5 Questions to Ask Before Filing Bike Insurance Claim
Insurance has become a compulsion in today’s life. Whether it is a travel, life health or vehicle insurance, it is the need of the hour to get yourself and your essentials insured before it is too late. In this 21st century, most of us own a vehicle for our daily transport, such as a car, bike, jeep, scooter etc.
Just as we buy life/health insurance for safety purposes, it is also necessary to get your vehicle insured. Theft and damage due to accident or natural calamities have become common in this fast and competitive world. As such it is wise decision to insure your bike with a well-known insurance company.
Bikes have been an easy target for thieves for long since they are parked in numbers on roads/streets. Keeping in mind the portability of bikes and the potential profit that can be earned merely by selling the parts of the bikes, it goes unsaid that bikes are at a great risk of theft/robbery. While a car requires a proper key to be moved, a bike is significantly lighter in weight and easy to move sans a key. As per reports, the recovery rates of other road vehicles are higher as compared to that of a bike. It is clear, that your dear bike is much more at risk and needs to be insured at the earliest.
Factors to Consider Before Buying Bike Insurance
Riding bike is an exciting and fun activity. But taking a ride on a bike is associated with responsibility and care. For a safe and secure bike riding experience there are crucial factors to be undertaken as prescribed by the law, such as wearing a helmet, adhering to traffic rules, riding on a minimum speed, etc. As such, getting your bike insured is a step towards safety and security. It will cover you the financial losses you make incur at the time of theft, robbery or accident. But buying the right insurance policy for your bike is a daunting task. Below is a list key factor to be taken into consideration before bike insurance policy:
- Consider the Claim Settlement Ratio in comparison to the premium paid: It is advisable to buy a bike insurance claim from a trusted insurance company. However, it is also very important to opt for company that is known for its fast and trouble-free settlement of the bike insurance claim. Choose a company that has a past record of a high claim settlement ratio. Such a company will leave you with more assurance as there are better chances of settling your bike insurance claim with that company. It is wisely said, “The higher the claim settlement ratio, the more credible and trustworthy is and also the more stress-free the insured is.”
- Get your bike repaired from Registered/Acclaimed Garage: If your bike is facing some issues and needs to be fixed or if you’ve met with an accident and the broken parts need to be repaired, choose an authentic garage for its repair and maintenance. It is advisable to get your bike repaired from a garage that has a good and wide network of services across the country. This will ensure that the insurance company will duly settle your bike insurance claim for accident r theft without any further problems.
- Choose an Insurance Company that offers excellent Customer Service and Support facilities: This is one of the most critical factors to be considered. Suppose you’re in immediate need of help, and you call the given customer help number, but it is not answered as it is late in the night. What would be your reaction? Wouldn’t you feel you should have chosen another company for getting a bike insurance claim? As such, it is recommended that you invest in an insurance company that offers 24X7 customer help and support. Read about the reviews of the insurance company online or talk to people who have an insurance claim in that particular company before investing your hard-earned money in the company. It is better to compare and analyze the insurance company before you finalize to buy a bike insurance claim from a particular insurance company.
- Carefully decide whether you need the Add-ons or Not: Add-ons are special benefits that are offered by many insurance companies to their clients. Every insurance cover has some general and some special features, so add-ons refer to the unique characteristics that are given at a higher premium than a normal bike insurance claim. Taking it or not is a personal choice. If you think it a necessity for you, go ahead, they would only expand your coverage. But keep in mind that it doesn’t hurt your pocket much.
- Consider the features of the Coverage: Pick an insurance policy that satisfies your needs and requirements. A normal bike insurance policy usually includes a third-party liability cover and an individual damage cover. The Indian legal system makes it compulsory to have a third-party liability feature in your coverage. But it is recommended to opt for both the policies in order to get a diverse coverage. It simply means get a bike insurance claim that that covers your bike from accidental damages and also third party losses.
- Consider the Duration: It is a general phenomenon to buy a bike insurance claim for a year, and then renew it as per the needs later. However, it is advisable to opt for a long term bike insurance claim that offers coverage of up to three to four years. It will help you save time and energy for renewing the plan every year. Some insurance companies also offer discounts on premium for long term insurance, as such you will also save some extra money.
- Premium Rates: Opt for an insurance that has a minimal premium with maximum facilities. Choose a premium that is suitable to your pockets. Don't conclude the premium rates merely seeing the costs. Factors such as age of the bike, geographical area, driving skills, duration, etc should be considered well before choosing a bike insurance claim.
- Carefully understand the Exemptions of the policy: Getting hands on the exclusions of the policy is as important as knowing the inclusions. You wouldn't want to face an extra financial burden, because you did not carefully read the provisions while buying the insurance policy.
4 Factors to Consider Before Filing a Bike Insurance Claim
A bike insurance plan essentially covers you in two cases, during accident and during theft getting a bike insurance claim settled is not a difficult task. As long as you’re insured with a good insurance company and the damages/losses incurred are covered in the insurance policy, your bike insurance claim will be settled smoothly.
A bike insurance claim process in case of theft is nonetheless similar to that of a stolen car. Firstly, identify that you have bought a diverse coverage and that your bike is covered for theft. A comprehensive coverage is generally bought along with a determined liability, while you are riding your bike. Unless you’re bike insurance policy is actively listed with theft coverage, you will not be able to get a bike insurance claim. Or else you will have to just pray that the cops help you find your bike at the earliest.
A bike insurance claim in case of an accident is somewhat the same as an auto-rickshaw accident case. In order to get a successful settlement for a bike insurance claim, the accident injury complainants have to that the opponent driver's careless attitude, inattentive approach, or reckless driving has directly led the his/her injuries. But, the laws concerning such bike insurance accident claims differs state wise. Below are certain factors that need to be given importance before claiming for a bike insurance claim.
- Appropriate Insurance: Getting the right insurance policy for you as an individual and for your bike is a top priority. Bike insurance is a specially designed insurance that states the specific kinds of coverage (general plus add-on benefits). Remember if you decide to claim a bike insurance claim, make sure you are well aware of the inclusions and exclusions to turn the settlement into a successful affair. Keep in mind that the laws concerning such claims are different in different states.
- Proper Documents: If you have faced an accident and wish to apply for the claim after recovery, make sure you have ample information to make the claim successful. It includes witnesses (their contact number and address for verification), some pictures of the accident spot (those taken at the time of the accident), and medical/hospital bills if medical treatment was taken.
While in case of theft, it is very important to first notify the police (the FIR copy provides a strong evidence of the loss), as such the claim will be settled duly.
- Immediately Inform the Insurance Company: In case of theft, as soon as you have lodged a police complaint, without wasting any time notify the insurance company with whom you had bought the bike insurance about the unfortunate incident. On the other hand, in case of an accident after you avail proper medical care and are fit to resume, make sure you inform the proper insurance companies
(In this case it includes - yours, the offending driver’s, or both) if you wish to file a successful bike insurance claim.
Remember, all insurance companies have strict rules and regulations in terms of notification of claims, and they have the right to deny and reject if you disregard any of the mentioned requirements.
- Take Help/Advice of a Legal Practitioner: You may not be thinking to file a case, or the loss incurred would not be that big that you need a lawsuit if the claim is denied. However, it is still advisable to be in touch with a lawyer to get things on the right track and avoid any further issues.
Common Mistakes Made while Buying Bike Insurance Policy
- Forgetting to transfer the bike insurance policy when buying second hand bike: Most of us prefer to buy a second hand bike to test our riding skills. But we often forget to take charge of the insurance policy from the concerned person. As such, it leaves the bike with no insurance or you have to incur expenses to get a new bike insurance policy.
- Not registering correct personal details: When you decide to buy a bike insurance policy, it is imperative to register correct and full personal details (address, age, etc). If you forget or omit to declare any important personal details it will be regarded as an attempt to commit a fraud. Any bike insurance claim you register under such situations may not be attended by the law and also disregarded by to insurance company. It may also lead to loss of the insurance cover. Hence, it is advisable to be careful and pay extra attention of the details you register with the insurance company, and make sure they are correct and true
- Failing to adequately refer a nominee: If you meet with an accident and are seriously injured and unable to make the claim with your insurance company, the mentioned nominee can do it on your behalf. A nominee can be any person from your family or even a friend, who you have authorized to claim the benefits of the policy in your absence. As such it is imperative to register your nominees name with the insurance company against authentic documents while buying a bike insurance policy. It will only be beneficial for you to settle the bike insurance claim easily in time of unfortunate incidents.
|You may like to Read: Bike Insurance Claim Settlement Process|
Keeping in mind the above points, it is not merely an option at hand to get your bike insured, but it has become a necessity to tackle the risks involved under the current situations. Bike insurance may cost you a little more than you’ve planned, but it will surely be at your rescue when you face hardships. Be wise, choose a bike insurance that covers you completely but is also cost-effective. Bike insurance policy will help you ride safely, happily and peacefully.