Cashless Claims in a Bike Insurance Policy are a Boon in Disguise
Ever since the country moved towards a cashless environment after demonetization, there has been a tremendous shift in the mindset. Moreover, the pandemic gave it a further boost. Conducting smooth and seamless financial transactions is probably the biggest motivator for all of us to go digital. There’s no need to carry wads of cash, plastic cards, or even queue up for ATM withdrawals. It’s also a safer and easier spending option when you are traveling. Yes, the cashless revolution has set in, and how! Even the motor insurance sector has caught on and is offering cashless claims for two-wheelers and four-wheelers as well.
Meaning of Cashless Claims
Cashless claims in bike insurance are identical to cashless settlements in health insurance. In case of damage, your two-wheeler will be repaired at a network garage. The repair work is done by the cashless garage, and no money is required to be paid for the services. The garage and the insurance company are involved in this transaction.
The Mechanism Behind Cashless Claims
When you purchase a policy from a specific insurance provider, they will provide you with a list of registered two-wheeler garages and workshops. They are easily accessible both online and in your policy documentation. You can also ask the customer service representative about it. When your bike is involved in an accident and needs to be repaired, you must take it to a licenced garage, but first the insurance company will assess the bike and the damage it has sustained. After the bike insurance cashless claim is approved by the person inspecting the two-wheeler, the workshop will begin repairing the two-wheeler. When the bike is repaired, the garage will forward the bill to the insurance company, which will review it and pay it.
Procedure to File a Cashless Claim
An insurance claim for a cashless bike can be made without any supporting documentation. Nevertheless, depending on your situation, you might need to upload a soft copy of the necessary documents. Here is a rough list of documents that may be asked for by a network garage or your insurance provider.
2) Registration Certificate (RC)
3) Policy document
4) FIR (if needed)
5) Pictures or videos of the damaged bike
What is the Difference Between Cashless Claims and Reimbursement Claims?
Reimbursement Claims | Cashless Claims |
| A reimbursement claim requires you to pay the required deductible as well as the repair bill straight to the non-network garage. | In a cashless claim, you need not to pay the repairing cost upfront to the garage. The claim procedure is hassle-free and paperless. |
| You must first pay the repair bill before submitting a claim for reimbursement of the associated costs. | The bike insurance company directly pays the repair cost to the network garage. |
| The reimbursement claim settlement process requires cumbersome paperwork and documentation. The claim settlement could take more time. | In a cashless claim, the claim is settled instantly with the network garage. The process is fast and seamless. |
Benefits of Cashless Claims
1) It Offers Convenience
The cashless method of filing bike insurance claims is simple and straightforward. Repair your bike at a network garage and leave the repair bill payment to the insurer. You may be required to pay the required deductible, and the remainder will be paid directly to the garage by the insurer.
2) It Eliminates the Need for Liquid Funds for the Repair of the Vehicle
In case of bike damage, all you have to do is find the nearest network workshop and ride there. All other formalities are completed by the authorized service center, and your bike is repaired.
When your two-wheeler is damaged, you are already under a lot of pressure. It costs money to arrange for liquid funds. In such circumstances, a cashless facility is a blessing in disguise.
3) It Helps to Bridge the Gap Between the Consumer and Good Service
Most insurance companies have a good network of garages to ensure that the insured vehicle is serviced as needed. This is a critical feature, and the larger the network, the greater the demand for their cashless services.
Conclusion
The cashless claim is the most valuable service provided by an insurance company. So, before you buy a policy, do your research and find out which insurers offer a cashless claim option. Furthermore, purchasing the insurance policy online will simplify things for you because you will be able to obtain all the necessary information as well as compare different policies. You can also calculate the premium amount, which will be less expensive than purchasing the insurance in person.
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Add ons for your Two Wheeler Insurance
In the event of an accident, obtain the licence plate number of the other vehicle. Also, try to obtain the contact information of anyone who is present at the scene. Notify the designated insurance company right away. In the event of an accident caused by a third party, file a FIR. Fill out the form to make a cashless claim. An insurance surveyor will inspect the damaged items. You must submit the necessary documents to demonstrate the precise loss. The insurer will contact you and approve your claim. An expert will evaluate your case and approve the amount of your claim.
The number of legitimate claims you may file during the insurance period is unrestricted. To benefit from the No Claim Bonus (NCB) discount, it is advised against filing claims for minor damages.
Keep in mind that the insurer will only pay for repairs that are covered by the policy when you apply for cashless bike insurance. You will be responsible for paying for any accessories or devices that need to be repaired.
Other than the deductible, you will not be required to pay any money to the garage for the repair of your two-wheeler, as the term "cashless" implies. If the company does not offer a cashless claim option, you must pay for the repair yourself, and the company will reimburse you within a few days.
Cashless bike insurance gives you peace of mind by providing a hassle-free, paperless, and quick claim settlement process. You won't have to pay out of pocket to fix the damages.