How to Negotiate a Bike Insurance Claim?

Bike insurance is an essential financial safety net in case of mishaps on the road. However, it is important to note that your insurer may not readily accept your claim request for those sustained damages in your bike. You must have to meet specific criteria for a successful claim settlement. In this article, we will guide you on settling online bike insurance claims smoothly.

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7 Tips for Negotiating Two-wheeler Insurance Claim Settlement

Bike accidents can happen in the blink of an eye and cause huge damage to the bike. To repair the insured bike during the accident, you must go through certain procedures with your insurance company.

Here are 7 tips to improve your two-wheeler insurance claim settlement:

  1. Initiate the Claim Process Promptly

    After a bike accident, it is essential to kick-start the bike insurance claim process as quickly as possible. It is advised to inform your insurance company about the property damage or physical damages.

  2. Understand Your Bike Insurance Policy Coverage

    Not all bike insurance policies offer similar coverage. Your coverage may vary based on the type of bike insurance you have selected. While a third-party bike insurance policy covers third-party liabilities, a comprehensive bike insurance policy covers damages to your own bike as well. Therefore, you have to understand the specifications of your, which further lessen the chances of claim rejection.

    People also read How to Know If Insurance Is a Comprehensive or Third-party Bike Insurance Plan?

  3. Collect all the Crucial Records

    Keeping detailed records of the accident is vital. These records may include photographs of the incident site, the FIR if required, medical bills, and bike repair bills, particularly if you are making a reimbursement claim.

  4. Follow the Claim Settlement Process

    The claim settlement process for two-wheeler insurance has become hassle-free in recent times. When your bike meets with an accident, and the damages are substantial, you can opt to have the repairs done at an authorized network garage or a garage of your choice.

    If you choose the network garage, you can enjoy a cashless claim settlement. For repairs at a garage of your choice, you must opt for the reimbursement claim method.

  5. Realistic Expectations

    It is essential not to get disheartened if the claim settlement offer is lower than anticipated. The amount you receive is contingent on the type of insurance plan you have chosen and its terms. Be sure to review the policy coverage specifically exclusions, and deductibles before expecting a particular settlement amount.

  6. Regular Follow-up

    Generally, all motor insurance companies provide updates or claim tracking options in mails, SMS or their dedicated apps. However, it is advisable to keep in touch with them. Insurance companies may have multiple claims to process, so following up can expedite the settlement process. If you have purchased a policy from Policybazaar.com, you can connect with our customer assistance team anytime, anywhere.

  7. Written Confirmation

    If you are dealing with offline claim settlement, document all communications related to the bike insurance claim settlement. It is highly advisable to have the claim settlement details in writing for future reference.

    The claim settlement letter must have the final settlement amount, the covered damages/loss to the vehicle or injuries, and the expected settlement date. Upon mutual agreement with your insurer, ensure the hard copy of the claim settlement documents are properly dated and signed.

People also read 10 Things to Check in a Two-wheeler Insurance Policy

In conclusion

To ensure a successful bike insurance claim settlement, gather and maintain all necessary documentation, including photos, FIR reports, medical records, and more. Avoid relying solely on verbal claims, as insufficient proof can lead to claim rejection. Most importantly, notify your insurance provider promptly for a hassle-free and efficient claims settlement experience.

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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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