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About Cashless Claim Facility 

Bikes and two-wheelers are the most popular mode of personal transport in India. A huge amount of India’s population uses bikes for travelling to work and other places. The main reasons why bikes are highly popular are because they are significantly cheaper compared to cars, can navigate through the dense Indian traffic quite easily and are very fuel-efficient.

An increasing number of bike owners have started to avail of two-wheeler insurance services to protect their precious vehicles against accidents and damages. Insurance companies offer cashless claim settlement facilities these days, which makes the insurance claim process for bike owners straightforward. In this article, we’ll take a look at what a cashless settlement is and how to claim cashless two-wheeler insurance.

What is a Cashless Claim Facility for Bikes?

As the name suggests, a cashless claim facility is a feature offered by insurance companies where vehicle owners can take their damaged vehicles to garages partnered up with insurance companies and get cashless services. The vehicle owners do not have to pay any money to the garage, instead, the garage repairs the vehicle and settles the bill with the insurance company.

Insurance companies have thousands of garages spread around the country under their network, so people may access their cashless facility near their localities. However, there are certain steps that vehicle owners need to follow to get a cashless settlement on their claim. Let’s take a look at those steps.

Procedure for Cashless Services on Bike Insurance

To claim a cashless facility, vehicle owners need to be aware of the exact process of claiming cashless bike insurance. Whenever a vehicle needs to be repaired due to an accident or unexpected damage, the owner can directly go to a garage under the company’s network to get it repaired at no cost. However, before visiting the garage, the vehicle owner needs to follow certain steps:

  1. Once you are involved in an accident, you will need to get the registration number and details of the third party involved in the accident.

  2. Get the contact details of the witnesses present at the scene of the accident.

  3. Inform your insurance provider that you have been involved in an accident.

  4. File an FIR at the nearest police station and get a copy.

  5. Apply for a cashless claim and the insurance company will examine damage to the bike.

  6. Go to any garage under the insurance company’s network and get your vehicle repaired.

  7. Once the insurance company verifies all details and documents, they will settle the repair bill with the garage.

It should be noted that you may be required to submit documents such as a copy of your bike insurance policy, a copy of the FIR and any other documents that may be required for processing the insurance claim. It is important that you keep all of your documents ready so that your claim is processed effortlessly. Most of the time the claims are rejected because of the lack of proper documentation. Let’s take a look at the benefits that a cashless claim insurance plan offers.

Benefits of a Cashless Claim Policy

  1. The bike owners do not need to spend their own money at the garage for the repair of the vehicle, so there’s no worry about arranging funds for vehicle repair.

  2. Company network garages ensure that your vehicle is given the best professional repair service.

  3. There is a very low chance of being scammed as the insurance company checks everything and sorts out payment with the garage directly.

  4. Insurance companies have garages all over the country under their network so you will have access to them easily.

What are the Types of Insurance for Bikes?

There are mainly two types of insurance that bike owners can get - third party insurance and comprehensive bike insurance. The government has made it mandatory to get third-party insurance for all vehicle owners in the Motor Vehicles Act, 1988. Let’s take a look at what these two types of insurance plans entail.

  • Third-Party Insurance -

This insurance plan is mandatory for all vehicle owners and covers the cost of damages to the third party involved in an accident. It does not provide any financial coverage for your vehicle.

  • Comprehensive Bike Insurance -

A comprehensive bike insurance plan provides a series of protective covers like third-party insurance, accidental damage insurance, bike theft insurance and much more. You can also claim a cashless facility through many comprehensive bike insurance plans. While a third party will protect you from paying third-party damages, a comprehensive bike insurance plan will keep you and your bike protected against a variety of damages.

Final Takeaway

Cashless two-wheeler insurance has made it very easy for bike owners to get their claims settled. With cashless services, bike owners do not need to spend their own money to get their vehicles repaired. If you are looking to renew your insurance policy or buy a new comprehensive plan, you can take a look at all the bike and two-wheeler insurance plans available on Finserv MARKETS.  

Frequently Asked Questions

  • ✔️Which type of bike insurance is best?

    A comprehensive bike insurance policy that has third party cover, accidental cover, medical cover, bike theft cover, among others, is the best insurance policy you can get for your bike.  

  • ✔️Is third-party insurance mandatory for bikes?

    Yes, under the Motor Vehicles Act, 1988, all vehicle owners must have at least third-party insurance for their vehicles, but a comprehensive insurance plan is recommended for better coverage.

  • ✔️What is a cashless claim?

    Under a cashless claim, you do not have to pay any money out of your pocket for vehicle repairs. The company has a network of garages where you can get your bike repaired while the garage settles the bill with the insurance company.  

  • ✔️What is the difference between cashless and reimbursement?

    Under cashless, you do not have to pay anything for repairs. On the other hand, under reimbursement, you have to pay for repairs upfront and the insurance company reimburses your expenses after.  

  • ✔️How to claim cashless settlement?

    Inform your insurance company about the accident, file an FIR at the police station. File a cashless claims request with the insurance company and visit the nearest garage under the insurance company’s network to get your vehicle repaired.