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Cashless Two Wheeler Insurance plays a significant part in the life of a majority of Indians. The reason is, a majority of Indians use two-wheelers like a bike, scooter, moped, etc., for their daily commuting needs. Two-wheelers are affordable, convenient and easy to maintain.
Unlike life insurance and health insurance, two-wheeler insurance is mandatory as per the Indian Motor Vehicles Act, 1988. A Comprehensive Two Wheeler Insurance offers cashless claim and reimbursement claim services. Cashless claim service has gained massive popularity as it helps you repair your bike without paying much.
Disclaimer: The above mentioned prices are for a 2 year old Hero Honda Karizma R 223 CC, registered in Navi Mumbai & previous policy has expired.
Cashless two-wheeler insurance helps a policyholder get his/her two-wheeler repaired without paying any charges except compulsory deductible. The insurance company makes the repair payment to the network garage. A cashless claim facility works only when you get your vehicle repaired at a cashless network garage enlisted by your insurer. Also, a cashless two-wheeler insurance claim includes less paperwork and only a few formalities.
Under this facility, the insurer sends a surveyor to the accident spot or garage right away after the accident to evaluate the damage caused. Based on the report submitted by the surveyor insurer settles the claim. Also, the insurance companies attain quality garages in their network to offer cashless claims, which provide you with the best repair service free of cost.
There are several advantages, have a look:
• Quick and Easy Process
If you avail of services at a cashless network garage, then the insurance company handles everything. The cashless facility makes the claim process hassle-free for you as you do not need to worry about anything, including repair costs.
• Speedy Services
Network garages give priority service to the customers of insurance companies. This way, you need not wait for a long time to get your two-wheeler back.
• Simple Claim Settlement Process
Cashless garages offer a quick and simple-step claim settlement process, which otherwise may take a week.
• Large Network of Garages
Insurance Companies have a large number of cashless garages on their panel. This way, you can use cashless claim services even when you are travelling to work from home or are on a road trip.
• Reliable garages
The insurance companies only include network garages in their list that offer genuine spare parts, charge tariff according to the industry standards and provide the best service possible.
Mentioned below are the steps for making a cashless two-wheeler insurance claim:
You can follow these steps to make a reimbursement two-wheeler insurance claim:
Here are the 10 best general insurance companies offering cashless two-wheeler insurance:
|Two Wheeler Insurance Company||No. of Cashless Garages||Incurred Claim Ratio|
|ICICI Lombard General Insurance Company|
|HDFC ERGO Insurance Company|
|TATA AIG General Insurance|
|Reliance General Insurance Company|
|Bajaj Allianz General Insurance Company|
|Bharti AXA General Insurance Company|
|Liberty General Insurance Company|
|IFFCO Tokio General Insurance Company|
|Future Generali India Insurance Company|
|GO DIGIT General Insurance Company|
Disclaimer: The above details are collected from the website of the insurance companies listed above. The incurred claim ratio data is sourced from the IRDAI Annual Report 2019 - 20. Last updated on 12-03-2021.
If you don’t get your vehicle repaired at a cashless network garage, you are supposed to pay for the repair cost from your pocket and later on, you will be given reimbursement for the same by the insurance company.
The insurance company is liable to pay only for the damages that are covered under the policy. Therefore, you have to pay for the damage caused to accessories from your pocket if they are not covered under the comprehensive insurance plan or add-on bought by you.
When you visit a network garage listed by your insurance company, the repair bill is settled directly by the insurer. Thus, you need not pay for anything except the deductibles and depreciation.
We have handpicked garages based on the quality of service they provide to Coverfox customers. But you'd have options for authorized as well as a multi-brand workshop throughout Mumbai.
A comprehensive two-wheeler insurance plan is best for a two-wheeler. It takes care of damages that happen to the bike; it also offers third-party insurance and third party property damage cover. You can avail of the cashless facility at the listed cashless garages of the insurance company.
Yes, attaching a Zero Depreciation add-on to your comprehensive cashless bike insurance plan is very helpful. It helps you get the total cost of the bike’s repair as depreciation does not come into the picture.