Anyone who has driven a two-wheeler in India would know how important it is to have a vehicle insurance policy. Indian roads are not best known for safety. And with the rising number of vehicles on the road, chances of accidents increase even further. But just buying a bike insurance policy may not be sufficient sometimes. A lot of cases have been seen where insurers did not settle claims due to lack of proper documentation or a delay in requesting for claims.
A sure shot way to avoid such a precarious situation is to purchase your bike insurance policy from an insurer that offers cashless bike insurance.
What is cashless bike insurance?
Cashless bike insurance, also known as cashless claims in motor insurance, helps you get your bike repaired (after the occurrence of any of the insured events) without paying any penny from your own pocket.
It is the same as cashless settlement in health insurance. The cost of any repair work is paid directly by the insurer to the garage without your involvement.
Who can buy cashless bike insurance?
First of all, it is important to understand that bike insurance is of two types: Third-party Insurance and Comprehensive Insurance. Third-party Liability-only insurance policy protects only the third party who suffers a damage or loss due to an accident caused by your vehicle. Whereas a comprehensive insurance policy provides an all-round protection to your bike as it covers both your own vehicle and the third-party against any damages/losses.
It is important to note here that cashless bike insurance can only be bought by those having comprehensive insurance cover for their vehicles. Policyholders with just the Liability-only cover may not avail any cashless benefits.
How does the cashless bike insurance facility work?
Every insurer has its own network of partner garages, also known as cashless garages. Most insurers inform their customers in advance about their list of cashless garages. The list can also be found on the official websites of the insurance company. You can also dial the customer care number of your insurance provider or get in touch with your insurance agent to know the details of partner garages.
Now, in case your bike meets with an accident and suffers damages, you can directly take it to a partner garage near you after informing your insurer. Once the insurer verifies your policy details and approves your cashless repair, you simply need to wait for the garage to finish the repair work and then drive your bike out without paying anything,
The garage sends the repair bill directly to the insurance company along with the supporting documents. The insurer then verifies the invoice and releases the payment to the garage thereafter. It is important to keep in mind that even in cashless bike insurance, the insurer only pays for the damages that are covered under the bike insurance policy. Any other expense that is excluded from the coverage of the policy would have to be borne by you.
What are the benefits of cashless two-wheeler insurance?
Buying cashless bike insurance can prove to be truly beneficial, especially in times of crisis when you are already dealing with the aftermath of an accident. Let’s see how:
No need to pay upfront money for repair: In a regular policy that reimburses the claim amount, what happens is that you first pay the bike repair bill from your own pocket and then file a claim. This can be tough if you are already facing a financial crunch. You may have to go through the pain of arranging a large sum of money to settle the bill amount. But cashless bike insurance solves this problem as no upfront payment is required for getting your bike repaired. The only cost that you may have to bear is the expense of those damages that are not covered in the policy.
Minimal documentation: Filing a cashless claim is much easier than filing a reimbursement claim. In reimbursement claims, you need to be very careful with the paperwork. The onus is on you to compile the bills, invoices, claim form, etc. In comparison to that, cashless bike insurance requires minimal documentation from your end. You just need to file a claim form at the network garage itself and submit documents like policy papers, identity proof, etc. After that, your job is done. Then it would be the responsibility of the garage to submit the bills and invoices to the insurer and get the claim amount.
Hassle-free repair: If your bike has met with an accident, it is likely that you would be mentally overwhelmed or even physically injured in the mishap. In such a scenario, the last thing you want is to run around finding a garage and getting your bike repaired while also collecting the required documents for reimbursement claims. Cashless insurance makes the whole process hassle-free. You just need to drop the vehicle at the partner garage and forget about it till your bike is fully repaired. The claim process is usually very quick in cashless bike insurance as the chances of improper documentation and paperwork are low.
Conclusion: So, the next time you buy or renew your bike insurance policy, make sure you are getting the benefit of cashless two-wheeler insurance. Not only would it offer you financial cover against all major risks, but would also grant you some peace of mind at a time when you would need it the most.
Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.