For the owners of two-wheeler vehicles, buying a two-wheeler insurance policy is mandatory. There are two major types of motor insurance policies namely: third-party insurance and comprehensive insurance. A comprehensive insurance policy not only provides coverage against damage, loss, and theft of the two-wheeler but also safeguards the insured against third-party liabilities. Therefore, it is essential to be well-versed with type of claims and the steps to make a successful claim.
Let us take a look at the details.
1. Types of claims
- Cashless claims
In case of a cashless claim, you do not have to worry about the repair costs. However, you must ensure that you get your vehicle repaired from a network garage. A network garage is affiliated with your bike insurance provider. Therefore, you are just required to pay the deductible amount, if any, and the rest is taken care of by your insurer.
- Reimbursement claims
In case of a reimbursement claim, you can get your vehicle repaired at your preferred garage. However, you will have to pay for the repairs from your own pocket and then submit the original bills, payment receipts, etc. to your insurer. Your insurer will then subtract the deductible amount and reimburse the repair amount to you.
2. How to claim bike insurance?
First of all, while filing a bike insurance claim, make sure you are well aware of the inclusions and exclusions of the policy. This will reduce the chances of your claim rejection. Let us see how to file a claim in different situations.
Steps to file a bike insurance claim in case of theft
- In case of theft, it is important to first notify the police and register an FIR. This is because the FIR copy provides strong evidence of the loss.
- Then you should notify the insurance company from which you have purchased the bike insurance.
- Submit your bike documents to your insurer. These include bike registration certificate, copy of your license, etc. You may also be required to submit the original bike keys.
- If the police fail to locate your bike within a reasonable time period, it issues a non-traceable certificate. Your insurer then settles your claim as per the terms and conditions of your two wheeler policy.
Steps to file a claim in case of damage of bike
- In the case of any loss or damage to your own bike, you must inform your insurer and in case of accidents, the police also immediately. If you fail to notify them within the stipulated time, your claim could be rejected.
- After being informed, the insurer appoints a surveyor to inspect the case. Once the bike is examined, the insurer sends an approval to the garage to begin the work.
- Your insurer then pays or reimburses the cost of the repair according to the terms and conditions of your policy.
Steps to file a third-party insurance claim
- In case your bike causes damage to a third party, immediately inform the police and your insurer. If you are a victim of the accident, take the insurance details of the third-party vehicle, and inform their insurance provider.
- The insurer then transfers the matter to the motor insurance claim tribunal. The tribunal then decides the compensation amount.
To avoid rejection of your claim, you should ensure that you have all the required documents in place. Some of the other common reasons for claim rejection are mentioned below:
- Incorrect details on the application form.
- Filing a claim against an inactive bike insurance policy.
- Failing to inform the insurer within a stipulated time period.
It is always advisable to seek help from a legal adviser for a hassle-free claim settlement process and to avoid any inconvenience in the later stage.
You must opt for an insurance company that provides a bike insurance policy with wider coverage and lower premium. A Bajaj Allianz two wheeler insurance offers competitive premium rate. Moreover, it allows you to purchase and renew your bike insurance online in a hassle-free manner.
You can also read about how to claim car insurance at Finserv MARKETS.
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