What is a Two Wheeler insurance claim?
While you ride your bike on the roads, there are always chances of damages. These damages or losses can be due to an accident, natural calamities, fire, riots or theft. Such unfortunate incidents are always unpredictable. The worse thing is these damages can put a dent in your pocket.
By purchasing two-wheeler insurance policy, you can protect your bike from unforeseen situations. In simple words, the insurance policy states that the insurance provider will pay for the damages suffered because of the accident.
All you have to do is inform your insurance company about the losses/damages by raising a claim. Once you raise a claim, your insurance company will assess the impact and compensate you as per the terms and conditions
Types of Two Wheeler insurance claims
The whole process is cashless, and you won't have to pay anything except for the deductible you have agreed. When you make a cashless claim, you take your bike to a network garage for repairs & the insurance company settle the bill with the garage directly. A network garage is the one affiliated with your insurance company.
In Reimbursement Claims, you inform the insurance company about the accident & get your bike repaired at your own expenses. You just need to submit the original bills, payment receipts, etc. to the insurance company to raise a claim. After some verification, the insurance company disburses your claim amount minus the deductible.
How to Claim Two Wheeler Insurance Under Different Situations?
For a quick and hassle-free claim settlement experience, we recommend you report the accident immediately to Bima Buy claim settlement team. Our experienced team will help you at the earliest to avoid the claim rejection.
Steps to File a Two Wheeler Insurance Claim
To get compensation for the damage or loss to your bike or in case of injury, the policyholder needs to file a vehicle insurance claim successfully. Here are the steps to follow to claim insurance for bike accidents.
The claim has to be reported to the insurer or to us as soon as possible.
The insurance company will let you know the documents needed to raise the claim. Lodge an FIR if your two-wheeler is stolen or there has been a major accident.
Get ready will all the documents & the proofs to raise the claim. Apply for the claim on the website or through the agent.
After the evaluation of the damage, insurer company will let you know the status of your claim. After report submission the insurer will have to revert you within 30 days.
Common Reasons for Two-Wheeler Insurance Claim Rejection
A substantial number of claims, including bike insurance claims, often get rejected by the insurer or delayed because of the improper claim settlement process followed. Sometimes, claims are held up in documentation resulting in delays and even rejection.
The truth is, your insurer maintains whatever authority is needed to accept or reject a claim. This requires your most extreme consideration while documenting a two-wheeler claim. In such manner, beneath are a portion of the normal reasons that lead to rejection for your two-wheeler claim.
- In the event that the information given by you is false and if the insurer sorts it out, it will dismiss the claim demand immediately.
- In the event that the mishap occurs while driving affected by alcoholic substances.
- In case the claim is raised after the insurance policy has lapsed.
- Claims raised against damage that is not covered by the policy.
- If you are driving a vehicle as second-hand owner and the ownership is still in the name of the previous owner
- Driving the insured two-wheeler without a valid driving licence.
- If you ignore the rules and fail to inform about the accident within the stipulated time frame.
- If you get your vehicle repaired without informing the insurer about the accident or damages
- The owner/driver uses the two-wheeler for purposes other than those mentioned in the policy.
- If the accident occurs due to your carelessness and if the insurers find it, then the claim will not be considered.
- Claims raised for reasons that are otherwise not covered as per the terms and conditions of the insurance policy.
Essential Documents Required for Filing a Bike Insurance Claim
For Accidental Claims
- Policy Document
- Registration certificate of the vehicle
- Police FIR
- Driving license of the person driving the vehicle at the time of the incident
- Estimation of total repair done by the garage
- Original repair invoice, payment receipt
- Discharge Cum Satisfaction Voucher obtained from the garage and signed by you with a Revenue Stamp
For Third Party
- Original RC of the bike
- Original Policy documents
- Duly filled claim form
- Police FIR copy
- Driving license of the driver
Two Wheeler Theft Claims
- Duly filled the claim form
- Original registration copy of the vehicle
- Original policy document
- Previous insurance details if any including policy number, issuing company, tenure of insurance etc.
- Set of keys/warranty card/service booklet
- Original police FIR mentioning about the theft
- Subrogation Letter
- Photocopy of Acknowledgement Letter written to the RTO intimating about the incident and making vehicle ‘Non-USE’
- Form 28/29/30 duly signed by the insured
- Form 35 signed by the financer in case the bike is bought on loan
- Consent from you and the financer on the agreed amount to be settled by the insurer
- NOC from the financer in case the claim is to be paid to you
- Claim Discharge Voucher signed across a Revenue Stamp
- The insurer may ask for additional documents as well
What Happens After the Claim Is Filed?
After you file your claim, the insurance company initiates the bike accident insurance claim settlement process. A surveyor will be assigned to your case by your insurer. The surveyor will visit the garage where your bike is being repaired for inspecting the damage. If everything is in order, your claim will be accepted, and you will be compensated for the accident.
Two-wheeler Insurance Claim Settlement FAQs
A bike insurance claim wherein a policyholder raises a request with the insurance company to honour its promise to provide compensation for the damage incurred by the policyholder in relation to their bike. A bike insurance claim can be settled either in a cashless or reimbursement manner.
No, a genuine claim can be raised on limitless occasions. However, It is prescribed to try not to raise a claim for minor damages to enjoy No Claim Bonus discount advantage.
In case you do not raise a single claim in an active policy year, you enjoy a No Claim Bonus benefit. This allows you to enjoy a discount on your bike premium amount when you renew your insurance policy. The No Claim Bonus discount can go up to 50 percent if you do not raise any bike claim for five consecutive years.
A First Information Report (FIR) is required in cases wherein any person has incurred bodily damages or in cases of death and in case of a theft claim. Also, you can check the list of documents required on various occasions.
You can locate the nearest authorized garage of the insurer either by calling the customer service helpline of your insurance provider or look for it on their official website. This option is present in the claims section on the official website in the name ‘list of network garages’.
No, your two-wheeler claim will be rejected in the event that you get your bike fixed without intimating the insurance agency about the harms to your vehicle. This is on the grounds that your insurer will issue a inspection. The surveyor will evaluate the degree of two-wheeler harm. You should get your bike fixed once your receive a confirmation from the insurance company.
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