Bike Insurance Claim Settlement Process

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!

Types of Bike Insurance Claim Settlement Process

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.

Bike Insurance Claim Settlement Process for Different Situations

Check out the below-mentioned Bike Insurance Claim Settlement process for different situations –

Third-Party Loss/Damage

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.

Own Damage

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.

Theft

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.

Documents Required for the Bike Insurance Claim Settlement Process

Make sure you have the following documents during the Bike Insurance Claim Settlement Process –

1. Copy of Bike registration certificate
2. First Investigation Report (FIR) copy
3. Copy of your Bike Insurance policy
4. Driving license copy
5. Original repair bill, cash receipts, etc. in case of reimbursement claim

When Can Your Bike Insurance Claim Get Rejected?

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.

1. Fraudulent Information – If you provide incorrect details in the claim application form, the insurer may reject your claim request immediately.
2. Driving Under the Influence of Intoxicating Substance – If the accident takes place while you drive under the influence of drugs, alcohol or intoxicating substances, the insurance company can reject your claim application.
3. In-sufficient Documents – If you drive your bike without a valid driving license and an accident happens, you cannot file a claim. Even if you file a claim request, the same will be rejected.
4. Full Ownership Issue – You own a second-hand bike, and if the Bike Insurance is still in the name of the seller, you cannot file a claim. So, get the ownership of Bike Insurance transferred to you without any delay within 15 days of purchasing the two-wheeler.
5. Delay in Intimation – If you do not inform your insurer about the accident within the stipulated time frame as mentioned in your policy bond, your claim request shall be rejected.
6. Hurry in Repair – When you get your bike repaired before informing your insurer, you won’t get compensation for the same.
7. Careless Driving – If your bike is damaged due to your negligence/carelessness, the same shall not be valid for claim under Bike Insurance.
8. Bike Value – If your insurer notices that the bike repair cost is more than the depreciated value of your bike, you will get compensation equal to the depreciated value of your 2-wheeler.
9. Illegal Use – When you use the insured bike for illegal purposes, you will not be able to file a claim in case your 2-wheeler meets an unfortunate incident or two.
10. Policy Not in Force – If you file a claim against an inactive bike insurance policy, it will be rejected.