Cashless claim in bike insurance is one of the most important benefits you can enjoy as a policyholder. In case of an accident, the cashless facility allows you to get your vehicle repaired without having to pay for it upfront. This blog post will discuss all aspects of cashless claims in bike insurance policies. So, if you’re looking for more information on this topic, then read on!
An Overview of Cashless Claims
A cashless claim is a method of insurance claim settlement where the insurer pays the service provider directly, without the policyholder having to pay anything out-of-pocket. This type of claim is also known as direct billing or third-party billing.
To make a cashless claim, the policyholder must first find a service provider that is part of the insurer’s network. The policyholder will then need to provide their insurance information and policy number to the service provider. Once the service provider has received this information, they can submit a claim to the insurer on behalf of the policyholder.
If everything goes smoothly, the insurer will then approve the claim and send payment directly to the service provider.
Advantages of Cashless Claim Service
Mentioned below are the advantages of opting for a cashless claim service:
Accessible and quick
This is one of the most important advantages of opting for a cashless claim service. In case of an emergency, you can quickly get your bike repaired without worrying about the payment.
Another advantage of cashless claims is that it is very convenient. You don’t have to worry about carrying cash with you or making arrangements for the same in case of an accident. All you need to do is show your insurance card at the garage, and they will take care of the rest.
When you opt for a cashless claim service, there is less documentation than when you make a reimbursement claim. This means that the whole process is hassle-free and quick.
Steps to Register a Cashless Claim
To register a cashless claim, you will need to follow these steps:
- Gather the other vehicle’s license information if you cause an accident that hurts a third party.
- Within 48 hours, let the insurance provider know.
- In the event of an accident, file a FIR.
- Take the car to a local mechanic and complete the cashless claim form.
- Send in the necessary paperwork, such as a duplicate of the policy, a proof of identification and residence, and so forth.
- The surveyor will evaluate the car and the damage costs based on the deductible amount, exclusions, and the degree of the damages.
- The sum will be sent straight to the garage after approval.
- The compulsory deductible is a sum that must be paid out of pocket by the policyholder at the time of a claim; the IRDA sets this sum. According to IRDA regulations, the mandatory deductibles are Rs. 1000 if the car’s volumetric capacity is less than 1500 and Rs. 2000 if it is more than 1500. A different kind of deductible is optional, which even the policyholder can set at the point of purchase.
The Bottom Line
Going with a cashless claim bike insurance policy is ultimately up to you. If you feel comfortable with the process and trust your chosen insurer, then it’s definitely worth considering! Just be sure to do your research and understand all the details before making any decisions.