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Bike Insurance Claim Settlement

If you have bike insurance and your bike is met with an accident, you can claim for compensation from the insurer. This claim will be registered, processed and settled by the insurance company after a few processes. This whole procedure is called bike insurance claim settlement. While buying two wheeler insurance in India, you should thoroughly check the insurance coverage, benefits, features, exclusions, claim process and most importantly, the claim settlement ratio of the insurance provider.

The bike insurance claim process is the process of informing your insurance company about the incident, to claim the compensation or benefits of the bike insurance policy. However, it is important to inform the insurer about the damage or loss immediately to receive the compensation on time.

Type of Claim Settlement

You can raise two types of bike accident insurance claims. They are:

1. Cashless Bike Insurance Claim

Your insurer will have a wide network of garages associated with them from where you can get your two wheeler repaired. Such claims are cashless. Due to this facility, you don’t have to pay for the servicing charges. Your insurer will settle the final bill with the authorised garage. But, the voluntary and mandatory deductible chosen at the time of policy purchase must be paid.

Read More: Cashless Claim in Bike Insurance

2. Reimbursement Bike Insurance Claim

In certain cases, you may choose a specific garage that is not associated with your insurance provider. At that time, you can choose reimbursement claims. You have to settle the final bill with the garage by yourself. Later, you can raise a claim with your insurer by submitting the necessary receipts and invoices. Once the insurer reviews the documents, they will reimburse the claim amount after deducting the compulsory and voluntary deductible.

Two Wheeler Insurance Claim Settlement Ratio for FY 2021-22

To understand the probability of your two wheeler insurance claim getting settled in the future, you should be aware of the insurance company’s Claim Settlement Ratio (CSR). This is the ratio of total claims the insurance company has settled to the total claims they received in a financial year.

If they have a high CSR, they will release the compensation quickly when you raise a claim request on your comprehensive bike insurance plan in case of accidents, third-party liabilities and theft. Any claim ratio between 85% and 95% is considered good. Here is a list of the two wheeler insurance claim settlement ratios of top insurance companies for the FY 2021-22.

Sl No:

Insurer

CSR for FY 2021-22

1

Bajaj Allianz General Insurance

88.83%

2

IFFCO Tokio General Insurance

95.30%

3

Royal Sundaram General Insurance

92.66%

4

The Oriental Insurance Company

91.76%

5

SBI General Insurance

89.51%

6

The New India Insurance

89.60%

7

HDFC Ergo General Insurance

91.23%

8

Bharti AXA General Insurance

87.99%

Source: https://ibai.org/wp-content/uploads/2021/02/Claims-Insight-Handbook21.pdf

Steps to File A Bike Insurance Claim

Carefully read and understand the bike insurance claim rules before claiming compensation. Steps for filing cashless and reimbursement bike insurance claims are different. Follow the below-mentioned steps to raise a claim.

Here is a list of all the documents required to file a two wheeler insurance claim.

  • Duly signed and filled claim settlement form

  • Two wheeler insurance policy copy

  • Copy of Driver's Licence and Registration Certificate of your bike

  • FIR copy in case of a major accident or theft

  • Original tax receipt

  • Original invoice of repair for cashless claim

  • All original invoices and payment slips in case of reimbursement claim

  1. How to File Cashless Claims

  • Reporting

Intimate your insurer about the claim at the earliest to ensure an easy procedure. You can use their toll-free number or visit their website. Register your claim and save the reference number given for future use.

  • Assessment

The insurance company will assign a surveyor to assess the damage incurred to your bike. The assessor will submit a report after damage evaluation.

  • Servicing

Once your claim is assessed and approved, your bike will be towed to the nearest authorised garage for repair. After service, you can pick up your serviced bike from the network garage.

  • Cashless Claim Settlement

All the necessary documents and the claim settlement form should be submitted to your insurer for processing the claim. Your bill will be directly settled with the garage after you pay for the required deductibles since you opted for cashless claim settlement.

2. How to File Reimbursement Claims

  • Reporting

Intimate your insurer about the claim at the earliest if you want to claim insurance for the bike. You can use their toll-free number or visit their website. Register your claim and save the reference number given for future use.

  • Servicing

Tow your bike to the nearest garage of your choice and evaluate the loss incurred. Get the bike repaired there and pick it up whenever it is ready. Pay the final bills by yourself and maintain the original bills, receipts and inspection report to initiate an insurance claim.

  • Reimbursement Claim Settlement

All the necessary documents, the claim settlement form, original bills and invoices should be submitted to your insurer for processing the claim. Once the claim is reviewed, the insurer will release the compensation. After subtracting the deductibles, the claim amount will be reimbursed.

Common Reasons for Claim Rejections

You may find the two-wheeler accident insurance claim procedure a little complicated and if you raise a claim without all documents and forms, it may get rejected. Same is the case with a bike theft insurance claim. You should understand the common reasons for claim rejections to avoid those mistakes. Some of them are given below:

  • If you were riding the vehicle without a valid driver’s licence at the time of the incident

  • If you were riding the vehicle with an expired insurance policy at the time of the incident

  • If the claimant provides false or incorrect information regarding the incident

  • If the incident occurred outside your bike insurance policy’s authorised geographical region, your claim could be rejected in the initial stage

  • If the accident occurred under the influence of alcohol or drugs

  • If the incident happened when the vehicle was used for carrying out illegal activities

  • If the accident took place due to the carelessness and ignorance of the policyholder

  • If the claimant repairs the damaged bike without intimating the insurer about the accident

How to Claim Bike Insurance During Accidents & Theft

Follow the below-mentioned steps to file bike insurance claims during accidents and theft.

  1. Intimate your insurer about the incident as soon as possible

  2. File an FIR at the nearest police station in case of a major accident or theft

  3. In case of an accident, the insurance company will assign a surveyor to assess the damage incurred to your bike. The assessor will submit a report after damage evaluation. Then, you can get your vehicle repaired at the network garage or non-network garage of your choice. If it is a network garage, you can opt for cashless claim settlement. Otherwise, you can choose to get it reimbursed later.

  4. In case of theft, a no-trace report will be issued if the police department is unable to find the bike. Then submit the original bike keys and necessary documents to the insurance company. The company will release the compensation for the claim after verification.

Documents Required For The Bike Insurance Claim

  • Duly signed and filled claim settlement form

  • Two wheeler insurance policy copy

  • Copy of Driver's Licence and Registration Certificate of your bike

  • FIR copy in case of a major accident or theft

  • Original tax receipt

  • Original invoice of repair for cashless claim

  • All original invoices and payment slips in case of reimbursement claim

  • In case of theft, no-trace report for the stolen vehicle issued by the police and theft declaration from the concerned Regional Transport Office (RTO)

  • Form 28, Form 29, Form 30 and 35

  • Subrogation letter

Read More: Documents Required For Bike Insurance Claim

Conclusion

There is absolutely no way we could predict what happens next in life. Any mishap could occur any time. It is always better to stay prepared for unforeseen incidents. In case of your two wheelers, ensure it has comprehensive bike insurance with sufficient coverage to keep them prepared. Be it theft, accidental loss and damage or third-party liabilities, comprehensive insurance has got your back! Bajaj MARKETS is a platform that has several insurance companies as partners who offer various two-wheeler insurances. Choose one from the best bike insurances and stay prepared!

Check Out Bike Insurance Plans Available at Bajaj MARKETS

FAQs on Bike Insurance Claim Settlement

  • ✔️How many times can I file bike insurance claims during the policy year?

    You can raise bike insurance claims during the policy year up to the Insured Declared Value (IDV) of the plan. Hence, there are no such restrictions on the number of insurance claims you can file during the policy term. 

  • ✔️Can I raise a two wheeler insurance claim in case I take my vehicle to a non-network garage?

    Yes, you can easily file a bike insurance claim if you take your bike to a non-network garage. However, you will first have to pay for the repair cost and later, you can raise a reimbursement claim to get the compensation amount.

  • ✔️Is it possible to repair your damaged bike first and then file for an insurance claim?

    No. It is recommended to inform your insurance provider regarding the accident and get the vehicle inspected by the appointed surveyor. 

  • ✔️Can I claim for a lost two wheeler?

    Yes, you can claim for a lost two wheeler vehicle by filing an FIR at the nearest police station and informing your insurer.

  • ✔️What is the claim settlement ratio of Bajaj Allianz General Insurance?

    The CSR of Bajaj Allianz General Insurance is 88.83%. 

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