India is among the highest ranked countries in terms of two-wheelers on road. As two-wheelers are affordable and preferred especially by middle-class, the demand for bikes and scooters is always high. However, higher number of two-wheelers on the road does impact the road infrastructure as well as the traffic in cities.
As more people migrate to cities and purchase two-wheelers, it increases the traffic density by a lot, which in turn increases the number of accidents caused to two-wheelers every year. Having a two-wheeler insurance in such situations can help in covering the cost of the damages. However, cashless facility is one feature that you should be aware of in your insurance policy. What is this feature? How does it benefit you? Read on to find out.
What is cashless facility?
Generally, in the event of an accident, you have to inform your insurer and provide complete details when you are filing a claim. This process can take a while before you get compensated for the damages. With a cashless claim facility, you do not have to worry about spending a dime. There is a network of garages that are associated with your insurer. These garages are known as cashless garages. If you were to get your bike repaired at the nearest network garage, you can file a cashless claim. When you file a cashless claim, the insurer will directly pay the garage for the repairs.
How this feature work?
Suppose you are riding your bike somewhere and happen to get involved in an accident with another vehicle. In usual cases, you would end up taking your and the third-party vehicle to a local garage to get the damages assessed and repaired. However, instead of this you can simply take it to your insurer’s nearest network garage. With the help of your two-wheeler insurance app, you can check the list of garages that are close to your location.
Once you inform your insurer, they will send a representative who will assess the damages and give you an estimate. The garage will repair the damages and bill your insurer instead of you. The insurer will pay the bill, while you maybe required to pay the compulsory deductible.
What are the benefits of this feature?
The following are the benefits that you get to enjoy with this feature:
- Saves money
As mentioned above, the insurer will cover the cost of repair, with you being charged only for the deductible. This means that you will not have to pay out of pocket before you get compensated. This is usually the case when it comes to conventional claims. As you are required to file a lot of paperwork, it could take time before your claim gets properly verified and the compensation is disbursed. If you require your bike but the paperwork is still pending, you might need to pay for the repairs yourself. However, with cashless claim, the process is faster, and the waiting period is low.
- Quick accessibility
Nowadays, it is easier for you to find a cashless garage that is associated with your insurer. Earlier, there were very limited number of garages that would allow this facility. This would cause major inconvenience for many. However, with insurance companies investing more in expansion, the benefits are visible with more garages tying up with insurers to support the cashless facility.
- Can be done online
It is easy now file a cashless claim from your phone as well. Your insurer’s two-wheeler insurance app allows you to quickly file a cashless claim at the ease of your fingertips. This saves you the hassle of having to file physical paperwork and carrying multiple copies of documents required. You can simply provide digital copies of all the paperwork.
This is how cashless claim facility can benefit you and make the claim filing process easier for you. Make sure to check more about this facility when you buy two-wheeler insurance for your bike.
Smriti Jain is the owner and senior content publisher at Financesmarti. Financesmarti is a website where she shares a lot of useful stuff for the people and business of India. This includes small business ideas and other banking information, as well. Smriti completed her education in science & technology from Delhi University. Smriti usually has interests in digital marketing now, and she has chosen this career for the full-time opportunity. The primary purpose of starting this blog to provide quality information on the banking industry to the people.