Finance

Significance Of Cashless Facility In Two Wheeler Insurance

The metropolitan regions in the country experience the highest traffic snarls. Manoeuvring a car in such jam-packed traffic is not only tricky but cumbersome too. There have been incidents in the top four metro cities of traffic congestion exceeding kilometres due to minor repairs on the streets during peak office hours.

These extended hours that one spends in traffic is what makes two-wheelers a faster and cost-effective alternative. With increased vehicular traffic, it becomes essential to get a two wheeler insurance cover for your bike.

Comprehensive two-wheeler insurance will give you the facility to addsupplementing covers to your insurance policy like engine protection or depreciation cover. One can even avail of a cashless facility while using comprehensive two-wheeler insurance.

Third-party insurance only includes the liability due to damage or accident for a third-party. This leaves the owner uninsured for own damage expenses. Third party insurance for bike is the minimum requirement by the Motor Vehicles Act.

Now that you are aware of a comprehensive cashless cover let’s dive deep to see how it works:

Every insurer that offers a cashless claim facility has a tie-up with a network of garages. In case of an accident, one can reach out to these network garages for repairs. The information about these accredited network garages is listed on the insurer’s website and your policy document.

Once you contact your insurer intimating about the damage and consequent claim towards it, a representative from the insurer will inspect your vehicle. This representative will approve the eligibility for a cashless facility on verification of the damage. After the repairs are successfully carried out, the authorized network garage invoices the bill to the insurance company. The insurance company on verification will pay for the cost of repairs to the garage.

Here one must note that the insurer pays for parts which are covered by your cashless two-wheeler insurance policy to the network garage. Those repairs which are outside the policy terms have to be borne by the insured. Further, a cashless policy may have a deductible component. A deductible is that portion of your policy which the insured needs to pay before the policy benefits cover the balance cost of repairs.

The above process explains how a cashless bike insurance works, let us understand its significance –

Cashless facility is Stress-Free

Availing cashless two-wheeler insurance is a relief from paying large garage bills. An accident can cause damage to your bike and can be of a substantial amount.

Quick repairs of your vehicle

A cashless facility, once approved by the insurer’s representative ensures the network garage receives its funds quickly. This ensures you get quicker and hassle-free repairs to your vehicle.

Eliminates the need for payment

In cases where there is no deductible to your insurance plan, the entire cost of repairs is covered by your insurance plan, subject to the sum insured. It eliminates any worry that you might have with regards to the cost of repairs.

Thus, if you are using a cashless facility for the first time or two wheeler insurance renewal, be assured that you shall get your beloved motorcycle in pristine condition. You only need to complete the required formalities for filing the claim to your insurer.

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