IFFCO Tokio Bike Insurance Claim
Bike insurance provides a financial cushion in case of accidents, thefts, fires, natural disasters, riots, etc. when a claim is raised. The IFFCO-Tokio General Insurance Company has a simple and straightforward system to raise a claim. They have 24/7 claim assistance customer service and have a good record of settling most claims as their claim settlement ratio is 95.80%.Read more
Documents Required to Raise an IFFCO Tokio Bike Insurance Claim
To raise a bike insurance claim, the policyholders have to submit some documents to the insurer. If they fail to submit any of the documents, then your insurer might reject your claim. Take a look at the list of documents below:
Documents Required to Raise an Accident Claim:
- Proof of the bike insurance policy
- Copy of bike registration book and tax receipts
- Original copy of the driving license of the person who was riding the bike
- Police FIR report
- Estimate for repairs from the garage where the vehicle will be repaired
- Repair bills, payment receipts after the repair is complete
- Claims discharge signed across a revenue stamp
Documents Required to Raise a Theft Claim:
- Original policy document
- Bike registration book or certificate.
- All the keys, service booklet, original purchase invoice, and Non-Repossession Letter from the financer are required
- Police FIR report
- The copy of the acknowledged letter addressed to RTO (Regional Transport Office) informing the theft and declaring vehicle "NON-USE."
- Form 30, 29, and 28, signed by the policyholder, and form 35, signed by the insurer
- Letter of Subrogation
- Consent towards decided claim settlement value from the policyholder and the financer
- NOC (No Objection Certificate) of financer if the claim is settled in the policyholder's favour
- Blank and updated Vakalatnama
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How to Raise an IFFCO Tokio Bike Insurance Claim?
The steps to raise a bike insurance claim with IFFCO-Tokio General Insurance company are:
Step 1– Contact the insurer and inform them about the mishap involving the two wheeler
Step 2– File an FIR in case of theft or accident
Step 3– Bring the damaged two-wheeler/ bike to a repair shop. If the repair shop is authorized for the cashless claim facility, then the policyholder does not have to pay for the repairs. Instead, the insurer will pay the repairer directly.
Step 4– If the shop is not registered for the cashless claim facility, get the bike repaired and pay the bills. Keep these bills safely as they will be required to be submitted to the insurer.
Step 5– Submit all the necessary documents that the insurer has asked for
The insurance company will verify and analyze the documents, and if the documents are satisfactory, they will accept the claim.
Common Reasons for Claim Rejection
Here are some of the common reasons why IFFCO-Tokio General Insurance Company might reject a bike insurance claim:
- Drunk Riding– If an accident involving the insured bike/ two-wheeler occurred while the rider was intoxicated/drunk, then, the insurance company will not be liable to compensate for the damages.
- Driving License– If a person was riding the insured bike without a valid driving license, then the insurer will not compensate for own damages or any third-party liabilities.
- Riding without a Valid License Holder– Any learner's license holder must ride the insured bike only if someone with a valid driving license is seated behind him/her. If not, the insurance company will not compensate for any damages or liabilities.
- Coverage for Excluded Damages– If any coverage was not promised, then the insurance company will not compensate for such damage. For example, if the bike owner has third-party insurance and he/she raises a claim for damage caused to the insured bike by fire or natural disaster, then the claim will be rejected.
IFFCO Tokio No-Claim Bonus
A No Claim Bonus or NCB is a reward given to a policyholder if they do not request any claim in the previous policy year. This reward will be given in the form of a discount on the policy premium next year. With IFFCO Tokio bike insurance plans, policyholders can save up to 50% on renewal premiums through NCB benefits.
Yes, you can visit any of the IFFCO-Tokio General Insurance Company’s branches to raise a bike insurance claim.
The IFFCO Tokio General Insurance Company has a 4-hour app-based claim settlement process.
Yes, the IFFCO-Tokio General Insurance Company has more than 4,300 authorized garages where cashless claim facilities are available.
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