There is always the possibility of damage when riding a bike on the road. These losses or damages could be the result of an accident, natural disaster, rioting, fire, or theft. Such calamitous events are usually unpredictable. Moreover, these damages can empty your bank account.
You may now secure your bike from unanticipated events by purchasing bike insurance packages. All you have to do is file a claim with your insurance carrier to notify them of your losses and damages. A claim is defined as an application for compensation under the provisions of an insurance policy, according to the dictionary. When you file a claim, your insurance company will evaluate the situation and compensate you by the terms and conditions. As a result, it is suggested that you go for insurance so that you can have coverage for the damage in case of an accident.
Read: How To Check Bike Insurance Validity Online?
What is a Bike Insurance Claim?
You get into a contract with the insurance provider when you purchase two-wheeler insurance. In simple terms, the contract specifies that the insurance company will pay for the damages caused by the accident. Assume you were in an accident on your way to work and have valid two-wheeler insurance coverage. In this case, you will need to make a ‘Claim’ with the insurance company. You will notify the insurance company about your accident through the claim. Also, in case your two-wheeler is stolen, you are entitled to an insurance claim as you have already purchased the insurance policy.
Types of Insurance Claims
- Cashless Claim
Insurance companies maintain a network of garages for bike insurance. If your bike is broken, you can take it to one of your insurance provider’s network garages and get it fixed without worrying about the cost. Your insurance company will settle the repair fees directly with the garage. You are only supposed to take your bike to a network garage for repairs when you file a cashless claim. A network garage is connected to your insurance provider. In this instance, the company will settle the amount directly with the garage.
- Claim for Reimbursement
If your bike is not fixed at a network garage, you can go to another garage. In this situation, your two-wheeler can be repaired at your selected garage. There, you must first pay the bills out of your pocket and send the original bills and payment receipts, then get the reimbursement from your insurance company. However, keep in mind that your insurance company will only pay up to the policy’s coverage maximum.
Important documents to be produced at the time of the insurance claim:
- A copy of your two-wheeler registration certificate is required to register a claim.
- In cases of theft, a police report, or FIR.
- A copy of your insurance policy as well as your driving licence.
- The original repair bill, cash receipts, and so on.
Insurance Claim Procedure in Case of Accident
Following these easy steps will result in a faster and easier process:
- Take note of the other vehicle’s registration number involved in the accident.
- Make a note of the time and location of the accident, if feasible.
- Take down the names and contact information of any witnesses.
- If your two-wheeler has been involved in a significant accident or has any legal implications, register a FIR at the nearest police station. It expedites claim approval and is required to begin the claim settlement process.
- Contact your insurance company to file a claim. This can be done over the phone or by visiting the insurance provider’s nearest branch office. Some insurance companies also provide an online claim submission service.
- A copy of the complaint will be required for claim submission.
- Submit the necessary documentation to effectively file the claim.
- You should get the damage inspected immediately by a specialist at a garage, preferably at an authorised garage of your insurance provider. Your insurance company sends a surveyor to the garage to evaluate the damage after you file your claim and provide the necessary paperwork. This will make you eligible for the cashless benefit.
- Claim settlement can be done through reimbursement too. To begin the reimbursement and claim process, you should pay the bills at the service centre. Fill out the necessary forms and provide the necessary papers to ensure a quick, easy, and simplified claim.
Insurance Claim Procedure in Case of Theft
- Register a FIR.
When you discover that your motorcycle or other two-wheeled vehicle may have been stolen, you should immediately file a First Information Report (FIR) at the closest police station and obtain a copy for yourself. While the police look for the stolen bike, you will need a copy of the FIR to file for the insurance claim.
- Inform Your Insurance Company
After filing a police report at the closest station, get in touch with your insurance company right away and give them all the information regarding the bike theft, including the location, the bike’s specifications, any paperwork, and a copy of the police report. An inspector will be assigned by the insurance company to investigate the theft. Produce all the important information.
- Report your two-wheeler theft to the RTO.
It is required that you report a stolen bike to the closest Regional Transport Office (RTO). RTO requirements, you will need to take care of all the paperwork required to record your two-wheeler theft. A transfer certificate will also be supplied by the RTO.
- Send the necessary documents to the insurance company.
After you have obtained all the required paperwork regarding your stolen car from the police and RTO, give the paperwork to your insurance company. The following are all the documents you need to submit:
- Your driver’s licence
- Certificate of Registration for Two-Wheelers
- Application for settlement of insurance claims
- A photocopy of your policy for insurance
- A photocopy of the FIR
- A photocopy of the RTO’s transfer certificate
- Any further paperwork needed by the insurance provider
- Turn in the police’s “Untraceable Report.”
The police will provide you with an untraceable report if, 30 days after the theft, your bike or two-wheeler is still missing. The Untraceable Report will demonstrate that not even the police were able to locate your bike. Send the report to the insurance company. Your claim will not be processed by the bike insurance company if you do not have the Untraceable Report.
Measures to avoid rejection of your bike insurance claim
- Check to see if your two-wheeler insurance policy is active. Avoid filing claims on expired policies. Ensure that the policy is current and that it is renewed on schedule.
- Avoid delaying claim notifications and submissions. If a claim is required, notify your insurer as soon as possible. You can complete the filing formalities later, but make sure to file the claim within the deadline. One of the most typical reasons for insurance claim denial is delayed claim communication.
- Transfer ownership after the sale: When purchasing a used vehicle, make sure to execute all legal processes relating to the vehicle and that all legal processes relating to the transfer of ownership of the bike are completed. Transfer the insurance coverage for the two-wheeler to your name as well. You cannot file an insurance claim under someone else’s name.
- Avoid customising the bike without notifying your insurer. As tempting as it may be to modify the bike’s features, refrain from doing so without notifying your insurer. Some design changes will result in higher bike insurance costs. Before customising your bike, always notify the authorities and obtain previous authorization.
- Avoid claiming exclusions: Certain accidents, such as intentional damage or regular wear and tear of the bike, are excluded from the coverage of your vehicle insurance policy. If such claims are made, the insurance company will reject them. Before filing a claim, read the policy document to verify if your expenses are covered by the bike insurance policy.
- When claiming, provide complete and accurate information: Make certain that you include accurate incident information. Don’t hide any relevant facts. Don’t make up a claim and manipulate the facts to your advantage. Keep in mind that insurance firms perform extensive investigations.
- Don’t drive if you don’t have a valid licence. Driving without a licence is prohibited, and the offender will face hefty fines. Insurance companies are not required by law to compensate for losses caused by illegal drivers.
- Avoid using bikes for commercial purposes. You should not use your personal bike for commercial purposes because insurance policies are different for private and commercial bikes. If a two-wheeler registered as a private vehicle is involved in an accident while being used commercially, the insurer will deny the claim.
Conclusion
The processing time for an insurance claim after you have filed all the necessary paperwork should not exceed thirty days. In the unusual event that more research is required or there are other issues, the work should be finished in six months.