Today, we are living in a Digital World where the dream of going cashless has finally become a reality. Owing to more convenience, the cashless transaction is gaining grounds among the people and is becoming a popular choice of payment for various sectors including insurance. Today, we will talk about Cashless bike/two wheeler Insurance and why it is a blessing in disguise during emergencies like mechanical breakdown or accidents.
Before divulging into more details about cashless bike insurance, let us first cover the basics about regular two wheeler insurance. The general objective of a two wheeler insurance policy is to safeguard the policyholder against financial liabilities that may arise during the course of an emergency or accident.
Types of bike insurance policies
These are the most common types of bike insurance policies:
- Act Only Policy: Also known as the Liability Only Policy, it is a mandatory policy as per the law in India. Besides covering the insured, such a policy covers losses, property damage, bodily injury or death of the third party during an accident the insured was involved in.
- Comprehensive Policy: This optional two wheeler insurance policy is also known as Package Policy as it includes everything offered by an Act Only Policy and also offers coverage against theft or damage.
- Own Damage Policy: Particularly deals with damages or losses incurred during:
- Natural calamities
- An accident caused by external force
- Theft, burglary, riot or terrorist activity
- Damage during transit rail, road, air or water
Cashless bike insurance policies decoded
Most insurance companies have a tie-up with a network of garages where a policyholder can get their two-wheeler repaired without any charge. If the two-wheeler policyholder manages to inform the insurance company at the earliest and follows the procedure for claim settlement, they can enjoy the benefit of cashless policies.
How to make a claim for cashless policies?
- In case of damage due to damage or an accident, the policyholder must inform the two wheeler insurance company at the earliest and in detail
- Most general insurance companies either tend to direct the policyholders to reach the nearest designated garage for inspection of their bike or send
san official on spot for inspection.
- Post inspection, the policyholder has to hand over the keys of the two-wheeler to the official along with the policy details. On the basis of the policy cover, the expenses of the repair will be meted out.
- Only after the completion of repairs, the garage will forward the bills and invoices to the insurance company for the purpose of payment.
- In case of own damage or damages caused by the policyholder to a third party during an accident, the policyholder must inform the insurance company at the soonest. Once medical assistance is extended, the policyholder has to file FIR at a police station nearest to the spot.
- After the basic treatment, the policyholder will be asked to offer their policy details which will be then communicated to the insurance company by the hospital authorities.
There are many reputed companies like Bajaj Allianz General Insurance that extend the facility of cashless insurance to their customers. Make sure to compare two-wheeler insurance policies and make use of two wheeler insurance calculator to find out the most affordable and suitable policy with the cashless facility.