A bike is the most affordable form of private mode of transportation we have in India for covering reasonably long distances. Any utility-based asset requires you to look after it and secure it, which calls for bike insurance. Moreover, having at least third-party bike insurance is also a question of following traffic rules when you own a bike.
You must understand that the third-party policy is the least of the expectations. There are better options in front of you when it comes to bike insurance policies. For instance, you have own-damage two-wheeler insurance or comprehensive two-wheeler insurance. For better coverage, policy seekers usually opt for the comprehensive policy. It covers third-party as well as own damages, too.
The insurance industry is big on the convenience of the policyholders, and this feature of a cashless bike insurance policy is the proof. This is a hassle-free and convenient way of claiming for repairs and replacement for your bike.
With an increase in the number of purchases of bikes, there’s a growth in cashless bike insurance policy purchases, too. With growing awareness and customers, the concept of bike insurance, but mainly cashless bike insurance, has become a necessity.
When you buy a two wheeler insurance, you should have a complete comprehensive knowledge about what you are getting yourself into. What type of bike insurance is better? Does bike insurance cashless have benefits above other types? Let us understand and explore such questions in this blog.
What is Cashless Bike Insurance?
Two-wheeler insurance, where you can avail of various repairs and services for your vehicle without having to actually pay any money, is called cashless bike insurance. If you need any kind of repairs or maintenance, you can visit a garage and get it done.
Now, these garages are supposed to be network garages, also called the service centres that are affiliated with your insurance providers. So, because these are network garages, the expenses are directly paid by your insurance company.
Your policy documents include a section of your policy coverage and IDV (Insured Declared Value.) The amount of expenses your insurance company settles is determined with the help of your coverage and IDV in your bike insurance policy.
The policyholder and the garage have to notify the insurer about the accident, required repairs, or the damage, etc., and the insurer will verify that information. After the repairs, the garage sends a bill to the insurer and they settle the bill, according to the terms and coverage of your policy.
Why is Cashless Bike Insurance Better Than Others?
- Convenience and Hassle-free Process
With the new digital India, we know how convenient cashless transactions are. While this transaction is a different kind of cashless, it is basically hassle-free and convenient. When you are in need of repairs and maintenance, all you have to do is take your two-wheeler to an affiliated garage and let the insurance company handle the finances.
The insurance company will pay the expenses for those repairs, as mentioned in the policy. So, you will not have to rush for cash in case of any emergency, too. But paying your periodic premium is important for this to go smoothly!
- Wide Network of Reliable Garages
Network garages are the service providers that are tied up with the insurance company. Insurance companies like TATA AIG have a huge network of about 4000+garages that provide this service. These garages provide professional and quick service where the quality of work is also good. This entire contract is extremely profitable for the policyholders.
- Quick Claim Processing
With cashless bike insurance, claim processing is swift and efficient. Because the network is huge and smart, the procedure is quite quick. This results in better, faster, and reduced downtime for your two-wheeler repairs.
- Comprehensive Coverage
Cashless policy feature is available along with the comprehensive coverage policy. This makes it beneficial for the policyholder on many levels. That is because they get better and all-round coverage along with better services and hassle-free facilities. It provides a comprehensive package that makes sure that you have financial protection against various risks related to your two-wheeler.
- Transparency and Documentation
The cashless insurance procedure provides transparency because all the transactions are documented and maintained by the insurance provider. This transparency makes sure that you receive clear records of all the services availed and the associated costs, enhancing trust and accountability in the system.
- Coverage for Personal Mishaps
With cashless two-wheeler insurance, specifically the cashless comprehensive and own-damage policy, you can receive a claim against your personal accidents, too. It is useful when there is an accident, and the policyholder is injured due to it.
Bikes and insurance go hand-in-hand. There is always a need for insurance in life due to the unpredictable nature of incidents. When you consider buying insurance for your two-wheeler, you must be thorough in your research. Cashless bike insurance offers a plethora of benefits that make it a better choice compared to other bike insurance options, where you need to meet the expenses yourself and get them reimbursed from the insurer later.