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Repair first, pay later: Let cashless bike insurance take away your repair woes!

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Published on May 24, 2021. EST READ TIME: 3 minutes

Let us explain this with an illustration.

You recently purchased your dream bike. And, like any responsible adult, you followed this up with purchasing COMPREHENSIVE BIKE INSURANCE for your bike. After a few months, your bike was partially damaged, and in a state of panic, you took it to the nearest mechanic. Even though your bike insurance would reimburse your repair expenses, the overwhelming repair bill left you gasping for air! Your only mistake was taking your bike for repair without checking if your preferred garage was part of your insurer’s garage network. Only if you had checked you would have benefitted from the cashless repair service.

Wondering how? We recommend reading till the end to learn more about it.

What is cashless bike insurance?

Your insurance policy covers your vehicle damages, legal and financial liabilities and any medical costs. While there are various claim methods, own-damage claims are mainly of two types, i.e. reimbursement claim and cashless claim.

As the name suggests, you have to pay for the expenses in a reimbursement claim, and the insurer later reimburses the amount. On the other hand, in a cashless claim, you have to pay only the deductibles, and your insurance company pays the rest of the amount. However, in a cashless facility, you have to take your vehicle to one of the insurance provider’s network garages.

For instance, your bike sustains damages due to accident, natural disasters, fires, and you immediately inform your insurance provider. Your insurer, in turn, sends a surveyor and helps tow your bike to the nearest designated garage or workshop. The garage submits an estimated cost of repairs to the insurance company and begins the repair work. In the end, your insurance company pays directly to the garage after subtracting the deductibles and depreciation.

This claim settlement process is efficient, convenient and lends the policyholder peace of mind.

How to get cashless bike insurance?

#Step 1: File an FIR: If another party was involved in the accident, you must file an FIR with the nearest police station. Make sure you obtain a copy of it.

#Step 2: Contact your insurance provider and register your claim: Contact your insurance company and share all the essential documents and details like the location of the accident/mishap, bike registration number and personal details. You can call the insurance company’s toll-free number or visit their website to register the claim.

#Step 3: Get a survey of your two-wheeler: Once you register your claim, the insurance company will send a surveyor to verify the bike's condition before sending it for repairs.

#Step 4: Find a garage for damage repair: You can take your two-wheeler to one of the insurance company’s network garages for repairs. Choose an authorized garage on the preference of your location or the reputation for repairing two-wheelers of similar make and model.

#Step 5: Collect your bike and invoice: Once the repair has been done to your satisfaction, pick the bike and sign the necessary documents. Ensure that you collect a copy of the invoice paid by the insurer for future reference.

It is important to note that the amount paid by the insurer will be determined by the scope of coverage. The policyholder must pay any additional expenses.

What are the documents required for cashless bike insurance?

The best thing about cashless bike insurance is that it requires little documentation. The process is extremely smooth and hassle-free. You must share a copy of the registration certificate of the insured bike, the insurance policy, and your driving incense. As mentioned above, if another party is involved, you must also file an FIR. If you can take pictures of the damage and witness details at the time of the accident, they can be used as proof, if necessary.

Conclusion

When buying BIKE INSURANCE POLICY, it is always important to read the terms and conditions.. Check the policy wording to ensure that the policy offers cashless repair service and the number of garages listed in the network. The greater the number, the easier it is to locate one in your vicinity.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.

This blog has been written by:

Mukesh Kumar | Motor Insurance Expert | 36+ years of experience in insurance industry

A veteran in the insurance industry, Mukesh Kumar has the expertise of handling various functions like Business Development, Underwriting, Claims, Human Resources, Quality Management and Marketing. With rich knowledge of the industry, he loves to share his views on topics of insurance sector and takes special interest in educating people on advantages of having insurance

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Few Other Articles:

• Significance of cashless facility in two-wheeler insurance policy

• Everything you need to know about cashless two-wheeler insurance claim process

• Two-wheeler insurance claims – Your ultimate guide to own damage claim settlement

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