India

Two Wheeler Insurance Claim: A Guide

India has recorded the maximum numbers of death due to road accidents. As per the official data on road accidents, 17 deaths occur due to road accidents every hour. Chennai and Delhi top the list with highest numbers of road accidents. In such situation, having two wheeler insurance is not a choice but a necessity. However, we believe, there will hardly be someone who doesn’t know that owing two wheeler insurance is mandatory by the .

Whether it is a collision or a small bump, it is better that your insurance policy covers you for that so that you don’t face any hassle at the time of claim. Claim is an essential part of your insurance policy that determines the cover you will get? Hereby, knowing how to claim the benefits is an important part of your insurance knowledge. In line with this, below is a guide on how you can go forth with the process:

Types of Bike Insurance Claim

One can claim two-wheeler insurance in two ways:

  • Cashless Claim
  • Reimbursement Claim

Cashless Claim

Cashless claim is available with network garages only. The insured will only pay the deductible, which is decided at the time of purchasing the plan, and above this, the insurer with the service centre will directly settle the rest of the expense.

Reimbursement Claim

When you take the services from a non-network garage, you pay for expenses initially and claim the amount later. After you register the claim, the insurance company will verify and reimburse the claimed amount after calculating the deductibles.

Steps to Claim Two-wheeler Insurance in Case of Accident

  • In case of an accident, you need to follow the below steps:
  • Immediately inform the insurance company about the accident by calling on their toll-free number or sending an e-mail. One can visit the branch as well.
  • Try to keep every information handy like policy no., vehicle registration no., and other relevant information that the insurer can ask for.
  • Once you register the claim, a representative from the insurance office will coordinate to investigate the claim
    With this, the insured has to submit the claim form with relevant documents.
  • The insurance company will conduct a survey of the vehicle in regards to process the claim. The investigation officer will check the damage and submit the report accordingly.
  • Upon completion of the investigation and submission of the report, the vehicle can be moved to a garage.
    Finally, the insurance company will settle the incurred expenses directly with the network garage in case of a cashless claim or reimburse the money to the insured, if it is a reimbursement claim.

Theft Claim Process

In case your bike is stolen-

  • The first step is to inform the nearest police station and file an FIR.
  • Next, inform the insurance company without any delay. The insurer will process a claim only after you have filled the FIR.
  • You will be required to give all the necessary information like if the bike is taken on loan or lease.
  • Also, inform your bike financer immediately about the incident so that they can discuss the same directly with the insurance company to initiate a quick claim.
  • In case the vehicle is recovered, inform the insurance company immediately. They will pay for the damages, if any.
  • In case of non-recovery of the vehicle, a Non-Traceable Certificate (NTC) will be issued by the police, and the court will give a final report under Section 173 of the Code of Criminal Procedure.
  • In case the bike is on loan, the insurance company will directly settle the payable amount with the financer after applying the terms and conditions.

In a Nutshell!

Mishaps can happen anytime, regardless of how careful you are while driving. Hence, it is necessary to be careful at the time of buying a plan. You should know every clause related to bike insurance claim procedure to avoid claim rejection. By being aware of the steps to follow while claiming against an accident or theft, you can make sure that your prized possession is well-protected. However, don’t forget to compare the claim settlement ratio of various providers at the time of buying or renewing to get a fair deal!