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The primary purpose of buying a bike insurance policy is to compensate for any losses caused due to unfortunate events like an accident mishap. With two-wheeler insurance being a regulatory requirement, all bike owners need to buy one; be it third-party policy or a comprehensive one.
Bike insurance claim is process where the policyholder applies to the insurance company to compensate for the cost of repairs. These repairs may either be required due an accident or damage which may or may not be due to your fault. The amount of such compensation is based on the IDV or Insured Declared Value of the policy along with the coverage of your policy. This article covers the commonly asked questions about claim settlement of two wheeler insurance policies.
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Is there more than one type of claim settlement?
Bike insurance claims are generally settled in one of the two ways – cashless or reimbursement. A cashless insurance claim is where the insurance company directly pays for the cost of repairs to the service garage. However, this service garage needs to be one of the affiliated network garages with the insurance company. With cashless claim facility, you need not pay for the cost of that are covered within the purview of your bike insurance policy.
Reimbursement policy is another type of claim settlement wherein the policy pays back the cost of repairs. For this type of claim, you need not approach a specific service garage, but instead any service station works. All you need to do is preserve the repair bills so that they can be submitted to the insurance company for a claim.
What does the claim surveyor impact the claim process?
A claim surveyor is an individual that inspects your bike to understand the extent of damage and its estimate repair costs. This surveyor comes into the picture on in case of cashless claims since an approval from such surveyor is required before any repairs are carried by you.
What are the documents that are required to file a claim?
The exact set of documents may vary from every insurance company however, certain documents like the registration certificate of your bike, its PUC certificate, your driving license, any photos clicked at the place of mishap, FIR, if any, filed with the concerned police officials and the insurance policy are some of the documents required when making a general insurance claim for the repairs of your bike.
Is there a limit on how many times a claim can be filed?
No, there is no such limit specified by either the regulator, or the insurance company. However, it isn’t advisable to take make a claim for every small amount since it impacts your bike insurance premium.
Can insurance claims be raised during the grace period?
No claims can be raised during the grace period of your policy. Since your policy is inactive during the grace period, the claims cannot be admitted and thus it is advisable to renew beforehand to avoid such lapse.
These are some of the commonly asked questions about insurance claim settlement of your bike insurance policy. Make sure to select a policy that checks all the requirement and then finalise its purchase. Also ensure you go through the terms of policy thoroughly to understand the scope of your bike insurance policy. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.
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