Two-wheelers sell like hot cakes in India owing to its convenience and affordability. This has led to chaos on the roads with over 154 million two-wheelers registered. The chances of accidents are high, whether they are deadly crashes or just fender benders. 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. This ensures that people who cause an accident can at least provide financial cover to third parties who incur damages, injuries or loss of life.
Two-wheeler Insurance Providers in Ranchi
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. Choosing the most suitable policy needs research between the different insurance companies and the plans available in the market. Some of the popular insurance companies in Ranchi that offer motor insurance for two-wheelers have been listed below.
*Insurance companies have been listed in no particular order.
Cashless Garages in Ranchi for Two-wheelers
Cashless settlements make the insurance claim settlement process convenient, easier and quick. To provide this facility, insurance companies tie up with garages across the country. To locate a cashless garage in Ranchi, insurance companies provide the following options:
- The customer support team of the respective insurance company should be able to confirm if a garage is within the network or help you locate one nearby.
- In the policy document or booklet provided to you at the inception of the policy, the list of network garages should be available.
- On the official website of the insurance provider, there should be an option of a network garage locator. Using this tool, enter your area and pincode to find network garages closeby.
Benefits of Cashless Garages in Ranchi
As there is a strong relationship built between the garage and the insurer, getting claims settled becomes much easier. For the customer, the garage and the insurer, this facility has a number of benefits.
Quick Approval - 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.
Minimises the Hassle- The garage and the insurance company already have a rapport. There is minimal involvement from the customer. This reduces the hassle involved significantly, especially since the customer does not have to visit an office to make the insurance claim.
Less Financial Burden - When you choose cashless settlements, you will not be required to pay the money upfront and collect it later from your insurance provider. The insurance company will make the payment directly to the garage. You only need to pay for what is not covered by your policy.
Less Documents Required - 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.
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 - 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.
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.
Settlement Options - There are two types of settlement options: Cashless and reimbursement. If your insurance provider offers cashless settlements, you will not be required to pay from your own pocket for the repairs. It can save a lot of time, reduce the hassle and own expenses. With reimbursements, you need to settle the bill, collect all documents and bills, and file for a reimbursement claim.
Maximum Claim Limit - In the event of a claim, two-wheeler insurers are liable to pay only a certain limit in damages and liabilities. For death caused to a third party, there is usually no cap on the sum insured. For claims on damage to third-party property, the insurance amount is generally capped at Rs.1 lakh. For comprehensive policies, the limits will depend on the premium paid, the sum assured and the coverage opted for.
Scope of Cover - There are two types of protection you can opt for: liability-only policy or a comprehensive package. A comprehensive package provides cover for own damages as well as third-party liabilities. With a third-party liability policy, only damages, injury and death caused to a third party will be covered.
Exclusions - Under a few circumstances, the insurance company states that they are not liable to pay claims. These exclusions are generally 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.
Deductibles - Deductible is the amount you voluntarily opt to pay in case a claim arises. If you choose a lower deductible, your premium will be higher. For instance, if you opt for a 10% deductible, the insurance company will be liable to pay only 90% of the insurance claim.
No-Claim Bonus Options - The NCB is given in the form of a discount on premiums when the policy is renewed. To rewards customers who make no claims during the policy year, the insurance company offers a no-claim bonus (NCB). NCB is 20% for the first claim-free year and subsequently increases to 25%, 35%, 45% and 50% maximum.
How to Transfer Ownership of Bike Insurance for Vehicles of Other State?
If you are transferring your bike from one state to another, or buying or selling between states, there are certain procedures to be followed and documents that need to be submitted. If you are a registered owner of a two-wheeler that is registered in another state of India, and wish to bring it to Jharkhand, you need to obtain an NOC from the concerned state. Then, you can apply for re-registration in Jharkhand, The documents required are as under:
- Other state registration certificate in original
- Form 20
- Form 27
- Form 28 (NOC in duplicate)
- Valid insurance (attested copy)
- Address proof (attested copy)
- Fitness certificate issued by the board of inspection
- Prescribed fee for registration
- Parking fees
- Road tax (as applicable)
- Certificate manufactured regarding emission norms
- Pollution under control certificate (attested copy)
- PAN Card or Form 60 & 61(as applicable)
The bike will be re-registered subject to approval from National Crime Record Bureau. This will be handled by the Transport Department.
To transfer of ownership of a vehicle, you need to approach the concerned zonal office where vehicle is already registered and submit the following:
- Form 29 duly filled in duplicate (along with attested copy)
- Form 30 duly filled in duplicate
- Registration certificate in original
- Address proof of purchaser (attested copy)
- Valid insurance certificate (attested copy)
- Valid Pollution Under Control Certificate (attested copy)
- PAN Card or Form 60 and 61 (attested copy)
- Prescribed fee along with penalty if the transfer of ownership not applied within 14 days from the date of purchase.
You need to submit the application within 14 days. If not, a penalty of Rs 100/- per month will be levied.
Though having a liability insurance policy is mandatory, it is wise to take a comprehensive insurance policy. Premiums are affordable in light of the cost of repairs of vehicles in case of damages and third-party liabilities that you might owe in the event of an accident.