provide this option through an easy process. To do so, you can follow the steps given below:
- Inform your insurance provider that you intend to sell your bike and request them to start the process of transferring the insurance policy.
- To transfer the policy, the new owner must first be eligible for the plan. Upon fulfilling the eligibility criteria, the insurance company will transfer the insurance plan.
- If you have not claimed for insurance during the term and have accumulated a no-claim bonus, then you can apply for an NCB certificate. NCB is not transferrable between people. The bonus will remain in your name and the certificate is just proof of that. If you buy a new insurance policy on a different vehicle, you can avail the NCB from your old policy.
Apart from insurance 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. Many people in India still do not have insurance on their bikes. With the rate of accidents being so high in our country, it should be a no-brainer to take an insurance policy. Accidents are unforeseen and can result in exorbitant costs. An insurance plan could go along way in providing financial support in these times.