Having the right bike insurance is important to get the necessary financial assistance in case of any unforeseen event. When it comes to it, most people prefer buying two-wheeler insurance that comes with cashless benefits. This is because a cashless bike insurance policy allows the insurer to get his bike repaired without paying a single penny from his pocket. For this reason, cashless bike insurance is deemed to be the best two wheeler insurance.
Whether you plan to buy third-party or comprehensive bike insurance, choosing a policy offering a cashless claims facility is always a good idea. But how? How can you determine if your bike insurance policy offers cashless benefits or not? Read on for the answers!
What is a Bike Cashless Insurance Policy?
A cashless bike insurance policy is a policy that allows you to settle your claims in a cashless way. For instance, suppose you have an online two-wheeler policy with cashless benefits. In this case, if your bike meets an accident, you can get it repaired without paying anything from your side. This means your insurer will clear your repair bills on your behalf.
Most insurance providers that offer cashless benefits have tie-ups with garages, known as network garages. These garages offer exclusive cashless repairs and replacements for the policyholders.
Benefits of Cashless Bike Insurance Policy
- No Cash Needed : With a cashless bike insurance policy, you don’t have to pay anything for the repairs or replacement of your insured bike. This means you can save yourself from the hassle of arranging huge sums of money on short notice.
- Highly Convenient : No need to find the best garage and get your claim approved in order to repair your two-wheeler. Instead, you can simply take your insured vehicle to a registered network garage and get it fixed without dealing with the expenses. Your insurance provider will take care of everything.
- Short Turnaround Time : Settling the claims in a cashless way saves a lot of time because it doesn’t involve a lot of paperwork. Compared to the conventional settlement process, cashless bike insurance is fast and efficient.
Reimbursement Vs Cashless Insurance for Bike
Most insurance providers like Tata AIG offer bike insurance plans under both a cashless and reimbursement facility. It is up to you what kind of policy you want to purchase. But to find the best bike insurance, you should be aware of the differences between a reimbursement and a cashless option. We have already discussed what cashless insurance for bikes is. Let’s now see how it is different from reimbursement bike insurance.
In reimbursement or non-cashless bike insurance, the policyholder must pay for his bike repair cost and then submit the bills to the insurance company for compensation. This method is time-consuming and also requires a lot of paperwork.
How to Check Whether Bike Insurance Offers Cashless Claims or Not?
- Read and Understand the Policy Documents : Perhaps the best way to know whether or not your bike policy comes with cashless benefits is to check the policy documents. It clearly mentions whether you can make cashless claims or not.
- Look for the Network Garages : Although it is rare, if you don’t find any information about the claim settlement method in the policy document, check whether or not there is a list of network garages provided to you by your insurer. If there are network garages, it means that you can avail of the cashless claims benefits.
- Confirm With Your Insurer : It is always better to confirm with your insurance provider about the type of claims settlement method they offer. In fact, most insurers make this clear at the time you purchase their policy. But if this did not happen in your case, then it’s a good idea to confirm the same with your insurance company.
Cashless insurance for two-wheelers is growing in demand because of the major benefits it provides. It comes with a faster turnaround time and less hassle as compared to the cash reimbursement method. If you have already purchased a bike insurance policy and can’t determine whether or not it offers a cashless facility, go through the tips listed in this blog. It will surely help you make an informed decision.