Two Wheeler Insurance 101: Cashless Claims Facility

Two-wheelers are a popular mode of transportation for a large percent of the Indian population. It is convenient to navigate through traffic while being a more affordable option with lower maintenance.

When you own a two-wheeler, it is mandatory to procure motor insurance as per the legal guidelines. You may choose between a third-party and a comprehensive cover for your motorcycle.

Types of two-wheeler insurance

• Third-party Insurance

• This type of two wheeler insurance covers liability arising to a third party due to an accident and provides for medical and legal expenses as per the terms of the policy.

• Comprehensive Insurance

• You enjoy third-party coverage along with other benefits. Additional coverage under this policy includes damages due to robbery, natural calamities and other mishaps along with medical and legal costs.

Cashless two-wheeler claims

Most insurance companies offer cashless services at their network garages and workshops. When you choose to repair your motorcycle at these network facilities, you do not need to pay money from your pocket.

Working of cashless two wheeler insurance policies

Insurers have a tie-up with multiple garages and workshops to offer cashless services. Based on the inclusions and policy terms and conditions, these service providers will repair your two-wheeler. The total bill for such repairs is sent directly to your insurance provider. After verifying the details, the insurer pays the bill to the garage or workshop. This entire procedure is quick, hassle-free and convenient. However, it is important you inform your insurer about the accident or damages before the repairs.

Here are the six steps you must follow to avail of cashless services:

• Get the registration number of the third party and check if he was also travelling by a vehicle
• Procure the contact details of any witnesses who may be present
• Inform your insurer at the earliest and avail of the information about the garages
• File the First Information Report (FIR) and get a copy of the same
• Once your insurance claim is received, a representative will contact you and provide details on the documents that would be required
• An expert validates the approximate repair costs and approves the reimbursement

Deductibles

Every insurance plan comes with a compulsory deductible. This is the amount you must pay through your own resources before the insurer will pay for your claim. The regulatory authority has capped the compulsory deductible at INR 100 for motorcycle insurance.

In addition to the compulsory deductible, you may opt for the voluntary deductible. If you choose a higher voluntary deductible, you are able to reduce the two-wheeler insurance rate.

Benefits of cashless two-wheeler insurance

• Convenience

• The greatest advantage of cashless insurance is convenience. You do not have to stress about the repair expenses because your insurance company directly settles the costs.

• No Need for Having Cash

• Possibly, you may not have the necessary amount needed at the time when you take your motorcycle for repairs. Cashless facilities become highly beneficial in such situations. You do not have to worry about cash except what you must pay for the deductibles.

• Easily Accessible

• Most of the insurance companies have a wide network of garages and service centres across the country. Therefore, you are relieved of any stress even if you are in a remote location because several insurers offer pick-up and towing services along with the policies.

To find two-wheeler insurance lowest price, it is recommended you search online and compare different products offered by various general insurance providers.

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