Bike Insurance Claim Process in India
As mentioned above, to raise bike insurance claims, first, you must inform the insurance provider about the mishap. It can be an accident, theft, or damage from natural or man-made disasters. Moreover, you have to submit all the mandatory documents to get compensated for the expenses.
Before digging into the two-wheeler insurance claim process, you should know the types of the claim settlement process in India:
Cashless Bike Insurance Claims
Cashless bike insurance claims are settled without the policyholder being required to pay the claim amount from their own pocket. The only condition is that the services are taken at a network garage. Since the insurer has tie-ups with these garages, they pay the expenses directly to the garage.
Reimbursement Bike Insurance Claims
In case of reimbursement bike insurance claims, the policyholder has to bear the repair expenses from their pocket, and later, the insurance company reimburses the incurred amount. However, this happens only after verifying the supporting documents, such as the original repair bill, receipt, policy document, RC, etc. The best part is that the insured can repair their bike at their preferred garage. At last, they can get compensation for expenses incurred directly to their registered bank account.
How to File Bike Insurance Claim in India?
Firstly, you must have an active bike insurance policy for a successful claim settlement process. You can buy either a third-party bike insurance policy or a comprehensive bike insurance policy, depending on your requirements & budget.
These simple steps will help you ensure a speedy and hassle-free claim settlement for your two-wheeler:
For Bike Accident Claims
Step 1: In case of an accident, file an FIR immediately.
Step 2: Inform the insurer within a given period to avoid claims rejection.
Step 3: The insurer will appoint a surveyor to investigate the case and examine the damages.
Step 4: The surveyor will prepare an assessment report accordingly and send it to the insurer.
Step 5: After the approval of the assessment report, the damaged bike is sent to the network garage for repair.
Step 6: The repair bill is directly with the network garage in case of a cashless process.
Step 7: In case of reimbursement, the insurer will pay the bill amount to you as per the T&C of the policy.
For Bike Theft Claims
Step 1: If your bike is stolen, file an FIR immediately and inform the insurer about the incident.
Step 2: Submit all the necessary documents, including the original bike keys.
Step 3: In case the police are unable to trace the stolen or missing bike within a certain period, they will issue a non-traceable certificate.
Step 4: Based on it, the insurer will settle the claim under the total loss category and pays up to the IDV.
For Third Party Claims
Step 1:If you meet with an accident and hit the bike of the other party, immediately inform the police and the insurance provider.
Step 2:If you are the victim, take the other party’s insurance details and process a claim under third-party liability.
Step 3: The insurer will forward the same to the Motor Insurance Claim Tribunal court for the verdict.
Step 4: After verifying the case, the tribunal court decides the amount to be paid as compensation.
Step 5: The procedure is the same even if you are at fault and must pay the liabilities to a third party.
Documents Required for Filing a Bike Insurance Claim
While filing a claim for yourcomprehensive bike insurancepolicy the following documents need to be submitted as per the situation:
In Case of Accidental Damages
Here is a list of documents required for claim insurance for bike damage:
Documents Name 1. Valid bike insurance policy 2. Copy of Registration Book, Tax Receipt (you need to furnish the original copy for verification) 3. Police FIR copy 4. Driving license of the person driving the vehicle at the time of the incident 5. Estimation of total repair done by the garage 6. Original repair invoice, and payment receipt (only repair invoice is required in case of network garage) 7. Discharge Cum Satisfaction Voucher obtained from the garage and signed by you with a Revenue Stamp
In Case of Bike Theft Claims
The following mandatory documents are required to get compensated for bike theft claims:
Documents Name 1. Duly filled the claim form 2. Original registration copy of the vehicle 3. Original bike insurance policy documents 4. Previous insurance details if any including policy number, issuing company, tenure of insurance, etc. 5. Set of keys/warranty card/service booklet 6. Original police FIR mentioning the theft 7. Subrogation Letter 8. Photocopy of Acknowledgement Letter written to the RTO intimating about the incident and making vehicle ‘Non-USE’ 9. Form 28/29/30 duly signed by the insured 10. Form 35 signed by the financer in case the bike is bought on loan 11. Consent from you and the financer on the agreed amount to be settled by the insurer 12. NOC from the financer in case the claim is to be paid to you 13. Blank and updated 'Vakalatnama' (depends on the insurer) 14. Claim Discharge Voucher signed across a Revenue Stamp
Note: The insurer may ask for additional documents as well
In Case of Third Party Claims
Below is the list of mandatory documents required for third-party bike insurance claims:
Documents Name 1. Duly filled and signed claim form 2. Police FIR copy 3. Third party bike insurance policy document 4. Driving License copy 5. Registration Certificate copy of the vehicle 6. In the case of commercial vehicles, a stamp is required with original documents
You may also read- Third Party Bike Insurance Claim Settlement Process
Common Reasons for Two-wheeler Insurance Claim Rejection
A substantial number of bike insurance claims are rejected by the insurer. Generally, the claims are held up in documentation resulting in delays and even rejection.
In this regard, below are some of the common reasons that lead to two-wheeler insurance claim rejection:
- If the information provided by you is untrue or misleading.
- If the accident happens while driving under the influence of intoxicating substances, alcohol or drugs.
- If you drive a two-wheeler as a second-hand owner and the ownership is still in the name of the previous owner.
- If you do not carry a valid driving license while driving and met with an accident.
- If you ignore the traffic rules and fail to inform about the accident within the stipulated period.
- If you get your insured bike repaired on your own without informing the insurer about the accident or damages.
- If your insurer finds that the repair cost is higher than the depreciated value of the bike, you will have to bear a significant amount equal to the depreciated value of the bike.
- If your two-wheeler insurance policy is lapsed/expired, or invalid.
- If the bike is used for a purpose other than the mentioned in the policy.
- If the accident occurs due to your carelessness, reckless driving, over speeding, or racing causing damage to your insured bike.
Wrapping it up!
To file a claim for your bike insurance policy you can get in touch with the experts at Policybazaar Insurance Brokers Private Limited. You can email us at firstname.lastname@example.org or speak to our claim experts at 1800-258-5881 to get instant claim support anytime, anywhere.
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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.
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#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