In 2015, 1,340 accidents were recorded in visakhapatnam, out of which 350 were fatal. 41% of these accidents involved two-wheelers. The alarming number of accidents in just one city highlights the importance of having insurance on your vehicle and on your life. Under the Motor Vehicles Act, 1988, it is mandatory to have at least a third-party liability policy for any two-wheeler. To ensure that at least third-party expenses were covered in case of accidents, the government introduced this rule as the Indian roads started to bear more traffic. There are a number of insurance providers offering adequate coverage at affordable premiums in Visakhapatnam.
Two-wheeler Insurance Providers in Visakhapatnam
The best two-wheeler insurance policy in Visakhapatnam is relative to your requirements, the coverage you want and the premium you are willing to pay. With a plethora of options available from different insurers, it can be hard choosing your ideal insurance provider. Some of the popular insurance companies in Visakhapatnam that offer motor insurance for two-wheelers have been listed below.
- ICICI Lombard General Insurance
- Reliance General Insurance
- SBI General Insurance
- Bharti AXA General Insurance
- United India Insurance
- Magma HDI General Insurance
- New India Assurance
- Tata AIG General Insurance
- Liberty Videocon General Insurance
- Bajaj Allianz General Insurance
- IFFCO Tokio General Insurance
- Oriental Insurance
- HDFC Ergo General Insurance
- Shriram General Insurance
- Universal Sompo General Insurance
*Insurance companies have been listed in no particular order.
Cashless Garages in Visakhapatnam for Two-wheelers
Insurance providers tie up with garages across the country in order to reduce the hassle involved with processing claims for two-wheeler insurance. If a policyholder chooses to repair his vehicle at these network garages, then they can make cashless claims. Using this method, insurance companies and garages deal directly with each other with minimal invovlement from the customer. The paperwork submission is handled by the garage and the bill settlement is taken care of by the insurer. To locate a cashless garage in Visakhapatnam, insurance providers provide the following options:
- You should have a list of partner garages across the country mentioned in your welcome kit or insurance policy document.
- On the official website of the insurance company, there should be an option available to help you locate a cashless network garage. Simply enter your location to find garages nearby.
- The customer care service will be able to provide you with assistance in finding a cashless network garage.
Benefits of Cashless Garages in Visakhapatnam
When you opt to use the services of a cashless garage, the most important benefit is that the paperwork is handled by the garage. The bill is settled directly by the insurer. The customer has a very small role to play in this process therefore reducing the time taken and the hassle involved. Apart from this, customers can benefit from a number of other features of cashless garages in Visakhapatnam.
Fast approvals and settlement - Getting approvals on cashless claims are usually done within 24 to 48 hours. The settlement of the bill is handled between the insurance provider and the garage. The customer is not required to collect and submit documentation and wait for a reimbursement.
Branch Visits are not Required - With reimbursement claims, the customer is required to visit the branch or meet the agent, submit documents and collect a reimbursement. With cashless claims, 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.
Out-of-pocket costs - The customer will be required to pay only what the insurance plan does not cover. Once the claim has been approved, the insurer will pay what is due to the garage.
What to Consider when Purchasing Bike Insurance?
With so many options in the market, finding a suitable two-wheeler insurance plan can be a difficult task. There are a few important things to bear in mind while purchasing an insurance policy for your bike.
Premium Costs - To purchase the plan, one must pay a premium amount. You need to look at your options of premium amounts, premium payment frequencies and terms. Generally, for a two-wheeler policy, you will be required to pay a single premium for an annual policy term.
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.
Coverage Options - With two-wheeler insurance, there are two options available: liability-only policy or a comprehensive package. With a third-party liability policy, only damages, injury and death caused to a third party will be covered. If you choose a comprehensive package, then you will also be covered for own damages.
Cashless claims - Cashless settlements have a number of benefits in comparison to reimbursement claims. If your insurance provider offers cashless settlements, you will not be required to pay from your own pocket for the repairs. Cashless claims settlements save a lot of time, reduce the hassle and own expenses.
Deductibles - Deductibles is the amount you will have to pay in case of a claim. If you choose a 10% deductible, the insurance company will pay only 90% of the insurance claim. A lower deductible will increase your premium, while a higher deductible will reduce it.
Exclusions - Under certain circumstances, 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.
No-Claim bonus - A no-claim bonus (NCB) is given to customers who do not make a claim during the policy period. 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.
Limits on claims - 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.
How to Transfer Ownership of Bike Insurance for Vehicles of Other State?
When you sell your bike, you need to adhere to a certain procedure to make sure that in the future, you will not be connected to any liabilities that may arise. To do so, you need to transfer the ownership name of the vehicle to the new owner. You need to visit the Regional Transport Authority (RTO) and inform them of the sale of the vehicle. You can then apply for a No Objection Certificate (NOC). They will make the transfer.
In addition to this, you can also transfer the insurance policy by changing the name to the new owner. This can be done provided the new owner fulfills the eligibility criteria of the insurance plan. To complete the insurance transfer, you can follow the steps below:
- Inform your insurance company about the sale of the vehicle via the customer care or visit the branch/agent.
- Place a request to transfer the policy on the vehicle to the new owner.
- 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 the new owner provides the details and documents required, the insurer will transfer the policy to the new owner of the vehicle.
Transferring insurance policies reduces the hassle for the new owner, eliminates the need to close your policy, plus you get to retain your no-claim bonus.