The Indian population prefers two-wheelers for their convenience, affordability, and low maintenance costs. For these reasons, most Indian households that own a car, do own a two-wheeler too. This comes as a result of the practicality offered by two-wheelers to navigate through traffic snarls and save fuel costs at the same time. As with other types of vehicles in the country, a two-wheeler also requires a minimum of third-party insurance coverage. It is due to regulatory requirements laid down by the Motor Vehicles Act of 1988.
Considering the advantages of a two-wheeler, the 2 wheeler insurance plan is critical and must not be skipped. Other than legal compliance, two-wheeler insurance plans also ensure a safeguard against damages to your bike if the right policy is selected. Thus, the policy features must be checked before buying one. Among the several facilities a two-wheeler insurance plan offers, the cashless facility is a nifty one.
This article explains the importance of the cashless facility and how to make the most of it. Continue reading to know more.
What is a cashless facility in a two-wheeler insurance policy?
A cashless facility or cashless claim is a feature where the insurance company directly settles the repair bill after the completion of the work. The cost of repairs is directly paid by the insurer to the service garage and you, as a policyholder, are required to pay only for the deductibles. *
How does a cashless insurance claim work?
An insurance claim, in the cashless mode, works by helping you avoid upfront payment for the repair cost of your bike. As the policyholder, you need to take your bike to the service garage for repairs. But this garage must be one of the affiliated service garages, impanelled with the insurance company. Such garages are also known as network garages. The list of network garages is available on the insurance company’s website. Alternatively, this information can be sought by calling up the helpline of the insurance company.
When your bike is brought in for repairs at a network garage, the repairs cannot be commenced immediately. It needs to be inspected by the insurance surveyor. Only after the estimate is provided by such a surveyor to the insurance company, can any repairs be worked on. This is because the insurance company provides approval of repairs to the service garage and any expenses that aren’t included in the policy’s coverage need to be paid by you, the policyholder.
What are the benefits of making a cashless insurance claim?
- When you get a bike insurance policy with a cashless claim facility, you get relief from the financial stress of having to arrange funds for repairs. This is because the insurance company takes care of most of the repair cost barring a few exceptions that aren’t included in your policy’s coverage.
- The repairs at the network garage are hassle-free and quick. Since the service garage is affiliated with the insurance company, there is a faster resolution, and the repair times are quicker.
- The main benefit is you need not worry about uninvited repair bills that otherwise can be a reason for mounting stress.
Due to these benefits, a cashless claim facility in your two-wheeler insurance policy is beneficial. When finalising an insurance policy, make sure to not consider the bike insurance price as the sole deciding factor. Comparing the features and striking a balance between the policy coverage and its price will help avail comprehensive coverage at pocket-friendly prices.
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.
