When you own a two-wheeler and depend on it for travelling, it becomes a daily part of your life. Someday, if your two-wheeler is damaged in an accident, it may seriously hamper your daily routine because you’re used to travelling on the bike daily. However, apart from your bike being away for repairs, you should not have to worry about the cost of the damage.
If you are filing a claim with your bike insurance policy for the first time, the process can seem a bit confusing and intimidating. Learning about the claim filing process can make it easy for you. The stress of filing a claim should not be another headache on your mind. If done correctly, your process of filing the claim can be smooth and seamless.
Reasons for filing your bike insurance claim:
- 1. Own damage:
If the damage to the bike is because of a natural calamity or any man-made cause, you are eligible for an own damage claim. In this situation, the bike insurance company will reimburse/pay for all the repair costs on the bike.
- Bike theft:
If the bike is stolen, you could file a claim. If the bike is not recovered, the bike insurance company will pay the Insured Declared Value (IDV) of the policy to you. The IDV is also known as the sum insured.
- Third-party liability:
If your bike is the cause for third-party damage, injury or death, then third party insurance will be useful here. In such an event, the policyholder will be financially liable to compensate the third party for any damage caused.
Hence, in the situation of a third party liability, you file a claim with your bike insurance provider who will compensate for the third party.
If you have any of these reasons for filing a 2-wheeler insurance claim, you should know about the process as well.
Filing a Bike Insurance Claim
- Get in touch with the insurance company:
When you need to file a claim, get in touch with your 2-wheeler insurance company first. It is essential to reach them as soon as possible for a smooth claim process.
- Filing an FIR:
If your two-wheeler was damaged in a crash/accident or stolen, you will need to file the FIR at the police station nearest to you. A First Information Report (FIR) can be helpful for speeding up your claim approval, and it is a mandatory document for initiating the settlement process.
- Evaluating the damage:
If there is damage to the vehicle because of an accident, the damage will be evaluated by a professional appointed by your bike insurance provider. The surveyor will then prepare a report of the damages and send a copy of the same to you as well as your insurance provider. This report will help the insurance company understand the extent of the damages and therefore, the compensation.
- Settling the claim:
To settle the claim, you will have to pay at the service centre for initiating the claim process. After you have filled all the relevant forms and collected all the required documents, your settlement process will be seamless. These things need to be ready when you want a hassle-free, streamlined claim settlement.
Documents required for filing a two-wheeler insurance claim:
- A self-attested claim form
- A copy of the Registration Certificate (RC) of the vehicle
- A copy of the first two pages of the 2-wheeler insurance policy document
- A copy of your driving license
- An FIR of the incident and damage
- Repair bill, proof of release and cash receipt
Types of claims:
If the two-wheeler is fixed at a garage that doesn’t belong to the network garages of the insurance company, you would have to pay for the repair yourself first. Once the bike is completely fixed, provide your bike insurance company with the bill. The insurance company will evaluate the bills and reimburse you with the cost.
If your damaged bike is taken to any of the network garages under the insurance company, the claim will be directly settled by the company with the garage owner. This process is cashless because you will not have to pay directly for the repairs.
A two-wheeler insurance policy protects you against the financial liabilities of damages, bike theft, third-party damages and injury to the owner-driver. When you want to file for a 2-wheeler insurance claim, you will have to follow the above steps. As long as you provide all the required documents and correctly fill in the details on time, you can be sure that the claim settlement will be swift and easy. Also, choosing a two-wheeler insurance provider that has a good claim settlement ratio will go a long way in successfully settling the claim.