If you have bike insurance and your bike is met with an accident, you can claim 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, exclusions, claim process, and 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.
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 99% is considered good. Here is a list of the two-wheeler insurance claim settlement ratios of top insurance companies for FY 2023-24:
Insurer |
CSR for FY 2023-24 |
Bajaj Allianz General Insurance |
98.54% |
SBI General Insurance |
98% |
HDFC ERGO General Insurance |
99% |
Acko General Insurance |
95.50% |
Insurer |
CSR for FY 2023-24 |
IFFCO Tokio General Insurance |
95.82% |
Royal Sundaram General Insurance |
98.4% |
The Oriental Insurance Company |
90.06% |
The New India Assurance |
89.60% |
Bharti AXA General Insurance |
97.18% |
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. The 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
There are four categories of accidental cover in the bike insurance policies in India:
Category |
Coverage |
Type of Coverage |
Coverage Amount |
Accidental Cover |
Third Person |
Third-Party bike insurance policy |
Not Limit |
Personal Accidental Cover |
Policyholder - driver |
Third-Party bike insurance policy Comprehensive bike insurance policy |
Up to ₹15 Lakhs |
Pillion Accidental Cover |
Fellow passenger on the vehicle |
Add-on facility in Third-Party bike insurance policy and Comprehensive bike insurance policy |
As per the terms and conditions of the bike insurance policy |
Accidental Cover for paid employees |
Paid driver or workmen |
Add-on facility in Third-Party bike insurance policy and Comprehensive bike insurance policy |
As per the terms and conditions of the Workmen Compensation Act, of India |
The accidental cover offers monetary compensation for the death of the policyholder/driver. It also takes care of external liabilities like death or injury caused to the third party. Check out the claim procedure for bike accident death:
The nominee in the insurance policy has the right to file for compensation from the insurance company. The nominee is liable to get 100% coverage.
Before filing for the claim, the nominee should complete the legal formalities like a death certificate or succession certificate
For accidental deaths, the nominee will have to go to the nearest police station and file an FIR for the accident. A copy of the FIR will be required by the insurance company during the claim settlement procedure
Inform the insurance company regarding the accident and series of events, as soon as possible. The insurance company will share the list of documents that will be required in the claim procedure.
Fill out the claim form and attach all the mandatory documents to initiate the claim procedure
The insurance company officer will verify the information and will release the claim settlement amount
To claim insurance for bike theft, follow these steps:
Visit the nearest police station and file an FIR for the accident. A copy of the FIR will be required by the insurance company during the claim settlement procedure
Inform the insurance company regarding the theft of the bike. A list of documents will be shared by the insurance company to make a claim
After 90 days, the police will issue a non-traceable report. The policyholder will then have to fill out the claim form and attach a non-traceable report along with other documents to initiate the claim procedure
The insurance company will then analyse the IDV and other depreciation factors to evaluate the fair claim settlement amount.
Once the evaluation procedure is completed, the insurance company will release the claim amount.
Insurance companies promise a hassle-free and seamless claim settlement procedure to their policyholders. Generally, the maximum time the insurer takes to settle a claim upon successful submission of documents is 30 business days. It is due to some major complication or submission of inaccurate information, that there is a delay in the claim settlement. However, those cases will be settled within six months by the insurer.
There is no way we could predict what happens next in life. Any mishap could occur at any time. It is always better to stay prepared for unforeseen incidents. In the 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.
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.
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.
No, it is not possible to repair your damaged bike first and then file for an insurance claim. It is recommended to inform your insurance provider regarding the accident and get the vehicle inspected by the appointed surveyor.
Yes, you can claim for a lost two-wheeler vehicle by filing an FIR at the nearest police station and informing your insurer.
The CSR of Bajaj Allianz General Insurance is 98.54%.
No, it is not possible for you to make a bike insurance claim without having an FIR.
Yes, you can make an insurance claim for the scratches on your bike.