Cashless insurance for bike- Advantages, inclusions and claim process

Owning a bike and riding it with pride is almost every youngster’s dream. But driving anything on the road means there is a risk of an accident. Bike accidents do take place everywhere, irrespective of the fact whether it was the biker’s fault or some other factor that led to the accident. It is where people who are smart enough to buy two-wheeler insurance excel in safeguarding their finances, if unfortunately an accident takes place.

The best part of a bike insurance is that you can avail the hassle-free cashless service. So, without wasting more time, let’s dig deeper to understand what is a cashless insurance for bike?

What is cashless insurance for bike?

A cashless  bike insurance helps you get all your bike-related services in a cashless way. But, how is it possible? Yes, it is possible by purchasing a good bike insurance policy from a renowned insurer who offers cashless claims. In layman’s language, cashless bike insurance is an online and automated procedure that goes hand in hand between the network garage and the insurance company to settle the insured bike repair bills. The whole concept is quite similar to the concept of cashless claims in health insurance.

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6 Benefits of Cashless Bike Insurance

Having learned what is bike insurance, it is time that we help you understand the various benefits of two-wheeler insurance online. Shared here are the main advantages of bike or two-wheeler insurance:

1. Easy Cashless Claim: We have been repeatedly talking about how buying two-wheeler insurance helps to get cashless services and claims. You, as the policyholder can get your bike or two-wheeler services repaired at any of the affiliated network garages associated with your insurer without having to bear the expenses all by yourself.
2. Fast and Efficient Bike Service Motor: Buying two-wheeler insurance is a way to avail fast and efficient bike service at any of the network garages of the insurer. Being a policyholder of the insurance company, you will be given high-priority service at any of the affiliated network garages for your two-wheeler repairing or service.
3. Hassle-Free Claim Settlements: Needless to say, one of the prime benefits of opting for bike insurance is getting hassle-free claim settlements. Getting a bike service done at a network garage and claiming for it is a very quick and smooth procedure. The insurer will take care of the claim procedure by self, leaving you carefree about the whole procedure.
4. Third-Party Legal Liability: Buying bike insurance means getting a third-party liability coverage. When a third person suffers disability or death due to a bike accident as a result of the policyholder’s fault, the compensation for the third-party damages is covered by the bike insurance policy.
5. Coverage Against Personal Accident: Another benefit of opting for a cashless service in bike insurance is that it offers coverage against personal accidents. It comes handy when the bike rider gets injured due to a bike accident.
6. Reliable Network Garages: Another top advantage of bike insurance online is that it helps you access reliable network garages of the insurance company. All the reputed insurance companies have network garages to provide the policyholders with utmost satisfaction through high-class services. There is no fear of getting duplicate parts for your bike during a service. A bike service done at a network garage means quality repairs and installing genuine auto parts during a repair.

Also Know: Importance of bike registration certificate and how to obtain it

What is included in a Two-Wheeler Insurance?

Any standard bike or two-wheeler insurance plan will offer coverage against all sorts of damages like:

• Burglary
• Fire
• Storm
• Lightning
• Cyclone
• Hailstorm
• Rockslide
• Landslide
• Earthquake
• Explosion
• Flood
• Terrorist Activity
• Road Accident
• Strike or Riot
• Theft

How to Apply for a Cashless Bike Insurance Claim?

Now comes the question of how to apply for a cashless bike insurance claim? Here are the steps to guide you for a cashless bike insurance claim:

• In case of a bike accident, make sure to register a valid FIR to make way for a third-party liability. Obtain a copy of this FIR.
• Up next, inform your insurer about the damage to the vehicle, so that a timely inspection can be done by the insurance inspectors.
• After the inspection, you will be notified about the cashless network garages near your location.
• Alternatively, you can search for a ‘network garage near me’ to get the location of the nearest network garage and subsequently get the repair work done for your damaged bike.
• When the bike is repaired, you will need to sign some documents at the network garage, and they will release your bike.
• Make sure to collect the invoice from the garage, as that amount will be settled by your insurance company. The important thing to note is that the claim settlement done by the insurer will be only up to the insurance coverage as per your policy. Any expenses beyond that will have to be paid by you.

How to Apply for Bike Insurance Reimbursement?

In case the network garage denies repairing your bike, you have an option to apply for reimbursement from the insurer after getting the bike repaired from a non-network garage. Have a look at the steps involved for bike insurance reimbursement:

• Inform the insurance company about the damage incurred.
• Get the survey done by the insurance company.
• Your bike will be sent to a nearby garage (in case of non availability of network garage services) by the insurance company without charging you for a towing charge.
• You can get your bike repaired by paying the charges.
• Once the repair is done, initiate the reimbursement procedure by filing a claim with the insurer, who will then reimburse your claim within a few days keeping in mind some deductible amount for some parameters.

5 Things that Affect the Premium of a Bike Insurance Online

The amount of premium you will be required to pay for bike insurance may depend on the following factors:

1. Type of Model
2. Age of the Vehicle
3. Insured Declared Value or IDV
4. Geographical Zone or Location
5. Engine Capacity

Also Read: Myths About Purchasing Bike Insurance Policy Online vs. Offline

Conclusion

In today’s digital world, when the government is promoting digitalization, it sounds great to look for cashless services. Buying bike insurance with a cashless service does make some sense in this respect. However, before you buy any two-wheeler insurance online, you must indulge in a thorough research to choose the best insurer. Look for bike insurance with not just the lowest premium but the one with maximum & best benefits to maintain your bike or two-wheeler.

Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.

 

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