How Can I Make Cashless Claims With My Bike Insurance Policy?

Many individuals prefer to use two-wheelers as their primary form of transportation. Two-wheelers are used by people for both their everyday commute and errand running. They have become a popular option since they are affordable, quick in traffic, and simple to maintain.

This also applies to cashless claims for auto insurance. If there is any damage, you should just bring your two-wheeler to a network garage. There is no cash exchanged throughout the repair process, hence there is no service fee. The garage and the insurance provider are the parties to this transaction. Hence, transactional simplicity. To know more about making cashless claims under bike insurance, read on.

What Are Exactly Cashless Claims?

Cashless bike insurance is an automated or online transaction between the insurer and the networking garage to pay the repair charge of the insured. Cashless claim settlements for bike insurance are comparable to cashless claim settlements for health insurance. Let's say an accident results in damage to your bike, and you choose to get it fixed at the network garage. The insurance pays the network garage directly for the cost of the repairs.

There are two types of insurance policies -

1. Third-Party Policy - The expenditures that may result from an accident are covered by third-party liability insurance. In the event of an unexpected incident, this coverage offers legal and medical assistance.
2. Comprehensive Policy - As the name implies, this policy provides significantly more coverage than third-party policy. It shields the bike from potential monetary responsibilities brought on by any damage. Any kind of harm may have occurred. That could be man-made or natural. The insurance provider will provide and take care of the coverage.

How Do Cashless Claims Work?

Insurance companies have teamed up with a number of garages spread around the nation. When you bring a bike insurance claim and have your motorbike or scooter serviced at one of these shops, the shop sends the repair cost straight to the insurer. The insurer and the network garage settle the claim between themselves.

What Are Some Benefits Of Cashless Claims Under Bike Insurance?

Following are some of the benefits of cashless claims under bike insurance -

1. Convenience - Claims made without cash are the most convenient form of transaction. You don't need to worry about taking the bike to a reputable garage in the event of an accident. Take it straight to a network garage and it will be taken care of by the insurance provider.
2. Cashless - The biggest benefit to be sought after when things really aren't going well is probably being cashless. You are already under a lot of stress while your two-wheeler is damaged. And managing liquid assets has a cost of its own. Therefore, a cashless facility during such times serves as a disguised blessing.
3. Ease Of Access - To make sure that the covered motorbike can easily get repaired when it needs it, the majority of insurance firms maintain a solid network of garages. This is a crucial characteristic for the insured individuals, and the more widespread the network, the more in demand their cashless services will be.

How Do Cashless Services Work For Bike Insurance?

Following is the listed procedure for individuals to avail of cashless services for bike insurance irrespective of whether them having a third-party or comprehensive policy -

1. Obtain the licence plate of the other car in case of an accident.
2. Additionally, make an effort to obtain the contact information of everyone around.
3. Notify the respective insurance provider right away.
4. In the event of an accident, submit an FIR.
5. Submit the claim form for a cashless payment.
6. A surveyor for the insurance company will examine the damaged goods.
7. You must have and provide the necessary documentation to demonstrate the precise loss.
8. The insurer will speak with you and accept your claim.
9. A professional will evaluate your claim and authorise the claim amount.

Endnotes

Before having your bike repaired, it's critical to inform the insurance provider about any damages so that the claim is not denied. You have two options for getting your bike fixed - either utilise the network garage and use a cashless claim facility or file a claim for reimbursement of the cost of the repairs.

Also Read: 

Comparison Between First Party And Third-party Bike Insurance

Frequently Asked Questions About Two-wheeler Insurance