The idea of going cashless has finally materialised in this digital age where we live. The cashless transaction is gaining popularity among consumers and is becoming a common method of payment for many industries, including insurance, as a result of increased convenience. Today, we’ll discuss cashless bike/two-wheeler insurance and why it comes in handy in cases of accidents or mechanical failure.
The insurance companies themselves advise bike owners to buy a complete bike insurance online because it covers all potential losses or damages from accidents, natural disasters, etc.
Vehicle insurance
Let’s first go over the fundamentals of traditional two-wheeler insurance before getting into more specifics about cashless bike insurance. A two-wheeler insurance policy’s main goal is to protect the policyholder from potential financial obligations that may occur as a result of an emergency or accident.
Various bike insurance coverage options
The most typical forms of bike insurance coverage are as follows:
- Act Only Policy: Also referred to as the Liability Only Policy, it is required by Indian law. Such a policy covers third-party losses, property damage, bodily injury, and passing away in addition to the insured in the event that the insured is involved in an accident.
- Comprehensive Policy: This optional two-wheeler insurance plan is also referred to as a “package policy” because it includes all the benefits of an Act Only Policy as well as coverage for damage or theft.
- Own Damage Policy: Specifically addresses losses or damages suffered during: Natural disasters, an incident brought on by outside pressure, theft, break-ins, riots, or acts of terrorism, transit-related damage on the train, road, air, or water. *
Decoding cashless bike insurance contracts
The majority of bike insurance online providers have agreements with a network of mechanics where a policyholder can get their two-wheeler fixed for free. The two-wheeler policyholder can benefit from cashless coverage if they can notify the insurance provider as soon as possible and follow the procedure to claim bike insurance.
How should a cashless policy claim be made?
- The policyholder must promptly and fully notify the two-wheeler insurance company of any harm caused by damage or an accident.
- The majority of general insurance firms either send a representative on site for inspection or direct policyholders to the closest designated garage.
- After the inspection, the policyholder must give the official the two-keys wheeler’s and information about the coverage. The cost of the repair will be distributed according to the policy’s coverage.
- The garage will send the bills and invoices to the insurance provider for payment only when the repairs are finished.
- The policyholder must notify the insurance company as quickly as possible in case of own damage or damage caused by the policyholder to a third party during an accident. After receiving medical help, the policyholder must file a FIR at the local police station.
- The policyholder will be asked for their policy information after receiving the necessary care, and the hospital staff will subsequently give those details to the insurance provider.
Numerous well-known businesses, like Bajaj Allianz General Insurance, offer their clients the option of cashless insurance. To locate the most suitable and cost-effective coverage with the cashless option, make sure to conduct a bike insurance check online for policies and utilise the two-wheeler insurance calculator.
You can get cashless services from the insurance company’s network of garages. You must search for bike insurance online and opt for the insurer that includes this feature in their insurance plan if you want to receive a cashless service. The professionals in insurance advise buying a bike insurance coverage online so you can thoroughly research any policy.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
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