About cashless two wheeler insurance policy
A cashless two-wheeler policy allows you to get your two-wheeler repaired at any of the listed garages without having to pay any money out of your pocket. Most insurers tie-up with a large number of garages to provide services to the insured. You could take your bike to any of these garages, and it will be repaired as per the cover you have chosen. Once the repairs are made, the bill is sent directly to the insurer. Your insurer would then pay the monies directly to the garage.
It is important that you inform the insurer about the damage before the repairs are made. While the insurer would pay for the damages covered by your insurance, you will have to pay for any additional damages. For example, most bike insurance policies do not cover electrical failures.
Sometimes it may be too difficult to get cashless service. For example, if your bike fails in a region where the cashless garage is far away. In such cases, you can pay for the repairs out of your pocket and have the insurer refund the amount to you. You should nevertheless inform the insurer of the damage as soon as possible to allow them to assess the damage and process your claim in time.
Benefits of two wheeler insurance policy
A two wheeler insurance policy covers you not only against any damage sustained by your bike in a road accident but also against any damage due to a natural or man-made disaster. Further, a bike insurance also provides a third-party cover that indemnifies you against any damages to a third-party involved in an accident.
Remember that getting a third party two wheeler insurance is mandatory in India. A good two wheeler insurance policy makes it easier for you by rewarding you with a No Claim Bonus if you do not file any claims through the policy period. Essentially, NCB translates into a discount on the insurance policy premium that you have to pay.
Over the years, the process of filing a claim against your bike insurance has become simpler as well. Today, you can complete the claims process online and have your bike repaired in a cashless manner.
You can also customize your two wheeler insurance policy to meet your specific needs. Even if you miss out on some add-on covers at the time of purchase, you can add them in at the time of renewal. Some of the most beneficial add-on covers you can opt for are:
Let us not forget that getting a two wheeler insurance policy keeps you on the right side of the law. It also earns you a sense of security as you know that any costs resulting from an unforeseen incident will be taken care of by your insurer.
Process to claim cashless two wheeler insurance policy
Follow the steps below to file a cashless two wheeler insurance claim:
Step 1: If a third-party is involved, note down their contact details and vehicle registration number – if they were riding as well.
Step 2: Note down the contact details of any witnesses around
Step 3: Inform your insurance company about the incident and get information about the nearest cashless garage on their network
Step 4: File an FIR at the nearest police station and get a copy of the report
Step 5: Provide all the requisite documents to the insurer. A representative would contact you to collect the same.
Step 6: A surveyor from the insurer would inspect the damage and make an approximation of expenses involved. Once the approval is made, the garage would start working on the repairs.
It is important to remember that your safety comes first. If you are injured in the accident, prioritize your treatment over everything else. You could inform the insurer when you are able to, or ask a representative to do the same on your behalf.
It is possible that not all expenses will be covered by your cashless bike insurance policy. Please read the policy terms and conditions closely to ensure that you are aware of inclusions and exclusions. This helps to avoid any unpleasant surprise in your hour of the need.
The following documents are to be presented when purchasing a two wheeler insurance policy:
Comprehensive bike insurance usually covers theft as well. Please read the policy terms and conditions to check the extent of the coverage. This cannot be cashless as you will be compensated for the loss and not a service provider.
The maximum cover provided for own damage under cashless two wheeler insurance is equal to the insured declared value of the bike. Please read the policy terms and conditions to check for any sub-limits on the sum insured.
You can opt for a policy period of one, two or three years for your cashless two wheeler insurance policy.
The premium of your cashless two wheeler insurance policy depends on the following factors:
You can use the two wheeler insurance premium calculator to get a good estimate of the premium to be paid.
UIN : Smart Drive Two Wheeler Insurance