One of the best things about having insurance for your bike is the benefits that come along with it. Insurers offer policyholders access to several of their services, including the ability to file cashless claims at network garages.
These cut out the need for cash transactions as the insurer directly settles your bill with the service provider ensuring a hassle-free claims settlement under your bike insurance policy.
To find out how to access this feature on your online two-wheeler policy, read on as we discuss its benefits and give you a step-by-step guide on navigating a cashless claims process.
What is a Cashless Bike Insurance Policy?
A cashless claim under bike insurance is a service feature provided by insurers to their policyholders when they get their bikes repaired at listed network garages.
As the name suggests, this entire process is cashless, meaning the insurer directly settles the bill with the garage, so you do not have to pay for any repair or service costs.
However, this feature is only available if you get your bike repairs done at a network garage, and the cashless claim amount is processed only after deducting your compulsory deductible and taking into account policy exclusions, if any.
Benefits of Cashless Insurance For Bikes
● Hassle-Free Services
A cashless bike insurance claim is both quick and convenient. After an accident, you simply need to notify your insurer to initiate the claim. After which, they will send an inspector to the network garage to assess the extent of the damages and settle your claim directly.
● The Insurer Directly Settles Your Bill
Since the whole process is cashless, you do not have to worry about gathering any last-minute funds for repairs. Moreover, with the insurer directly settling your bills, cashless bike insurance policy claims tend to go much smoother and are processed faster.
● Reliable and Stress-Free
Policyholders availing of repair services at a network garage are often given first priority. Moreover, the network garages listed under insurers have a proven track record of customer satisfaction and provide the best services.
You also do not have to worry about getting knock-off parts during replacements, as network garages always provide genuine parts.
How to File a Cashless Claim Under Your Bike Insurance
- You must inform your insurer as soon as possible to initiate a cashless bike insurance claim. You can do this by contacting their toll-free number or by email, both available on your insurer’s website.
Note: Insurers have a set time limit within which you must report the accident to get approved for a cashless claim. You can find this time limit in your policy wording.
- Next, Visit your insurer’s website, fill out the cashless claim form, and submit it with any other required documents.
- Other required documents can include:
- Your bike insurance certificate.
- A valid driver’s license.
- Mandatory KYC documents like your identity and address proof.
- In case of third-party liability, register an FIR at your local police station and get a copy of the FIR to submit to your insurer.
- For accidents, get the registration number of the other vehicle involved in the accident and the contact details of witnesses present at the scene, in addition to filing an FIR.
- Other required documents can include:
- Once notified, your insurer will send an inspector to assess the damage and estimate the cost of the cashless service. The payable amount will be decided based on your bike insurance policy exclusions and your compulsory deductible.
- After submitting your documents, your insurer will need to process and verify them.
- Upon approval of your cashless claim, your insurer will pay the billed amount to the network garage.
What is the Compulsory Deductible for a Cashless Bike Insurance Policy?
A compulsory deductible is a percentage or amount you pay during a claims process while your insurer pays the rest of the payable amount. The compulsory deductible amount for a cashless bike insurance policy claim is ₹100. This amount is fixed by the IRDAI.
If you have chosen a voluntary deductible instead to reduce your premium amount, here are the discounts for Own Damage cashless bike insurance claims based on your chosen deductible amount.
|Voluntary Deductible (Amount)||Discount Rate|
|₹2,500||20% and a maximum of ₹750|
|₹5,000||25% and a maximum of ₹1,500|
|₹7,500||30% and a maximum of ₹2,000|
|₹15,000||35% and a maximum of ₹2,500|
Cashless insurance for bikes is a key feature to look out for when buying a bike insurance policy. They are a convenient alternative to reimbursement claims for policyholders as they offer a hassle-free way to settle claims.
Many online insurers like Tata AIG offer cashless facilities with cheap bike insurance plans, so regardless of which online two-wheeler policy you choose, this facility is open to all policyholders.