How Bike Insurance Protects Your Vehicle from Fire Damages?

Mishaps are unfortunate and unforeseen events like your bike catching fire can happen anywhere & anytime. So, every bike owner must have the best two-wheeler insurance policy to cover the vehicle against such events. However, make sure you have the right cover in your insurance policy that you can claim in case of damages due to fire.

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Two-wheeler Insurance Plans that Cover Fire Damages

To avail coverage against fire damages, it is essential to have a bike insurance plan with its own damages cover. Below we have discussed the best two-wheeler insurance plans with their own damages cover that gives your bike the required protection against fire damages.

1. Standalone Own Damage Two-wheeler Insurance Policy 

A standalone own damage insurance policy gives financial protection against the damages caused to your own vehicle. This plan covers the own car damages caused by theft, fire, natural calamities, manmade accidents, etc.

In the case of fire, damages are considered by the insurer only when there are visible flames. Therefore, your insurance provider might not give compensation for the fire damages caused due to the internal sparks or overheating of the engine. 

2. Comprehensive Two-wheeler Insurance Policy 

The term 'comprehensive' stands for overall protection. Therefore, a comprehensive two-wheeler insurance policy provides extensive coverage for your bike against unforeseen emergencies. A comprehensive cover usually offers protection for the own damages caused by fires, thefts, accidents, natural & man-made calamities, along with third-party liabilities. 

How to Insure Your Bike from Fire Damages with a Two-wheeler Insurance Policy?

To make your bike 'fire-proof', we have penned down some important tips that can help you in case of fire-

  • Having third party bike insurance will not be enough in case your insured bike catches fire. If you want coverage against fire damages, you must buy a standalone own damages policy with this plan. It will give you coverage for the damages caused by the fire along with third-party liabilities resulting from your vehicle. 
  • Opt for a comprehensive two-wheeler insurance plan that gives you financial protection against bike damages arising out of the fire. 
  • Any modification to your bike may cause fire and can become a reason for the rejection of your claim. Therefore, it is advised to check your policy wordings before modifying your bike and intimate your insurance provider regarding any modifications to your bike. Moreover, you must get the vehicle modified by an authorised dealer to make sure that the additional parts can be included at the time of the IDV calculation of your bike. 
  • Any mechanical breakdown that can cause fire damage to your bike, including oil leakage, fuel seepage, overheating, short-circuiting, etc. is not covered in your two-wheeler insurance policy. Remember, if the bike catches fire due to the owner’s fault or negligence, the resultant loss or damages will not be covered.
  • Any fire damage to the bike outside the geographical boundaries mentioned in the policy is not covered. 

How to Raise a Claim for the Fire Damages to Your Bike?

To raise a claim for the fire damages to your bike, you must keep the above-mentioned tips in mind and enjoy a hassle-free claim process. Below are some important steps that you need to follow to raise a claim in case of fire damage to your bike-

1. In case you are involved in an accident that has caused considerable fire damage to your bike, you must file an FIR at your nearest police station.

2. Intimate your insurer about the incident at the earliest. 

3. Make sure you have enough evidence in the form of photographs that you can submit to your insurer.

4. Once they receive all the details regarding the damages along with the photographs, they will assign a surveyor to examine the loss of your bike. The surveyor will submit a report regarding the damages, and the insurer will further process the claim settlement.

5. Your insurer will ask for certain documents to complete the two-wheeler insurance claim settlement. The list of documents includes the FIR, driving license of the driver, registration certificate of the bike, and two-wheeler insurance documents along with a claim form duly filled and signed by the policyholder.

6. After submission & verification of documents, the bike will be towed to the nearest network garage for the repairs. 

7. In the case of a cashless claim process, you will not pay the bill amount for the repairs as it will be settled by your insurance provider. In case of a reimbursement claim, you will pay the bill after repairing and replacement. At last, you will send a receipt to the insurer. After the claim is approved by your insurer, the amount will be reimbursed to your bank account by the insurer. 

How Much Compensation Will Be Received in Case of Fire Damages?

In case of fire damages to your two-wheeler, the maximum compensation you will receive is the IDV (Insured Declared Value) decided at the start of the policy. It also depends upon the extent of fire damage, minus the depreciation and voluntary deductibles. 

Your compensation amount also depends upon the terms and conditions defined in your policy. In case your bike is damaged beyond repair, it will be considered a total loss, and the compensation amount will be the IDV mentioned in your policy.

Conclusion 

Bike insurance is essential to cover your bike against unforeseen loss or damages. To make your bike fire-proof with the help of a two-wheeler insurance policy, you must opt for your own damages cover. Make sure to read the policy documents carefully before buying it.

 

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^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.

^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.

#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.

*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)

#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.

*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis