Guide to Bike Insurance Claims and the Settlement Process
As we all know, having two wheeler insurance is mandatory by law as per the Motor Vehicles Act, 1988. It is compulsory have at least third-party bike insurance to ride your bike on road.
Traffic jams, increase in the number of vehicles on road, and people not following traffic rules have made roads prone to accidents and fatalities. Hence, it is always good to stay prepared for the unexpected as accidents can happen anytime, whether it is your fault or not.
Whether it is a small bump or a collision, having bike insurance that comprehensively secures you against a wide range of perils is very important.
Two Wheeler Insurance Claims
If your vehicle suffers damage in an accident or due to any natural calamity, or gets stolen, then you can file for an insurance claim with your insurer. Your insurer will settle the claim depending upon the coverage (third-party or comprehensive cover) of your insurance policy.
To ensure a hassle-free claim filing and settlement, it is advisable that you should be familiar with the claim process of your insurer. When you buy bike insurance online or when you apply for bike insurance renewal, it is good to understand the claim process of the insurer to know how to go about the process in the time of need.
What are the Types of Bike Insurance Claims?
There are two types of claim that are offered by insurers-
1. Cashless Claim
As evident by its name, the cashless claim process is cashless wherein the insured will only have to pay for the deductible that was agreed upon at the time of purchase or bike insurance renewal. Insurance companies have network garages or service centers where they offer cashless repairs.
2. Reimbursement Claim
Under reimbursement claim, you inform your insurer, get your two-wheeler repaired on your own expenses, and then file for a claim. The insurer then verifies the claim, and pays for the claim amount minus the deductible.
What to do when you are Involved in an Accident?
When you are involved in an accident, the first step should be to take note of the injuries and the damage. Inform the police and call an ambulance. Make a note of all the damages to your vehicle or to third-party, as it would be helpful in raising a claim.
Note down contact numbers and get insurance company information from everyone involved in the accident. It would be better to click photos to document the damage to your two-wheeler as well as any damage to other vehicles. Collecting accurate information at the accident site will help prevent any false claims that other people involved may file.
What to Record at the Accident Scene?
Here’s a list of things that you need to note down at the accident scene: -
- Record the make, model, color, and number plate of all the vehicles involved
- Note down the name, address and telephone number of all people
- Note the time and date of the accident
- Driving conditions, including the weather, lighting, and road quality
- Damages caused to the vehicles and the area/areas of damage
- Injuries sustained by drivers, passengers, or pedestrians
- Driver's license numbers and license plate numbers
- Insurance companies and policy numbers of the vehicles involved
- Names and contact details of any witnesses
Accidental Claim Process
Report the accident as soon as possible to your insurance company. However repairs should only be arrange after your vehicle has been inspected by your insurer. And, don’t forget to ask for a written estimate of the vehicle repair costs before having any repairs carried out.
Steps in a two wheeler insurance accident claim -
- The first step is obviously informing your insurer through email, toll free number, or by visiting the branch, whichever is feasible, as soon as possible.
- Keep all information handy, such as policy number, car registration number or information to identify, as your insurer may require information from you.
- Once a claim is registered, a claim settlement representative from the insurance company will get in touch with you for further information.
- Following this, you will have to submit the claim form with the documents required.
- A vehicle survey will be organized by your insurance company, check the damage and submit the report.
- Upon completion of the procedure, the repairs will be authorized and the vehicle can be moved to the garage.
- Your bike insurance company may undertake to settle the repair bills directly with the garage (cashless claim) or reimburse you (reimbursement claim).
What to do in case your Bike is Stolen?
If your bike was stolen, call the police and explain everything in detail about what happened. Also, inform your insurer. Document everything that could be helpful in locating your bike, for instance where it was stolen, if there is any tracking mechanism installed on your bike, etc. Plus, make sure to get a copy of the police report as well.
Bike insurance claims process will be much more quick and hassle-free when you have the answers to what, when, and where it happened.
What Entails a Theft Claim Process?
- If your bike has been stolen, the first step to undertake is to report it to the nearest police station.
- Next, notify your insurance company. The insurance company will only process your claim after you have filed a report with the police.
- Provide all the details to your insurer about loan/lease of your car along with the FIR.
- Also, inform your financier immediately of the theft, and ask them to discuss the case directly with your insurer to help in a quick claim settlement.
- If your vehicle is recovered, inform your insurer about it immediately. Your insurer will pay for any damages to your two-wheeler as per the terms and conditions in the policy.
- If the vehicle is not recovered, the police will give a Non-Traceable Certificate (NTC) and the court will have to give a final report under sec 173 Crpc.
- In case your vehicle is on loan, the insurer will settle the amount directly to the financier as per the onditions laid down in the policy.
Mishaps are unavoidable, sometimes even regardless of how careful you are when on road. Hence, when you buy two wheeler insurance online or go for bike insurance renewal, make sure to read everything about the policy including the claim procedure. Being familiar with the steps to take post an accident or theft, can help you make sure you’re covered when contacting your insurer.