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What is a Cashless Claim Facility in Two-Wheeler Insurance?

A cashless claim facility in two-wheeler insurance is a feature offered by insurance companies. In the event of an accident, vehicle owners can take their damaged bike to a garage partnered with the insurance company and avail cashless service. Thus, the owner-driver doesn’t have to cover the repair expenses, instead, the insurance company directly settles the final bill with the garage.

Insurance providers partner with numerous such garages across the country to enable their policyholders to access the bike insurance cashless facility near their residence. However, the availability of a cashless claim in bike insurance varies based on the type of insurance coverage, which are:

  • Third-Party Bike Insurance

Third-party insurance is a basic cover which is mandatory for all vehicle owners to drive on public roads. The insurance plan covers the cost of damage caused to the third party involved in an accident. However, the third-party liability cover does not provide any financial coverage to your two-wheeler and thus, does not include a cashless facility.

  • Comprehensive Bike Insurance

A comprehensive bike insurance plan provides extensive coverage to safeguard you against the loss incurred by the third party and your own vehicle. The insurance policy also includes coverage against theft, natural calamities, fire, explosion, personal accidents, etc. With comprehensive insurance, you can avail a cashless claim service to cover the repair expenses!

How to Make a Claim Under Cashless Bike Insurance

In case of an unfortunate mishap, you can take the two-wheeler to the nearest network garage associated with the insurer. Here's a step-by-step process to file cashless claim in bike insurance:

 

Step 1: Notify your insurance provider regarding the incident by contacting them via call or email.

 

Step 2: Take your two-wheeler to an authorised network garage. Here, the vehicle shall be inspected by an individual appointed by the insurer.

 

Step 3: After receiving approval from the insurance company, the garage will begin repairing your bike.

 

Step 4: Submit the required documents to the insurance provider. If any other document is required, the insurer will inform you.

 

Step 5: The insurance provider will verify the details of the cashless claim in bike insurance and accept or reject the claim.

 

Step 6: On successful claim settlement, the repair expenses shall be directly paid by the insurer. You might have to clear the applicable deductibles if any. After the damage has been fixed, you can collect your two-wheeler from the garage.

 

Note: For third-party damage, you can take the details of the other vehicle owner involved in the accident. However, for major damage or theft of a vehicle, you might have to file an FIR report at the nearest police station.

Benefits of Cashless Claim in Bike Insurance

Here are some key advantages of opting for the best cashless two-wheeler insurance plan:

  • Offers Cashless Service

With the bike insurance cashless facility, you do not have to make an upfront payment for the repair expenses. The insurance company directly clears the bill and enables you to enjoy a cashless service without any worries!

  • Provides Convenience

The last thing anyone wants to worry about is arranging funds to repair your bike. The cashless claim in a two-wheeler insurance policy offers the convenience to get your vehicle repaired and worry about the finances later. You might have to cover the deductible but at the moment, you can take focus on recovering from the mishap!

  • Wide Network of Garages

Most insurance companies have a wide chain of cashless garages across India. So, you can easily find a nearby network garage in the event of an unforeseen accident.

Documents Required for Cashless Bike Insurance

You must keep the following documents ready while raising a cashless claim under bike insurance:

  • Bike insurance policy document

  • Driving licence

  • Registration Certificate (RC)

  • Original repair bill

  • Copy of FIR, in case of major accident or theft

  • Pictures or videos of the damaged vehicle

Why do Claims in Bike Insurance Get Rejected?

There are numerous reasons for your bike insurance cashless claim to get rejected by the insurance company. Let’s go through some of the common reasons for rejection to help avoid them in the future:

  • Damage caused while driving without a valid driving licence or under the influence

  • Fraudulent insurance claims

  • Delay in notifying the insurance company regarding the cashless two-wheeler insurance claim

  • Loss incurred by the bike outside the specified geographical area

  • Any natural wear and tear or depreciation

  • Loss resulting from using the vehicle for purposes not mentioned in the plan

  • Any claims raised under an expired bike insurance policy

To Conclude

Cashless two-wheeler insurance has made it easier for bike owners to get their claims settled without making payment upfront. With a cashless service, vehicle owners can enjoy a simple and convenient claim process!
This is why it is crucial to have comprehensive bike insurance to enjoy the cashless claim facility! If you still haven’t financially protected your two-wheeler with the right bike insurance policy, head over to Bajaj MARKETS and get a suitable plan today!

FAQs on Cashless Claim in Two-Wheeler Insurance

  • ✔️Which type of bike insurance is best?

    A comprehensive bike insurance policy covers risks such as third-party liabilities, accidental damage, theft, and disasters among others. And hence, it 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 at least have third-party insurance, but a comprehensive insurance plan is recommended for better coverage.

  • ✔️What is a cashless claim in bike insurance?

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

  • ✔️What is the difference between cashless and reimbursement claims?

    Under cashless claims, you do not have to pay for the repair expenses. But under reimbursement claims, you must clear the cost incurred and later file for reimbursement with the insurer. 

  • ✔️How to claim a cashless settlement?

    Inform your insurance company about the accident and visit the nearest cashless garage to get your vehicle repaired. You will have to submit the required documents to the insurer to file a cashless bike insurance claim.