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Bike Insurance 593 views April 7, 2021
Bike Insurance protects you financially against incidents such as losses/damages, accidents, thefts related to the two-wheeler. But do you know how to claim Bike Insurance? Many have myths about the Bike Insurance claims process, and for new customers, it can be tricky at times. So we have mentioned the Bike Insurance claim settlement process in detail below. Keep reading!
Table of Contents
There are two types of Bike Insurance Claim Settlement –
Cashless Claim – This claim settlement process is cashless as you won’t have to pay anything from your pocket. Your Bike Insurance Company provides you a vast list of authorized service centers and network hospitals where you can seek repair of the Bike and medical treatment in case of accidents or own damage.
Reimbursement Claim – You can use this claim settlement process if you had paid for the expenses of repair or medical treatment. Insurance companies provide reimbursement service to the customers so that they can compensate the expenses arising from accidents, loss/damages to the third-party personal/property, etc. For Bike Insurance Reimbursement Claim Settlement Process, you need to submit a duly filled claim form and payment receipts of the expenses to the insurer. After some verification, the insurance company disburses your claim amount directly to your bank account.
Check out the below-mentioned Bike Insurance Claim Settlement process for different situations –
If your Bike has caused damage to a third party or their property, you need to inform this immediately to the police and your insurer. When you inform the insurer, it will transfer this issue to the Motor Accident Claims Tribunal, which then decides the amount you need to pay for the damage or loss caused by your Bike. Such an amount will be paid by your insurer to the third party as compensation.
Note – In case you are a victim, take third-party vehicle policy details and inform its insurer, so you can seek compensation for damages or loss caused to your vehicle.
If your bike is damaged, inform your insurance provider and the police. After being informed, your insurance provider appoints a surveyor that will assess and examine the degree of damage. After that, the insurer sends the approval to the network garage to proceed with the repair work for your bike. When your Bike is fully repaired, the network garage will send the payment receipt to the insurance provider and your insurer pays the repair cost directly.
Note – If you repair your bike at a non-network garage, you can submit the payment receipts and the duly filled claim form to your insurer to seek reimbursement.
In case your bike is stolen, inform the police and later your insurance company. Submit the FIR copy along with your bike documents such as – bike registration certificate, your driving license, etc. to the insurer. You also need to submit the original bike keys to the insurer. When the police issue a non-traceable certificate within a reasonable time frame, your insurance company settles your Bike Insurance Claim as per the terms and conditions mentioned in your policy.
Make sure you have the following documents during the Bike Insurance Claim Settlement Process –
Your insurer can accept or reject your bike insurance claim as per the agreed terms and conditions. So, it is advisable to read the policy documents carefully to avoid claim rejection. Below are some of the common reasons for Bike Insurance Claim Settlement rejection.