How Many Claims Can Be Raised in Bike Insurance Policy?
Riding a bike can be adventurous but more prone to damage or loss due to the risk of unforeseen instances. As a bike owner, you must have a bike insurance policy to protect it from any unwanted financial loss. Also, you should know how to raise a claim under it and how many claims are allowed in a bike insurance policy.
How Many Times We Can Claim Bike Insurance in a Year?
In India, there are no restrictions on the number of claims you can raise in a year under your bike insurance. However, raising a claim once will affect the No Claim Bonus (NCB), and repeated claims within a year will also increase the premium amount at the time of policy renewal.
If you have purchased a zero depreciation bike insurance add-on cover with your comprehensive bike insurance plan, there are restrictions on the number of claims you can make in a year. This restriction varies from insurer to insurer. Usually, two claims are allowed by many bike insurance companies.
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 Bike Insurance Add-on Cover Limit - When you choose zero depreciation add-on 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?
Getting the right two-wheeler insurance for your bike is simple, but knowing when to raise the claim can be a quiet task. So, below are a couple of tips to make you aware of when not to raise a claim against your bike insurance policy:
- 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.
- 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. - 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:
- When your bike is involved in an accident and requires repair, you must first inform your insurer and the local police.
- Take photographs of the damaged bike and the accident site on your smartphone. This will help you when the surveyor inspects the motorcycle.
- Your insurer will send an authorised surveyor to evaluate the damages. You must share the photographs of the event with him.
- Once the inspection is over, you must complete the claim form and submit the required documents to your insurance provider.
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: a claim form duly filled along with an attached RC copy of the bike, DL, tax payment receipt copy of the bike, FIR copy in case of third-party damage, estimated repair bill, and bike insurance 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.
^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 is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial).The list of insurers mentioned are arranged according to the alphabetical order of the names of insurers respectively.Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in