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Nov 3, 2023

Things To Look Out For While Buying A Cashless Bike Insurance Policy

Two-wheelers are one of the most popular means of transport in India. Affordability, accessibility, and quick handling make them a very popular choice for many. Thus, it is important to safeguard such an investment with two wheeler insurance. Cashless insurance has become increasingly popular in India as it offers convenience and hassle-free claim settlements. With cashless insurance, policyholders can avail of repair services at network garages without the need for upfront payments. However, before purchasing cashless insurance, it is important to consider certain factors to ensure you make an informed decision. In this article, we will discuss the key factors to consider when looking to purchase cashless insurance.

Things To Consider While Purchasing The Policy

If you are considering buying bike insurance for your newly purchased two-wheeler, you can opt for cashless bike insurance. However, there are factors you should take into consideration before you buy the policy. These factors include:

- Network Garages

One of the primary factors to consider is the network of garages associated with the insurance provider. Ensure that the insurance company has a wide network of authorized garages near your location and along your usual travel routes. Having access to a well-established network of garages ensures convenience and prompt service in the event of a bike insurance claim. Claims are subject to terms and conditions set forth under Motor insurance policy.

- Claim Settlement Ratio

This ratio is a crucial factor to assess the insurer's reliability and efficiency in processing claims. It represents the percentage of claims settled by the insurance company against the total claims received. Opt for an insurer with a high claim settlement ratio as it indicates their commitment to fulfilling policyholders' claims promptly and fairly.

- Coverage and Add-Ons

Evaluate the coverage and add-on options provided by the cashless bike insurance policy. The coverage should encompass risks such as accidents, theft, natural calamities, and third-party liabilities as mandated by law. Additionally, consider add-ons like personal accident cover, zero depreciation cover, and roadside assistance, among others, to enhance the policy's benefits and tailor it to your specific requirements. Claims are subject to terms and conditions set forth under Motor insurance policy.

- Policy Exclusions

Thoroughly review the policy exclusions to understand the circumstances under which the insurer may deny a claim. Some common exclusions include driving under the influence of alcohol or drugs, riding without a valid license, and using the bike for illegal activities. Being aware of these exclusions will help you avoid claim rejections and ensure a smooth claims experience.

- Premium and Deductibles

Compare the premium rates and deductibles offered by different insurers. The premium is the amount you pay periodically to maintain the insurance coverage, while the deductible is the portion of the claim amount you are required to bear before the insurance kicks in. Having a balance between affordable premiums and reasonable deductibles helps to ensure your insurance remains cost-effective while providing adequate coverage. Claims are subject to terms and conditions set forth under Motor insurance policy.

- Customer Support and Reputation

Consider the insurer's reputation and the quality of their customer support. Look for reviews and feedback from existing policyholders to gauge their experiences with the insurance company. Prompt and helpful customer support is essential for seamless policy servicing and claims assistance.

- Renewal Process and Flexibility

Evaluate the insurer's bike insurance renewal process and the flexibility they offer in terms of policy duration. Check if the insurer provides online renewal options, as they may offer convenience and save time. Additionally, you may consider insurer providing flexibility on the policy tenure, allowing you to choose the duration suiting your needs.

What Are The Types Of Bike Insurance?

While the factors mentioned above might help clear your doubts about the cashless facility, you should have a proper understanding of the types of bike insurance:

- Comprehensive Insurance

As the name suggests, the policy is designed to offer comprehensive coverage to the policyholder. In this policy, both own-damage and third-party damages are covered. Damage or loss of bike due to natural or manmade calamity is also covered. Damage or loss of bike due to fire or theft is included in the policy. You have the option of enhancing the policy’s coverage with the help of riders.

- Third-Party Insurance

This policy offers coverage for third-party liabilities only. This includes damage caused to third-party vehicle or property. If any injuries are caused to a member/s of third-party, those expenses will also be covered by the policy. Own damage is excluded. This means damage/loss due to calamity, fire, and theft is not covered in the policy.

Conclusion

The factors mentioned above can help you make an informed decision when purchasing cashless bike insurance Remember, conducting thorough research and comparing multiple insurance providers will help you make an informed decision and ensure that your bike remains well-protected on the road. You can get in touch with an insurance advisor to clear any doubts you may have regarding the policy and the facilities related to the policy.   *Standard T&C apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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