Cashless Bike Insurance

Cashless bike insurance is a service the insurance provider provides to the policyholder to file their accidental claims. This article will teach you about cashless bike insurance, its benefits, the claim process, the documents required, etc.

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What is Cashless Bike Insurance?

Cashless bike insurance is an online facility provided by the insurance company's network garages (authorized partner garages). As the name suggests, the insurance company manages the bike repair expenses on the policyholder's behalf. Hence, it saves the policyholder from paying cash for the repair done by the network garages.

However, the insurance company sends the surveyor to the garage after the accident to check the extent of the damage. Based on the extent of damage, they settles the claim. Also, the insurance companies' network garages are one of the best in the town.

How to Claim Cashless Bike Insurance?

Here are the steps that you can follow to get a cashless claim settlement in your bike insurance policy:

Step 1: Report the Incident
As a bike owner, you will report the accident to your insurer.
Step 2: Damage Assessment
The insurer will send a surveyor to assess the damage and extent of loss.
Step 3: Claim Form Submission
You will fill in the claim form available on the official website of Policybazaar Insurance Brokers Private Limited and submit it along with the necessary documents.
Step 4: Repair Approval
Once the claim form & documents are submitted, the insurer approves the repair request.
Step 5: Garage Repairs
Send your damaged bike to the nearest network garage for repairs.
Step 6: Bill Settlement
After repairs, the insurer pays the repair charges directly to the network garage. You do not have to worry about the repair expenses. However, you may be required to pay deductibles or non-covered expenses.

Documents Required for Cashless Bike Insurance Claims

While settling your bike insurance claims, you have to provide certain mandatory documents to get cashless repair services:

Driving License
Registration Certificate (RC)
Bike insurance policy documents
Repair bills
Payment receipt
FIR (in case of third-party damages or theft)
Proof/evidence of the damaged bike (pictures/videos)

Benefits of Cashless Bike Insurance Policy

When you get a cashless service in a network garage of your insurance company, you get several benefits. They are as follows:

Convenience

The network garages of the insurance company make the process quicker and more convenient. Repair your bike at a network garage and let your insurer pay the bill.
Cashless Mode

Cashless bike insurance provides quick & smooth claim settlement without worrying about the substantial amount to be paid from your pocket. You don't have to worry about the stress of managing the cash or arranging money to settle the bills.
Hassle-Free

You get the cashless service in the network garage, and the claim settlement process becomes smoother. It is because you do not have to worry about anything, and your insurer does everything. Hence, the process is hassle-free for you.
Reliability

Bike insurance companies ensure that their network garages are at the top when it comes to providing service to the customer. The network garages have a proven record of customer satisfaction and best-in-class service. Also, you do not have to worry about the original bike parts as they provide genuine parts.

8 Tips to Avoid Bike Insurance Claims Rejection

Here are a few tips that you can incorporate to avoid cashless bike insurance claims in India:

Avoid providing misinformation or raising fraudulent claims.
Check your bike insurance renewal date and renew your policy on time, as insurers do not entertain claims raised under an expired policy.
Ride your insured bike with a valid DL and RC.
Remember, insurers do not provide coverage for regular wear & tear or mechanical or electrical breakdown caused to the bike.
Do not involve yourself in illegal racing or reckless driving, as your insurer will not cover the damages sustained in such circumstances.
Raise your claims on time since any delay in informing the insurer will lead to claim rejection.
Avoid any modifications to your bike.
Read your policy wordings carefully, especially the inclusions & exclusions.

Difference Between Cashless and Reimbursement Bike Insurance Claims

There are two types of bike insurance claims provided by bike insurance companies. You can choose any service at your convenience. The below highlights the difference between both cashless and reimbursement bike insurance claim settlement processes:

Points of Differentiation	Cashless Bike Insurance	Reimbursement Bike Insurance
Meaning	Cashless bike insurance allows you to repair your bike in any network garage without paying bills upfront.	Reimbursement bike insurance allows you to pay the repair bill from your pocket at any garage, and later, the insurer will reimburse the repair amount in your bank account.
Method	The process is hassle-free and requires you to submit mandatory documents online.	The process is cumbersome and might require some paperwork.
Speed	The claims are settled instantly.	This might require some time due to the lengthy process.
Network Garage	It allows to repair your damaged bike at your nearest authorized network garage.	You can repair your bike at any garage.

Conclusion

The network garages of the bike insurance company can provide you with cashless services. To get a cashless service, you must look for bike insurance online and look out for the insurer that offers this facility in their insurance plan. The insurance experts at Policybazaar.com can help you purchase bike insurance online. Here, you can calculate bike insurance premium online, compare, and check which one meets your demands and comes under your budget.