In India, bike-related mishaps are common. Several factors such as potholes, pedestrian carelessness, and rash driving by vehicle owners contribute to this. If any of these events cause damage to your bike, the garage owner's repair bills will dig into your pockets. However, you do not have to worry about the bills if you have insurance.
Bike insurance claim settlement process in India
Raising a bike insurance claim online is a cakewalk. You just need to inform your insurer about the accident immediately and submit the basic documents. The insurers give you two options—cashless and reimbursement claims. The former offers free-of-cost repairs, whereas; the latter allows you to choose your garage, pay bills and then claim reimbursement.
Cashless claim settlement
Every insurer has partnered with well-known garages in every city. After reviewing the garage's service quality and the mechanics' collective experience, they reach an agreement. When you purchase motor insurance, you are given a list of network garages where you can receive free repairs and services as per the terms of your policy. The insurer settles the bills directly with the garage under a cashless claim.
Reimbursement claim settlement
Reimbursement claims necessitate that you pay for the repairs out of your pocket. After the damage has been repaired, you must submit an invoice to your insurer. The main advantage of this settlement process is that you do not have to worry if there is no network garage nearby because you can get repairs done at any garage and get bills reimbursed directly to your account.
Documents required for filing a bike insurance claim
There are multiple scenarios in which you may need to claim bike insurance. If your bike is stolen or damaged in an accident, your insurer will provide you with financial support. However, the documentation process for various situations differs greatly. Let's learn about them:
In case of accidental damages
- Active two-wheeler insurance policy document
- Copy of road tax receipt and registration certificate; the insurer may also request the original documents for cross-verification
- Copy of police FIR
- Driving licence of the policyholder/driver on the steering wheel at the time of the road mishap
- Repair estimates prepared by the garage where you intend to have the damage fixed
- Payment receipt or original repairs invoice
- Discharge voucher from the garage with your signature on it
In case of bike theft claims
- Duly filled claim application
- Original registration certificate
- Original bike insurance document
- If you previously had insurance with another motor insurer, provide the complete details of that policy
- Service record book
- Warranty certificate
- Police FIR's original copy
- Subrogation letter
- Copy of acknowledgement of your request to the RTO to declare your bike as 'Non-Use'
- Duly filled and signed Form No. 28/29/30
- Form 35 and NOC (from a lender) in case of a bike bought on a loan
- Claim discharge voucher having your sign across the revenue stamp
- Your insurer may request a 'Vakalatnama' or other documents as they see fit
In case of third-party claims
- Claim form with your details and signature on it
- Police FIR copy
- Policy document
- Driver's licence of the person driving the car during the incident
- Car's registration copy
- A stamp is necessary for commercial four-wheelers
Steps for filing a bike insurance claim
The claim process for own damage and third-party liability differs greatly. Here's how:
The claim process for the third-party bike insurance
As soon as your bike collides with another vehicle, notify your insurer and file an FIR at the nearest police station. If you or your vehicle is hit by a bike, ask the owner of the bike for their insurance information so you can file a claim.
The insurer will verify the essential information before forwarding the claim to the Motor Insurance Claim Tribunal Court. The court will decide whether or not the claim is legitimate.
If the claim is found to be legitimate, the court will determine the amount of compensation. The insurer will then settle it accordingly.
The claim process for the third-party bike insurance
Notify your insurer as soon as the damage occurs. Delays in the notification will result in claim rejection. If the bike is damaged in an accident, an FIR is required.
Your insurer will appoint an inspecting officer. He will be in charge of determining the extent of damage and the nature of loss after which the report will be prepared and sent to the claim department.
The claim department will review the report, and if it is approved, you can have your bike towed to the network garage for repairs.
Common reasons for two wheeler insurance claim rejection
Some of the common reasons why your two wheeler insurance claim could get rejected are-
- Delayed Reporting: Not informing the insurer promptly.
- Incomplete Documentation: Missing or incorrect documents.
- Policy Lapses: Filing a claim after the policy has expired.
- Policy Violations: Using the vehicle for unauthorised purposes.
- Driving Under Influence: Accidents occurring under the influence of alcohol or drugs.
Adhering to policy terms and timely communication can prevent claim rejections.
FAQs
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What is comprehensive bike insurance?
Comprehensive bike insurance covers third-party liabilities and own damage, including theft, accidents, and natural disasters.
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How long does it take to settle a two-wheeler insurance claim?
The settlement time varies depending on the type of claim. A cashless claim is usually processed within a few days after the insurer's survey, while a reimbursement claim may take up to a few weeks after document submission and verification.
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Is an FIR necessary for all two-wheeler insurance claims?
An FIR is mandatory only in cases of theft, third-party injuries, or significant property damage. For minor damage claims, an FIR is generally not required.
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Can I claim insurance for a minor scratch or dent on my bike?
Yes, you can file a claim for minor damages, but checking your policy details is advisable.
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What should I do if my two-wheeler insurance claim is rejected?
If your claim is rejected, first check the reason given by the insurer. You can appeal the decision with additional documents or information as needed.
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Can I raise a claim for two-wheeler insurance online?
Yes, most insurers allow you to file two wheeler insurance online through their websites or mobile apps for quicker processing.
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Does third-party insurance cover my bike's damages?
Third-party insurance only covers damage caused to another person, their vehicle, or property. To claim damages to your bike, you need a comprehensive bike insurance.
Conclusion
Filing a two wheeler insurance claim can be a hassle-free process if you understand the steps involved. Whether you opt for cashless claim settlement at a network garage or reimbursement claim settlement, ensuring proper documentation and timely reporting is crucial. Knowing the third-party and own damage claim processes can help you navigate different scenarios effectively. Always read your policy details carefully and follow the correct procedures to maximise your claim benefits while avoiding common reasons for claim rejection.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the Insurance industry and products. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.