DIFFERENCE BETWEEN CASHLESS AND NON CASHLESS BIKE INSURANCE CLAIM

Many people in the world today have insurance for their bikes from an insurance provider which helps them in case there has been accidental or financial damage to them and their bike. But often many people are confused as to how to settle their insurance claim when it’s been offered to them by the insurance company. Here we are going to look at what types of insurance claim settlements are offered to the policyholder when settling a claim and what are the benefits of bike insurance.

 

 

 

 

What Is An Insurance Settlement?

Insurance settlement is a process to pay or reimburse the policyholder when they try to claim their insurance. The insurance company offers the policyholder monetary compensation for the partial or complete amount of the claim after verifying the claim. Policyholders are offered two options for bike insurance claims that are cashless and non-cashless. Many people get confused as to what to choose and end up making a loss settlement without checking out both their pros and cons. One needs to compare both the settlement offers and choose the one that is beneficial for them.

Difference Between Cashless And Non-Cashless Two Wheeler Insurance Claims:

A cashless insurance claim is defined as claim settlement of the policyholder claim directly without him paying anything to the service garage, whereas a non-cashless claim is used when one tries to claim their insurance after paying the service fees for their bike repairs and then claiming the insurance company for settlement, one might have to pay the basic deductible charges that may come with both the claim if they had opted for that. 

Many people prefer a cashless settlement of their claim instead of a non-cashless one as it's faster and more efficient when claiming the insurance and probably has less waiting period than a non-cashless settlement. 

Following are the differences between cashless and non-cashless insurance claims:

Above are the differences between cashless and non-cashless two-wheeler insurance claims. One can easily compare the two and choose the one that is most beneficial for them. Cashless bike insurance claim is mostly preferred by people as it is very fast and efficient when it comes to settling a bike insurance claim, whereas non-cashless bike insurance claim is preferred by people whose bike is old or they get their services and repair from a private garage which is not linked in the network of insurance companies.

Benefits Of Bike Insurance

Buying two wheeler insurance can not only help to avoid any future unforeseen risk but also help them mitigate any financial damage that they may bring. The following are the benefits of getting bike insurance:

• 3rd Party Protection: Bike insurance helps one mitigate any financial losses that one might have to pay to a 3rd party due to their fault which results in the damage or financial loss of the 3rd party.
• Accident Protection: One can easily get hurt or involved in an accident if one is not careful which causes huge financial worry for them. But bike insurance can help ease their worry about any financial issue that may come with accidental damage. 
• Financial Protection: One does have to worry about any financial issues if they have bike insurance as it helps them avoid huge financial damage.
• Peace of Mind: One can ride with peace of mind with bike insurance as it helps them avoid and worry about future risks that may happen or the financial damage that it may bring with it.

Conclusion

Getting bike insurance can be very beneficial for one as it can protect them from any future unforeseen circumstances and help them with any financial damage, but many times people get confused as to what type of bike insurance to claim. One must properly compare both cashless and non-cashless insurance claims and get the one that is most beneficial to them.

FAQs - Frequently Asked Questions

Q1. Why do many people get confused during insurance claims? 

Many times, people can get stuck when deciding between cashless and non-cashless insurance claims and which one will be most beneficial for them. 

Q2. Where can one get bike insurance for their vehicle?

One can easily buy insurance for their bike on Quickinsure by visiting their official website to compare the various plans and choose the one that meets all their requirements.

Q3. Why is bike insurance important for one to buy?

Bike insurance can help one mitigate any future risk such as 3rd party damage, accidental damage, etc., along with any financial loss with them. One should always try to get insurance for their bikes.

Q4. Why do most people prefer cashless insurance claims?

Cashless insurance claims offer policyholders faster and more efficient claim settlement as compared to non-cashless insurance settlement.