Cashless claim in bike insurance online is a process in which the insured individual can get their bike repaired at a network garage without having to pay for it upfront.
Cashless Claim in bike insurance refers to a process in which the customer gets the bike repaired at a network garage where the payment is not done upfront. The insurance company settles the repair bill with the garage and the customer does not have to bear any expenses. In similar words, cashless claims help you settle down bike insurance claims without any personal expenditure.
The important part about the cashless claim is that they are only available at network garages of the insurance company. Than any expense will be paid by the customer personally.
Step-by-step process of the working of Bike Insurance Online cashless claim process –
Choose a Network Garage
If the bike is involved in an accident or any claim has to be applied for, then the first thing that needs to be done is to contact the insurer’s network garage. Every insurance company has its network garage list which is partnered with them to provide cashless services to the customer. And the list of network garages can be seen in insurance policy documents or on the customer-chosen insurer’s website.
Inform the Insurance Company once-
Once the network garage is selected by the customer, then once the insurance company must be informed about the mishap and the intention behind the cashless claim. Informing can be done by calling the nearest branch office or to call the customer care number.
- Submit Documents –
Certain documents are needed after the selection of a network garage like your bike insurance policy document, your driving license, your bike registration certificate, and FIR in case of an accident. These documents are provided to the insurance company.
- Inspect –
Once the document is submitted inspection begins about the bike in the network garage. A survey will be conducted where the damage to the bike condition will be checked and a report will be submitted to the insurance company which will give an estimate of the repair required.
- Approval from Insurer –
Once the survey report is submitted, it is checked that the claim falls under the terms and conditions of the policy selected by the customer. The estimated result of the report must be reasonable and within the coverage of the policy conditions.
Repair work –
Once approval is given, the damages will be repaired within the network garage. All the bills will be sorted directly from the insurance company to the network garage. Only expenses which are not mentioned in the policy will be paid by the customer rest will be taken care of by the company directly.
There is a deductible amount that is written on the policy paper, and that certain amount is to be paid to the company by the customer. This amount is deducted from the total claim amount, and the rest is taken care of by the insurance company. Once these deductibles and the rest expenses are cleared the customer can collect the bike from the garage.
Benefits of cashless claims in online bike insurance –
Convenience– With cashless claims, the customer does not have to worry about arranging for the funds to pay for the repairs or services. The process is convenient as the insurance company takes direct control of payment through the garage or service center.
Speedy Process – With the bike insurance online service, the process of filing a cashless claim is faster and smoother. The customer can easily file the claim online and get approved within a few hours.
Cost-Effective – Cashless claims are cost-effective as the customer does not have to pay for any additional charges or fees for the services available at the network garages or service centers.
Network of Garages- All insurance companies are tied up with the network of garages and service centers. where the policyholder can avail of cashless services. This ensures that the policyholder has access to quality services and repairs at authorized centers.
Faster Claim settlement – Cashless bike insurance also offers faster claim settlement. The insurance company has already tied up with network garages. The repair work is quick and payment is also done smoothly.
Lower repair costs – Cashless bike insurance also offers lower repair costs as insurance companies negotiate discounted rates with network garages. This means that policyholders can get their bikes repaire at a lower cost compare to non-network garages.
Additional benefits – Cashless bike insurance policies may also come with additional benefits such as roadside assistance, coverage for accessories, and personal accident cover. Policyholders can choose a policy that suits their needs and budget.
Before we go for Cashless claims we should understand that cashless claim insurance policies. This may come with higher premiums compared to traditional insurance policies. That require reimbursement claims. The additional cost is to cover the administration and management fees of the insurance company’s network.
This needs to be understoo that cashless claims help settle down buy bike insurance claims and provide a hassle-free experience. By following the steps, we can state that cashless claims help in smartly managing expenses.