The bike insurance industry has evolved a lot over the last few years and now, with the advent of technology, most parts of the claim can be digitally solved. There are 2 significant ways of claiming for bike insurance, namely cashless and reimbursement.
What is a cashless claim in Bike Insurance?
The cashless claim is a facility provided by the insurer wherein you can get your bike repaired in any of the listed network garages and the payment would be done directly to your garage by your insurer, without involving you in the interim. This would save a lot of hassles such as a survey or inspection, checking the detailed repair work and its associated costs, as well as paying for the same initially and then submitting all documents for reimbursement.
The objective of this approach is to help avoid individuals burning a big hole in their pockets. The insurer directly pays the repair expense of their bikes right after an accident. Another major advantage of the cashless bike insurance claim process is that it requires very little documentation and fewer formalities to complete as compared to the reimbursement claim process.
What is a reimbursement claim in Bike Insurance?
When you need to pay for the repairs out of your own pocket and then get the same reimbursed from the insurance company, it is called Reimbursement Claim in Bike Insurance. This can be because of getting the repairs done from a non-network garage or any other reason. However, a survey needs to be done beforehand to get the approval for the repair work before getting tbelhe vehicle repaired, else the claim would not be admitted.
Advantages of cashless bike insurance
When you opt for cashless bike insurance, you attain enormous benefits. Some include:
How does a cashless bike insurance claim work?
A cashless claim bike is supposed to make the claim process simple and quick, and that is exactly what you get when you take your bike to a network garage for repair. Post notifying the company about the accident, you can take the bike for repair to a nearby network garage, if need be you can ask for towing services. At the network garage, the damages will be analyzed by the mechanics and the company surveyor collectively. The insurance company surveyor may do the survey via a video call also if your company allows it.
Post the survey, an estimate of the repair cost will be made and then the repair process will begin. Once the repair is complete, the company will settle the bill with the garage. You will only have to pay a small percentage of the total cost. The amount you pay depends on the deductible, the cost of depreciation and a few other factors.
A cashless bike insurance claim is possible under 2 types of plans:
Steps to claim cashless bike insurance in a network garage:
Listed below is a step-wise guide to claim cashless bike insurance. Follow these if you wish to opt for the same.
Tip: Ideally, keep proof of your claim intimation, so send an email or a letter and then keep a copy of their receipt with you.
Tip: Try to select a network garage that matches the brand/manufacturer’s speciality.
Once you settle this amount, you are free to take your bike home and have a great ride ahead!
Steps to file a reimbursement claim for two wheelers:
Given below is a list of 4 steps required to make a reimbursement claim settlement amount for two-wheelers. Let’s have a look.
Initiate the claim process by informing the insurance firm about the accident along with the details of the insured bike. This can be done via email or tele-calling. You can connect with the customer care executive team directly.
Some insurance companies have the option of registering claims online, via their web portal or a mobile application. Upon doing this, you will receive a claim reference number from the insurer.
Insurance companies assign surveyors for accessing and inspecting the damage incurred on the bike throughout the accident. At this stage, policyholders are required to submit each of the mandatory documents to the surveyor so that the claim process can begin immediately.
After receiving approval from the surveyor, you can choose to get the bike repairs done from any garage at your convenience. The entire payment for the repair work needs to be done by you initially and then it can be claimed back from the insurer.
Sometimes, insurance companies provide free towing facilities. However, note that towing services might vary from company to company.
To get the reimbursement claim, you need to provide the following documents along with a duly signed claim form to the insurance company:
List of documents needed to file a Cashless Bike Insurance Claim:
As per distinct claim categories, you need a series of documents to file a cashless bike insurance claim.
Below is a list of documents that you might need for all bike insurance claims, be it cashless or not.
Points to keep in mind so that your cashless bike insurance claim is not rejected:
Making a claim is probably the most important part of an insurance policy. The process is quite simple and common for most companies. However, it is crucial that you follow the proper procedure so that your claim does not get rejected. Sometimes, due to the following reasons, a claim may get rejected:
Reasons to choose Turtlemint for a cashless bike insurance claim:
The best part of your bike insurance is that it not only comes with incredible coverage, but it also has the option to opt for a cashless settlement! When you connect with Turtlemint for your cashless two-wheeler insurance, you receive extensive benefits including:
Conclusion
Generally, after an accident, individuals seek instant facilities and insurance assistance to help them get their bike repaired at any bike garage as enlisted by the bike insurance provider. As the name suggests, cashless bike insurance in such cases is best. Policyholders don’t have to fret over the repair cost as the insurance companies take care of it.