How Many Claims Can Be Raised in Bike Insurance Policy?

How Many Times We Can Claim Bike Insurance in a Year?

Generally, there's no explicitly stated "limit" on the number of claims you can file within your bike insurance policy term. However, raising a claim once will affect the No Claim Bonus (NCB), and multiple claims within a year can increase your premium at renewal.

What Happens When You Raise Claims Repeatedly?

There is no limit on raising claims under your bike insurance policy. However, you must be careful while filing claims multiple times because it will hamper your other-related benefits. Below are those other benefits:

• No Claim Bonus (NCB): It is a bonus given in the form of a discount at the time of policy renewal for not raising a single claim during the previous policy term. The discount percentage varies from 20-50% and keeps on increasing with every consecutive claim-free year. You will lose all the accumulated bonus discounts if you raise any claim during your policy term. Also, we suggest you not raise the claim for minor damages, or else you can buy an NCB protection add-on cover in bike insurance to save your accumulated bonus even if you raise the claim.
• Increment in Premium: When you repeatedly raise claims under your bike insurance policy within a year, your insurance company may increase the premium during the renewal. The reason behind this is simple; raising multiple claims means you increase the financial risk to the insurer, and to cover that, they might increase the premium of the policy.
• Deductibles: If your repair bill is lower than the deductibles mentioned in your policy document, it is suggested that you do not raise a claim. If you do not follow this and make a claim, you will receive insufficient compensation because of this deductible factor.
• Zero Depreciation Claim Limit: When you choose zero depreciation cover with your bike insurance policy, you are limited on the number of claims you can raise under this in a year.

When is the Best Time to Raise Claims Under Bike Insurance Policy?

Knowing when not to claim is as important as knowing when to claim:

• NCB vs Repair Costs: It is advised not to raise claims under your two-wheeler insurance policy when the receivable discount bonus amount of the No Claim Bonus is more than the bike's repair expense.
• Deductibles: You should not apply for claims when your repair bill exceeds the deductibles. A deductible is an amount payable by the policyholder during the claim settlement. If the amount payable by the policyholder does not exceed the deductible, the insurer does not offer any claim amount.
  Moreover, you should remember that if you raise an amount under one claim for two separate mishaps, the set deductible shall be separate for both events.
• Third-party Liability: When the third party is liable to pay for the damages during an accident, you should take the benefit and not brag to pay by yourself.

Process of Raising Claims Under Your Bike Insurance Policy

Before filing claims against the damages, the first thing you must do is to notify or intimate your insurer about the mishap. The online bike insurance claim process offers a hassle-free experience. However, you need to follow the required steps.

For clear understanding, we have mentioned the steps below for raising the claims under your bike insurance policy:

• Notify your insurer and police: When your bike is involved in an accident and requires repair, you must first inform your insurer and the local police.
• Gather evidence: Take photographs of the damaged bike and the accident site on your smartphone. This will help you when the surveyor inspects the motorcycle.
• Surveyor inspection: Your insurer will send an authorised surveyor to evaluate the damages. You must share the photographs of the event with him.
• Claim form and documents: Once the inspection is over, you must complete the claim form and submit the required documents to your insurance provider.
• Repairing & claim settlement: After verifying the submitted documents, your insurer will send the bike to the nearest network garage for repair work in case of cashless claim settlement.

If you have chosen reimbursement claim settlement, make sure you collect all the bills for bike repair so that you can send them to your insurer for reimbursing the amount.

Documents Required for Raising Bike Insurance Claims

Your insurer asks for the following documents when raising claims:

• Completed claim form
• Bike's RC copy
• Driving License (DL)
• Tax payment receipt
• FIR copy (for third-party damage)
• Estimated repair bill
• Bike insurance policy documents

Summarising!

There is no limit to the number of claims you can raise in your bike insurance policy. However, it is always advised to refrain from raising multiple claims within a year so it does not affect your other-related benefits. Also, try to inform your insurer regarding the accident as early as possible to raise claims so your insurance company does not deny the claim based on a disclaimer about timely intimation.