Any damage to your two-wheeler due to factors including potholes and carelessness of pedestrians may result in expensive repair bills. However, investing in bike insurance can spare you the financial losses due to such incidents.
While it is mandatory to have third-party insurance for your two-wheeler in India, the most basic insurance coverage or third party bike insurance does not cover your bike repair bills.
This is why it is crucial to invest in an insurance policy that offers a smooth and hassle-free bike insurance claim process and also gives you the desired coverage.
What Does a Bike Insurance Claim Mean?
It is a formal request that an insured individual makes to the insurer to provide compensation for the expenses that the insured has to incur due to a covered incident like theft or accident.
There are two types of claims that you can make when it comes to a bike insurance claim:
- Reimbursement Claim – According to bike insurance claim rules, if you repair your two-wheeler at any garage that does not fall within your insurer‘s network, then it is your responsibility to settle the bills. Later on, you have to submit your bills to claim reimbursement for the payment you made.
- Cashless Claim – Here, your two-wheeler is repaired at a garage authorised by the insurer, and the repair expense is paid by the insurer. The repair coverage cost is sent to the insurer directly by the garage. The insurer accepts and settles your bike insurance claim amount, saving you the ordeal of paying the bill separately.
The Cashless Bike Insurance Process
This process eliminates financial burden due to upfront repair bill payments to the garage. Here is how the cashless 2-wheeler insurance claim process works:
- Authorised Garages – The insurer you opt for includes authorised garages with pre-approved cashless repair options in its network. These authorised garages are well-reputed and meet the insurer’s specific quality standards.
- Claim Initiation – Once your two-wheeler meets with an accident, inform your insurer and take your two-wheeler to a nearby authorised garage.
- Claim Assessment – The authorised garage will then assess the extent of damage and prepare an estimated bill of repair expense. This estimate is then sent to your insurer instead of you having to make an upfront payment.
- The Settlement – Your insurer will directly pay the garage to settle the repair expenses, as long as it falls within your cashless two-wheeler insurance policy limits. That allows you to be free of arranging funds for repair bill payment or waiting for reimbursement.
Hassle-free and Smooth Cashless Bike Claim Insurance – Key Indicators
These key indicators will help you select the right two-wheeler insurance plan:
- Reputation – Always opt for an insurer that is well-reputed with a proven record of hassle-free claim settlements.
- Claim Settlement Ratio – Ensure that the insurer you choose has a high bike insurance claim settlement ratio as it indicates that the insurer is committed to efficiently settling claims.
- Extensive Network – Look for an insurer with a wide network of garages that are authorised to provide cashless two-wheeler repair services.
Apart from the above, you must also ensure that the insurer you choose communicates clearly and with transparency
Conclusion
Ultimately, you will have to conduct thorough research and compare quotes to find a plan that meets your budget. The above-mentioned key indicators can help you narrow down the insurance company that provides you with a hassle-free bike insurance claim process.
