Having a two-wheeler insurance policy for your bike is mandatory as per the Motor Vehicles Act, 1988. There are two types of policies that you can purchase – third-party and comprehensive. When you face a claimable event, you can seek help from your insurance policy. The compensation in such a case can be availed via any of the two methods, namely cashless and reimbursement. Let us look at the cashless two-wheeler insurance in detail.
What is cashless insurance?
All insurance companies have an affiliation to specified service centers known as network garages. In case of repairs to your vehicle, you can approach the network garage and benefit from a cashless insurance claim.
Cashless insurance cover – A detailed understanding
As the name suggests, cashless claims are where you need not spend a huge sum on the cost of repairs. Instead, the insurer pays for the majority amount barring the deductibles you might be required to pay. Deductibles are out-of-pocket expenses that discourage you from making frequent claims and encourages safe driving. By approaching one of the network garages, you need not worry about documentation as well. The claim process is effortless. The entire process is coordinated by the network garage and your insurance company—the representative from the garage coordinates with the insurer for the cost of repairs and its settlement. The only requirement is to intimate the insurance company describing in detail the damage or accident. After the details are verified, the insurance company directly settles the bill as per the policy’s terms.
How to claim a cashless insurance cover?
Here is a stepwise breakup of how to make a cashless insurance claim
Intimate the insurance company describing complete details about the damage or accident.
Take your bike to one of the network garages, as mentioned in your policy document. Alternatively, you can also call the insurance company or check your policy’s terms and conditions to know about the various network garages.
Once your vehicle reaches the network garage, an insurance representative will inspect the extent of damage and provide details of the costs covered under your insurance policy.
The network garage directly coordinates with the insurer to settle the bills by your insurer.
The insurance company settles the cost of repairs.
What should you note when availing of a cashless facility?
In some cases, certain parts are excluded from your policy scope. Make sure you are aware of these terms for your cashless bike insurance. You will be required to pay from your own pocket for the spares that aren’t included in your policy coverage.
What to do in cases where the bike is not repaired at a network facility?
Not always, there is a network garage available at the place of accident or damages. At these times, a cashless insurance claim is not possible. Thus, you need to look into the entire claim process. Here you will be required to pay for the repairs, and reimbursement shall be issued by the insurer subject to policy terms and conditions.
The bottom line is a cashless claim is an absolute relief where you need not worry about repairs. Make sure to avail cashless two-wheeler insurance whenever you can. If your policy does not have this facility, upgrade at your next two-wheeler insurance renewal to have peace of mind knowing the insurance company’s entire process is taken care of.