Two-wheelers are a popular mode of transportation for a large percent of the Indian population. It is convenient to navigate through traffic while being a more affordable option with lower maintenance.
When you own a two-wheeler, it is mandatory to procure two wheeler insurance as per the legal guidelines. You may choose between a third-party and a comprehensive cover for your motorcycle.
Types of two-wheeler insurance
- Third-Party Insurance
- Comprehensive Insurance
Cashless two-wheeler insurance claims
Most insurance companies offer cashless services at their network garages and workshops. When you choose to repair your motorcycle at these network facilities, you do not need to pay money from your pocket.
Working of cashless two wheeler insurance policies
Insurers have a tie-up with multiple garages and workshops to offer cashless services. Based on the inclusions and policy terms and conditions, these service providers will repair your two-wheeler. The total bill for such repairs is sent directly to your insurance provider. After verifying the details, the insurer pays the bill to the garage or workshop. This entire procedure is quick, hassle-free and convenient. However, it is important you inform your insurer about the accident or damages before the repairs. Always ask regarding the cashless claims benefits while purchasing a new bike insurance policy
Here are the six steps you must follow to avail of cashless services:
- Get the registration number of the third party and check if he was also travelling by a vehicle
- Procure the contact details of any witnesses who may be present
- Inform your insurer at the earliest and avail of the information about the garages
- File the First Information Report (FIR) and get a copy of the same
- Once your insurance claim is received, a representative will contact you and provide details on the documents that would be required
- An expert validates the approximate repair costs and approves the reimbursement
Every insurance plan comes with a compulsory deductible. This is the amount you must pay through your own resources before the insurer will pay for your claim. The regulatory authority has capped the compulsory deductible at INR 100 for motorcycle insurance.
In addition to the compulsory deductible, you may opt for the voluntary deductible. If you choose a higher voluntary deductible, you are able to reduce the two-wheeler insurance rate.
Benefits of cashless bike insurance
- No Need for Having Cash
- Easily Accessible
To find lowest price, it is recommended to undertake the two wheeler insurance policy compare process for different products offered by various general insurance providers.