If your bike is involved in an accident and you have bike insurance online, you can file a claim for reimbursement with the insurer. The insurance company will record, handle, and settle this claim following a few procedures. Settlement of a bike insurance claim is the name of the entire process. You should carefully review the insurance coverage, perks, features, exclusions, claim process, and, most significantly, the claim settlement percentage of the insurance provider before purchasing two-wheeler insurance in India.
To get payment or other benefits under your buy bike insurance policy, you must first notify your insurance provider of the occurrence. To receive the payment on time, it is crucial to notify the insurer right away of the damage or loss.
Some Common Reasons For Claim Rejections:
- If you were operating the car at the time of the event without a current driver’s license
- If you were operating the car at the time of the event with an expired insurance policy
- If the claimant gives inaccurate or erroneous information about the occurrence
- If alcohol or drugs were consumed before the accident
- If the incident occurred while the car was being utilized for illicit purposes
- If the policyholder’s negligence and ignorance contributed to the accident
- If the claimant fixes the damaged bike without telling the insurance about the collision
When does a bike insurance claim happen?
The following situations are considered to be claims for bike insurance:
The bike was stolen:
A claim is filed when the bike is stolen. If the bike is not found, the insurance provider pays the policy’s insured declared value, which is also the total amount insured.
Third-party responsibility:
A third party responsibility exists if the bike causes any third party—someone other than the insurance provider and the policyholder—to suffer physical harm or pass away. Even if the bike damages any third-party property, there is still a third-party obligation. In that situation, the policyholder is financially responsible for paying the third party’s damages. Bike insurance protection covers these monetary duties. Thus, a claim is made in the bike insurance policy if any third-party liability occurs. The business pays the third party in the policyholder’s name.
Own Damage:
An own damage claim is made if the bike sustains damage as a result of natural or man-made hazards. The motorcycle’s repair costs are covered by the insurance company.
How to submit a bike insurance claim?
Depending on the kind of claim made, there are different procedures for filing a bike insurance claim.
If there is a theft:
- Inform the insurance provider of the theft promptly. The business would provide you with a claim reference number to use in any subsequent correspondence.
- Contact the local police and file an FIR. The FIR is required in cases of theft.
- This report must be provided to the insurance provider for your claim to be settled.
- To resolve the claim, the insurance provider would pay the policy’s Insured Declared Value.
- Complete the claim form for your bicycle insurance. Include copies of your driver’s license, bike registration book, policy bond, and FIR. To prevent theft caused by your carelessness, you can also be asked to submit the bike’s duplicate key.
- Wait for the bike to be recovered after the claim has been submitted.
- The police will issue a “Nontraceable Report” if the bike is not found within three months following the theft.
If a third party makes a claim:
- Inform the insurance provider of the claim right away. The claim reference number would be provided to you for further follow-ups.
- Make a police report (FIR). In the event of third-party claims, a police FIR is a prerequisite.
- The Motor Accidents Claim Tribunal (MACT), which would determine the level of financial obligation, would be consulted regarding the third-party incident.
- In the meantime, you should complete a claim form and attach the necessary paperwork, such as your driver’s license, RC book, etc., as well as the police FIR. Send the necessary paperwork to the insurance provider to submit a claim.
- Once MACT declares the amount of obligation, the insurance provider will pay the liability on your behalf, and the claim will be resolved.
When claiming one’s damages:
- Inform the business right away of the kind and extent of the damages you have incurred.
- The insurance provider would notify you of a claim, give you a claim reference number, and instruct you to transport your bike to the closest preferred garage.
- Depending on the coverage of the plan, the insurance company may also arrange for a towing facility if the bike is not in a condition to be transported to the closest mechanic.
- Once the bike has been transported to the closest mechanic, an insurance company surveyor stops by the garage to ascertain the severity of the claim. Based on an examination of the damages, the surveyor creates an estimate for the claim.
Various claim types:
Cashless:
- If the bike is brought to the preferred garage the insurance provider has listed, the claim is handled immediately by the provider. Cashless claim settlement is what this is.
Reimbursement:
- If the bike is fixed at a shop that is not part of the network, the policyholder will be responsible for the repair charges. The policyholder submits the repair invoices to the insurance provider after the bike has been fixed and delivered. The business evaluates the bills and pays the policyholder back for the expenses spent.
The documents needed to submit a two-wheeler claim
The insured must submit certain supporting documentation with each bike insurance claim along with the claim form. The following documents are among them:
- The bike’s RC Book
It is necessary to produce the registration certificate that was included when the bike was purchased.
- Driving record of the bike’s owner or drive
- replica of the policy documents
- The bond documents were given to the customer once the bike insurance plan was approved.
- FIR as necessary
- Any additional papers that the insurance provider requests must be presented. Depending on the firm, it could differ.
When is a bike insurance claim rejected?
Most of the time, insurance companies pay out on bike insurance claims, but occasionally, this may not be the case. The following are some situations when your claims might not be accepted:
Excluded claims:
- There are some situations that bike insurance policies do not cover. For instance, claims involving driving while ineligible for a license or while impaired by drink or drugs are expressly excluded from the coverage. If a claim is lodged in such circumstances, it would subsequently be dismissed. Check whether the claim is covered by the policy before filing a claim under your bike insurance.
Improper documentation
- Your claims may not be accepted if the proper documentation is not submitted at the time of filing. Because of this, it’s crucial to have any claim-related documentation close to hand so that you can submit it when required.
Delaying the claim
- You must notify the insurance of your claim right away. If you don’t tell the insurance right away and don’t tell until a lot of time has gone, the insurer can doubt the validity of your claim. The claim might not be accepted in such circumstances.
Conclusion
Claiming bike insurance online is a quick and convenient method of securing the funds to pay for a new bicycle or bicycle parts. Once you’ve completed the required information, your insurer will usually transfer the funds directly into your bank account within one business day. It’s that easy. And by completing your claim online, you can cut out a lot of the hassle you’d otherwise have to go through if you submitted a paper claim form.
Now, you have full information that how to claim bike insurance online, so choose Square insurance company and claim your policy.
