Bike insurance claim settlement is when the policyholder requests compensation from the insurer for the expenses/damage done to the insured's vehicle during an unfortunate event.
The amount supplied by the insurer at the time of claim is determined by the insured's IDV and the type of policy chosen - own standalone damage, third-party bike insurance, or comprehensive.
Here are all the details about the bike insurance claim settlement, along with the types of bike insurance claims and the step-by-step process to file a claim in case of theft, own damage, and third-party damage.
A two-wheeler insurance claim can be settled in two ways:
a) Cashless Bike Insurance Claim
If you take your two-wheeler to one of the insurer's authorised garages for repairs, a cashless claim is the best option. As the name implies, a policyholder in a cashless claim does not have to pay anything to have their two-wheeler repaired at the insurer's authorised garage.
According to the insurance provisions, the insurer will make the payment immediately to the garage. Policyholders must pay the voluntary and mandatory deductibles if they choose to do so while purchasing the bike insurance plan.
b) Reimbursement of Bike Insurance Claim
If you take your two-wheeler for repairs somewhere other than those authorized by the insurer, you will have to file a reimbursement claim. Under this procedure, you must pay for the repairs at the garage before filing a claim with the insurer for repayment of the claim settlement amount.
The insurer then reimburses the total claim amount after deducting specific amounts, such as the mandatory and voluntary deductible (if they choose it at the time of insurance acquisition).
If you want to know how to claim bike insurance, here is a detailed step-wise process for filing a bike insurance claim in case of third-party, own damage, and theft-
In Case of Theft
Step 1: In case your bike is stolen, inform the police at the earliest and immediately convey the theft to your respective insurer too.
Step 2: Next, submit the original bike keys and the necessary documents.
Step 3: If your stolen bike remains untraceable for a specific period of time, the police will issue you with a non-traceable certificate.
Step 4: On the basis of it, the insurance company will then do the claim settlement under the total loss category and will pay up to the Insured Declared Value.
In Case of Own Damage Claim
Step 1: First, inform the insurance company about the damage, be it accidental, due to a natural/man-made disaster, etc. If the damage is caused due to an accident, file an FIR at the earliest. Also, duly inform the insurance company about the same.
Step 2: Next, a surveyor (assigned by the insurance company) will examine the damages caused. Once the assessment report is approved, the bike will be sent for the repairing to a network garage.
Step 3: Here, if it is a cashless process, the bill of repairing will be directly settled with the network garage. On the other hand, it is a reimbursement case, the insurance company will pay off the bill to the insured (according to the policy’s terms and conditions applicable).
In Case of Third-Party Claim
Step 1: If, unfortunately, you hit someone’s (third party) vehicle, inform the police and insurance company immediately. Or else, if you get hit by a third party, make sure to take the insurance information of the third party and begin a claim process under the third-party liability.
Step 2: Once you file, the insurance company will take the same to the Motor Insurance Claim Tribunal Court to get a legit judgment for the case.
Step 3: Once the tribunal court assesses and examines the case, the compensation amount will be decided. The same process will be applicable even if you were in a position of fault and will be required to pay off the liabilities towards the victim, i.e. the third party.
Since you now know how to claim insurance for bike damage, take note of the following documents that will be required to be submitted in case of Accidental Damages, Bike Theft Claims, Third-Party Claims-
Filing a bike insurance claim within a stipulated time is immensely necessary to avail of the adequate compensation. Hence make sure to file the claim on time, file FIR (if required), and provide the required documents to the insurance company duly.