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Simple Tricks to Make the Most of Your Bike Insurance

Insurance ensures the utmost peace of mind in case of an eventuality. When you can insure your health, home or other assets, two wheeler insurance is recommended for every two-wheeler owners, which protects the vehicle against damage or loss. You pay a certain amount as premium and avail the insurance benefits in the hour of need.

Let’s imagine- your prized passion meets with an accident while avoiding a sharp turn and suffer injuries and damages to the vehicle. As your insurance provider promises to compensate for the loss, you’re expecting to get paid for whatever expense is on you right? But are you aware that you have to claim for the same?

By filing a claim you inform the insurance provider about an incident that causes damages to the insured vehicle. It can be an accident, theft or damages due to natural or man-made disasters. It requires you to make an application in a proper format requesting to be compensated for the expenses. Therefore, it is very important to choose a company that is eligible to pay your claims.

But before digging into the claim process, you should know what are the types of claims-

Cashless Claims

A cashless claim allows you to get the vehicle repaired free of cost. The only condition is that the services are taken at a network garage. You just pay the deductible amount that is not covered by the insurer and bring home a repaired vehicle.

Deductible is a portion of the total claim that is paid by the insured. It is decided at the time of calculation of premium and IDV. On the other hand, network garage is one with whom the insurer has tie-ups. Your repair expenses are directly paid to the garage if you choose a network garage.

Reimbursement Claims

In case of a reimbursement claim, you need to bear the repair expenses from your pocket and register a claim later. The insurer will reimburse the incurred amount after verifying the supporting documents such as original repair bill, receipt, policy document, RC etc. The best part is, you can get your car repaired at your preferred garage and compensated for the incurred expense.

Simple Steps of Filing Bike Insurance Claim

Don’t be anxious if you meet with an accident. Keep calm, don’t forget you have your policy backing you financially. Just make sure you initiate the claim in the right way. These simple steps will help you ensure a speedy and hassle-free claim settlement-

Process

Third Party Claim

Own Damage Claim

Theft Claim

Step 1

  • If you meet with an accident and hit the vehicle of other party, immediately inform the police, and the insurance provider.
  • In case you’re the victim, take the insurance details of the other party and process a claim under third party liability
  • In case your vehicle is damaged due to an accident or other external means, damage due to natural or man-made disasters, inform the insurance provider first.
  • In case of an accident, file an FIR immediately
  • You need to inform the insurance company within a stimulated time period to avoid claim rejection

Even if your vehicle is stolen, file an FIR immediately and inform the insurer about the theft

Step 2

Once the claim is registered from your end, the insurer will forward the same to the Motor Insurance Claim Tribunal court for the verdict

  • After being informed about the damage or loss, a surveyor will be appointed by the insurer.
  • He/she will further investigate the case and examine the damages
  • Once the survey is done, the insurer sends an approval to the network garage to start with the repair work
  • You’ll need to submit the documents related to your vehicle including-
  • Registration certificate
  • Driving license
  • Insurance document etc.‍
  • Original bike keys need to be submitted as well.‍

Step 3

  • The tribunal court after verifying the case decides an amount to be paid as compensation.
  • The procedure is the same even if you’re at fault and required to pay the liabilities towards a third-party
  • The repair expenses will  be settled by the insurer directly with the garage in case you avail the services from a network garage
  • In case of a non-network garage, the insurer reimburses the amount as per the terms and conditions of the policy, after submitting the documents supporting your claim
  • In case the vehicle is unable to trace within a certain period, the police will issue a non-traceable certificate.
  • Basis of this, the insurer will settle the claim under the total loss category and pays up to the IDV.

Essential Documents for Filing Bike Insurance Claim

Your comprehensive bike insurance not only hedges against the uncertainties, but also keeps you safe from being bankrupt. Accidental damage or injury can result in huge financial loss, which compels you to break your savings. A two-wheeler insurance policy comes in handy to cover those expenses, but only if you claim the right way. And proper documentation is the key to ensure a safe and hassle-free claim settlement with the insurer. By saying that, below are the documents required to claim your bike insurance, as per the different claim category:

For Accidental Claims

  • Proof of insurance
  • Copy of Registration Book, Tax Receipt (you need to furnish the original copy for verification)
  • Police FIR copy
  • Driving license of the person driving the vehicle at the time of the incident
  • Estimation of total repair done by the garage
  • Original repair invoice, payment receipt (only repair invoice is required in case of network garage)
  • Discharge Cum Satisfaction Voucher obtained from the garage and signed by you with a Revenue Stamp

In case of Bike Theft Claims

  • Duly filled the claim form
  • Original registration copy of the vehicle
  • Original policy document
  • Previous insurance details if any including policy number, issuing company, tenure of insurance etc.
  • Set of keys/warranty card/service booklet
  • Original police FIR mentioning about the theft
  • Subrogation Letter
  • Photocopy of Acknowledgement Letter written to the RTO intimating about the incident and making vehicle ‘Non-USE’
  • Form 28/29/30 duly signed by the insured
  • Form 35 signed by the financer in case the bike is bought on loan
  • Consent from you and the financer on the agreed amount to be settled by the insurer
  • NOC from the financer in case the claim is to be paid to you
  • Blank and updated ‘Vakalatnama’ (depends on the insurer)
  • Claim Discharge Voucher signed across a Revenue Stamp
  • The insurer may ask for additional documents as well

For Third Party Claims

  • Duly filled and signed claim form
  • Police FIR copy
  • Policy document
  • Driving license copy
  • Registration Certificate copy of the vehicle
  • In case of commercial vehicles, stamp is required with original documents

Most Common Reasons for Claim Rejection

A substantial number of claims, including bike insurance claims, are often rejected by the insurer or delayed because they lack the proper claim settlement process. Sometimes, claims are held up in documentation resulting in delays and even rejection.

The fact is, your insurer reserves the right to accept or reject a claim. This requires your utmost attention while claiming bike insurance online or offline. In this regard, below are some of the common reasons that lead to claim rejection:

  • If the information provided by you is untrue and if the insures figures it out, it will reject the claim request right away.
  • If the accident happens while driving under the influence of intoxicating substances, alcohol or drugs
  • If you drive a vehicle as second-hand owner and the ownership is still in the name of the previous owner
  • If you didn’t carry a valid driving licence while driving and met with an accident, the claim will not be entertained
  • If you ignore the rules and fail to inform about the accident within the stipulated time frame
  • If you get your vehicle repaired without informing the insurer about the accident or damages
  • If the insurance provider observes 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.
  • At the time of claim, if your two wheeler insurance policy is not active, the insurer will reject your claim straightaway
  • If the vehicle is used for the purpose other than the mentioned in the policy
  • If the accident occurs due to your carelessness and if the insurers find it, then the claim will not be considered

Wrapping it Up!

Having insurance doesn’t’ mean that you avoid the traffic rules or cause a threat to others. No doubt, speed gives you that adrenal thrill but can lead to a grave situation such as accident for which, you’ll regret for the rest of your life. So, know your limits, ride safely and get insured FIRST!

And, to make the best out of your two wheeler insurance, you must master the skill of how to claim it the way it should be.

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