Bike Insurance is one of the primary services one must acquire after buying a new motorbike. In India, it is even more critical and commonplace as motorbikes are consider the primary means of transport for most Indians since they are cheaper, more convenient, and perfect for the busy Indian roads.
The advantages of having an up-to-date insurance policy are immense, as it can come in handy if the motorbike is damage, stolen, or been through other such mishaps. Most insurance companies offer two main types of insurance policy: Comprehensive Insurance Policy and Third-Party Liability Insurance Policy.
The Third-Party Liability Insurance policy has been mandatory following the Motor Vehicle Act 1988 by the Indian Government. Still, it is highly advisable to also have a Comprehensive Insurance Policy for added financial safety.
Types of bike insurance policy
Third-Party Liability Insurance – The Third-Party Liability Insurance policy is mandate by law and mainly covers the third party. If a third party sustains bodily injury or property damage due to the vehicle owner, they are liable to pay for the damages.
Comprehensive Insurance Policy – A Comprehensive Insurance policy, although not mandatory, is very much advised since it covers the vehicle owner, the vehicle, and the third party in case of an accident. It also covers claims about theft, fire, and damages incurred due to natural calamities.
What is cashless bike insurance?
In an accident, the vehicle owner might need insurance assistance to repair the damages incurred by the vehicle. In the case of Cashless Bike Insurance, the policyholder does not have to pay any kind of money from their pocket. Instead, the repair bill is cover by the insurance company automatically.
This process works streamlined, where the insurance company is tied up with several repair shops and garages across the country. The policy holder is advised to visit one of these garages and get the repairs done. Afterwards, the garage dealer forwards the repair bill to the insurance company, where the insurance representative will look into the claim. If the claim is genuine, the payment is authorised, and the insurance company directly pays the invoice.
How to claim cashless bike insurance?
Raising a cashless insurance claim with any insurance provider, for example, taking a Bajaj Allianz two wheeler insurance is easy and convenient.
Here are the steps:
- Visit the online website or use the Bajaj Allianz mobile app.
- Select the two-wheeler insurance policy to which you have subscribed, and proceed to raise a claim
- The system will then provide you with a claim number, which should be appropriately noted and retained for future reference.
- In case of an accident, the damaged vehicle can be taken to the nearest network garage.
- The insurance representative will inspect the vehicle and prepare a report for the insurance company.
- The insurance representative might ask for some necessary documents related to the vehicle.
- The claim will be immediately settle once the insurance company properly scrutinises the survey report and documents.
If the accidental claim is minor, it can be resolved within a few hours, but in case of major damages, the policyholder might have to wait for the verification process of the required documents.
Documents required for cashless insurance claim
Although an online insurance claim does not generally require any documents, in some instances, the insurance company might ask you to upload soft copies of certain documents.
- Policy Document
- Claim Form
- Registration Card of the Vehicle
- Driving Licence
- Police FIR Copy (if issued)
- Tax Payment receipts
- Engine And Chassis number of the vehicle
- Contact Number of the claimant
Benefits of a cashless facility in bike insurance
- One of the most immediate benefits of having a cashless insurance policy is that it is hassle-free and convenient. The motorbike can be taken to one of the many network garages, and it is fixed without any added inconvenience.
- Since the cashless insurance policy is mainly done via the only mode, it is quicker to get the motorbike repaired and settle the claim. For minor damages, the claim can be resolved within a few hours.
- A cashless policy is primarily paperless, and one does not have to produce a million documents to raise a claim.
- An accident can be highly stressful in this scenario. A cashless process which is automate can come in very handy.
- In the case of a standard best online two wheeler insurance policy, the claimant has to pay the entire repair bill from their pocket before getting reimburse by the insurance company. But in a cashless insurance policy, the claimant only has to pay the required deductible, whereas the insurance company pays the entire repair bill.
In conclusion
A cashless bike insurance policy offers several benefits like paperless transactions, minimum documentation and a streamlined procedure like bike insurance renewal. These can be extremely helpful, and one should opt for the cashless facility when they wish to insure their motorbikes..