In insurance claims, simplicity holds the key. The less complicated the claim process, the less likely something will go wrong. This is where a cashless two-wheeler insurance policy comes into play. Going cashless makes life easier and allows the transaction to be formalized and authenticated.
The cashless service allows you to repair your two-wheeler for free at any of the network garages that have a relationship with your insurance carrier. However, every bike insurance policy has a compulsory deductible that policyholders need to pay at the time of a claim. The deductible for motorbike insurance has been set at INR 100 by the IRDAI.
As simple as the process may sound, you would still need to follow it correctly else claim rejection is obvious. Let's ensure you stay away from these by following the process diligently. This article will only help you with it. Keep reading!
What is a Cashless Claim?
It's a claim service where, if your two-wheeler needs to be repaired, you can take it to your insurance company's network garage and get it fixed for free. All you have to do is notify your insurer of your visit to the network garage for repairs, and your bike insurance company will do the rest. The network garage will forward the repair cost invoice to your insurance provider. The insurance company pays directly to the garage after validating the information. In this case, you may just need to pay only the deductible, if applicable.
Advantages of Having a Cashless Claim Insurance Policy for Two-wheelers
Easy Claim Filing Process
The primary advantage of a cashless claim system is stress reduction. This is because you just need to pay the required deductible. Cashless two wheeler insurance claim filing is easy too. You just need to intimate the insurance company on its official website or dial its helpline number to register your claim. The rest process will happen smoothly thereafter.
Quick and Painless
For two-wheelers, a cashless claim is a very convenient option. In the event of an accident, you will not have to worry about locating the best workshop to have your automobile fixed, nor will you have to consider how you will pay for the repairs. All you have to do now is take your bike to the network garage post the inspection by the surveyor.
There's No Need for Money
You may not have the cash ready to fix the uninvited repairs. This does not rule out the possibility of your bike being fixed. All you have to do now is locate the nearest network workshop and ride there. All further processes are completed and your bike is repaired at the authorized service location.
The cashless option is a significant benefit that provides you with peace of mind while riding your motorcycle. Any breakdown will be serviced as soon as possible by an approved garage in a timely and painless manner.
Vast Network of Garages
Insurance companies join hands with numerous garages for cashless two-wheeler insurance claims. You can easily locate the nearest two wheeler insurance garage, in case of an accident, to get your vehicle repaired without having to pay for the same.
How to Raise a Cashless claim?
- Identify the garage registered with the insurer.
- Get contact details of witnesses
- Inform your insurer about the accident
- File FIR (required in case of theft) and get a copy of that.
- Provide the required documents to your insurer for a claim.
- The insurer will inspect the damages and evaluate the amount.
- After repairs, the insurer will pay the approved amount.
List of Documents Required for Cashless Two-wheeler Insurance Claim
Generally, the following documents are required for a cashless two-wheeler insurance claim:-
- A duly filled claim form
- Driving Licence
- Policy Document
- Registration Certificate of the Vehicle
- Repair Bill
- FIR (if required)
- Pictures of Vehicle Damage
Who is Eligible to Buy a Cashless Claim Insurance Policy for a Two-wheeler?
To begin, it's crucial to understand that there are three forms of two-wheeler insurance: third-party insurance, standalone own damage insurance, and comprehensive insurance. Only the third party who suffers damage or loss as a result of an accident caused by your vehicle is covered by a third-party liability insurance policy. A comprehensive bike insurance coverage, on the other hand, provides all-around security for your two-wheeler by covering both your vehicle and any third-party damages/losses. Whereas a standalone own damage bike insurance policy covers the damage or loss caused to you and your vehicle.
Since third-party bike insurance covers only loss or damage caused to the third party due to your insured two-wheeler, the cashless claim, which is available for vehicle repairs, won't apply to the said policy. Those having standalone or comprehensive insurance policies can enjoy cashless claim benefits.
It is vital to purchase insurance with the mindset that it is not only required but also covers any damages incurred during a disaster. As an extra benefit, several bike insurance companies are also offering a cashless claim service. The above article provides an in-depth analysis of the benefits of availing cashless claim facility for your two-wheeler insurance.
You can obtain the best cashless two-wheeler insurance policies on Paytm Insurance.