Bike Insurance Claim Settlement

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.

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.

Documents Required For The Bike Insurance Claim

Here are a few documents as per the scenario that you must show while making a claim for your comprehensive two-wheeler insurance policy:

• Incase of Accidental Damages

   

Here are a few documents required for making a claim for the accidental damages under your two-wheeler bike insurance policy:

1. Valid two-wheeler insurance policy

2. Copy of your tax receipt, registration book (you must show the original copy for the verification process)

3. Copy of the police FIR

4. Driver’s licence at the time of the accident

5. Estimate amount of total repair done by the network garage

6. Original payment receipt, repair invoice (it must be noted that the repair invoice is mandatory to be shown only in cases of network garages)

7. Discharge Cum Satisfaction Voucher issued by the garage and signed by you along with a stamp of revenue

• In Case of Two-wheeler Theft Claims

   

Here are a few mandatory documents which you must show in order to receive the compensation for your two-wheeler theft claims:

1. Claim forms which has been duly filed

2. Original registration certificate of the vehicle

3. Original insurance policy document

4. Prior insurance policy related details (if any): issuing company, policy tenure, policy number, and more

5. Set of warranty card/keys/service booklet

6. Original police FIR with a mention of the theft

7. Letter of subrogation

8. Copy of the acknowledgement letter which has been written to the RTO with an intimation about the theft and claim the vehicle as ‘Non-USE’

9. Forms 28, 29, and 30 which have been signed duly by the policyholder

10. Form 35 which has been duly signed by the lender in case the two-wheeler was purchased on a loan

11. Consent from the financier and you on the agreed terms, conditions, and amount, which have to be settled by the insurance provider

12. NOC from the lender in case the claim amount has to be paid by you

13. Updated and blank ‘Vakalatnama’ (depending on the insurance provider)

14. Claim Discharge Voucher which has been signed duly across a Revenue Stamp

It must be noted that the insurance provider may seek for the additional documents also.

• In Case of Third Party Claims

   

Here are a few mandatory list of documents that are required to settle the third party claims:

1. Copy of the police FIR

2. Original insurance policy document

3. Duly signed claims’ form

4. Copy of the driver’s licence

5. Copy of the vehicle’s registration certificate

Note: In case of the commercial two-wheelers, a stamp must be submitted with the original documents.

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

How to File Cashless Claims

1. 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.

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

3. 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.

4. 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.

 How to File Reimbursement Claims

1. 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.

2. 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.

3. 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.

1. Note the vehicle registration number of the vehicles, time, and location

2. 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

3. Inform the insurance company regarding the accident and series of events, as soon as possible 

4. Fill out the claim form and attach all the mandatory documents to initiate the claim procedure

5. The insurance company officer will verify the information and the damages caused to the vehicle, to draft the survey report

6. The insurance company will release the claim settlement amount as per the feedback mentioned in the survey report