India has a population of over 130 cr. people. Such a large number of people is comprised of people coming from different backgrounds and sections of society.And if you pay attention to how these people move around in the country, you will see crawling traffic, an endless amount of people, and countless vehicles on the roads. Out of all those vehicles, you will see a large number of people travelling on bikes. The number of two-wheelers on the road is high as two-wheelers are especially convenient, easy to maintain, and affordable.
But if you buy a bike, you have to buy an insurance policy too. Under the Motor Vehicles Act, 1988, it is mandatory to purchase a third-party insurance cover for your vehicle. Generally, insurance companies in the market offer two types of motor policies, comprehensive insurance and third-party liability insurance. However, a major aspect of buying bike insurance is the claims process. Most people prefer to go for a cashless claim process. But what is a cashless two wheeler insurance policy exactly?
What is cashless bike insurance?
In the event of an accident, individuals will seek convenience and insurance assistance to enable them to repair any bike in the two-wheeler garages listed by the insurance provider. In the case of a reimbursement claim, the policyholder would have to spend money on getting the repairs done. The bill for those repairs would then be sent to the insurance company along with other claim documents. Upon approval of the claim, the insurance provider would reimburse the repair costs. This way, there is no doubt about the monetary value of the insurance claim. However, all of this heavily depends on whether the policyholder has money to repair their bike or not. In the case that the policyholder is unable to spend any money out of his pocket, the insurance company pays all the repair bills directly.
* Standard T&C Apply
How does cashless bike insurance work?
It is wise to know the clear picture on cashless bike insurance to avail cashless facility. Insurance companies tieup with selected garages to provide excellent service and repair support.At the time of the claim, the insured person will be instructed to visit a garage within the insurance provider’s network and get repairs done. The garage representative will send the repair bill directly to the insurance company.
As a policyholder, you must inform the insurance company in detail about the nature of the damage to your bike. After verifying all the details, the insurance company will approve the payment as per the limit specified in the policy.
* Standard T&C Apply
How to claim for cashless bike insurance?
Here’s a step-by-step process to make a claim for cashless two wheeler insurance:
- Inform the insurance company through a call, email, or any other medium.
- Submit all the necessary information and the documents required for claims processing.
- Take the bike to repair any of the listed garages. The garage representative will send the bill to the insurance company.
- Once your claim has been approved, the insurance company will make the payment and your claim will be considered settled.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.