Insurance is the most important thing to be considered by everyone. Various insurance variants benefit in several ways for the present and future happenings. Approximately 75% of people all across PanIndia drive two-wheelers. For security, Bike insurance online stands first place. Earlier years ago, to claim an insurance policy, one had to visit the office and finish the paperwork formalities. Then after, he or she would have been able to authorize the policy structure.
According to the Motor Vehicle Act of 1998, the government has made some stringent rules that apply to the person who owns a vehicle. The laws are made for the safety of a vehicle and to prevent unforeseen happenings for the security of an individual with a vehicle.
Being prepared and cautious for the happenings that might occur is the best policy in choosing an insurance policy online because it has major benefits to the customer and also saves a few bucks in selecting the preferred plans according to the comfortability of the insurance holder.
What is the process for claiming insurance for a bike accident in India?
As vehicle insurance has evolved, so has the process of filing a claim. Documents and forms were once required to submit a claim, but that has changed thankfully. With the advent of digital technology, claim registration has become easier and faster. A claim can be filed in just a few minutes. As an example, Square Insurance provides a seamless claim filing process online (website/mobile app).
How does an insurance claim work? Find out by reading on.
What is a bike insurance claim?
You can claim for a bike insurance online if you want to recover the sum insured amount on your policy. Let’s say that your bike has been damaged and you have incurred financial losses. When such a situation arises, your insurance coverage can provide financial assistance by submitting a claim.
As an example, the bike’s headlight and front mudguard have been damaged after an accident while riding to work. A claim for accidental damage can cover your repair costs. You notify the insurer of the accident when you file a claim.
Types of bike insurance claims
After an accident with your bike, you must notify your insurance company (square insurance in this case). Bicycle insurance claims can be classified into two types.
Cashless claims
The network, garage can repair your bike if it is damaged in an accident and you need a professional repair garage. Square Insurance network garages are affiliated with the company. In this case, the broker company will pay the network garage directly for the repair. Square Insurance pays the balance after you pay the deductible.
Reimbursement claims
If When you are involved in a bike accident, you can get your bike repaired at a garage of your choice. For reimbursement, you must submit your original repair bill, payment receipt, etc. The balance will be reimbursed to you after Square Insurance deducts the required deductible amount and depreciation of the parts.
How to file a bike insurance claim?
Now that you’re familiar with the types and meanings of claims, let’s learn how to file a bike insurance claim. In most cases, you’ll have to file a claim under one of three circumstances:
- Someone is injured or their property is damaged by your bike. There will be a third party liability claim in this case.
- A bike accident damages your bike. In such a scenario, you must file a claim for your own damages.
- Your bike has been stolen. A claim for own damage is required in such a scenario. You’ll receive your Insured Declared Value (IDV) if the vehicle is declared a total loss by the insurer.
If Personal Accident cover for owner-drivers provides coverage for accidents that result in death or permanent disability.
To file a claim for bike insurance, follow these steps:
- Claim filing steps for third parties
- First step: Obtain the insurer’s policy details from the other party.
- 2 – Your case is sent to the Motor Insurance Claims Tribunal for a decision.
- In step 3, you’ll find out how much compensation you’re eligible for from the tribunal court after hearing from both parties.
- In the fourth step, the compensation amount will be transferred to your bank account by the insurer.
- How to file a claim under the OD policy
- The first step is to notify the insurance provider as soon as possible.
- Step 2 – Submit the necessary documents to raise the claim. File a police report if necessary.
- In step 3, the insurer will appoint a surveyor to review the damages and verify the case.
- In Step 4, if the surveyor finds that your claim is authentic, he/she will approve the garage to start the repairs.
- Step 5 – During a cashless claim, the insurer and garage will settle the expenses directly. An electronic fund transfer (NEFT) will be used in case of a reimbursement claim.
- The steps to filing a theft claim
- The first step is to inform your insurer as soon as possible about the theft of your bike.
- The second step is to file an FIR with your local police station. In this case, this step is mandatory.
- The third step is to submit the relevant documents to the insurer in order to begin the claims process.
- The fourth step is to obtain a non-traceable certificate from the police and submit it to the insurer.
- In Step 5, your insurance company will transfer the IDV of your bike to your bank account.
Documents required for Bike insurance claim
To file a claim on your bike insurance policy, you’ll need to submit the following documents:
- Document containing policy information
- Claim form duly filled out
- Vehicle registration certificate (RC)
- At the time of the accident, the driver’s license was valid
- Theft police report (mandatory in theft cases)
- For reimbursement claims, original repair invoices and bills are required
- Vehicle owner’s signed Form 28/29/30 (in case of total loss)
- Certificate of No Objection (if the vehicle is financed)
Check out our motor claims page for a complete list of documents and instructions.
How to Choose a bike insurance provider
To ensure hassle-free claims, it is essential to choose a reputable insurance company. To determine if the company is trustworthy, you should also look at the claim settlement ratio and factors such as the company’s age and size. Select a company with a good claim settlement ratio from the IRDAI (Insurance Regulatory Development Authority of India) website. Because IFFCO Tokio’s prompt and efficient claim process, it has a reputation for providing a good claim settlement ratio. Through its user-friendly mobile app, Quick Claim Settlement (QCS), you can place a claim request for up to Rs.20,000 for two-wheeler insurance.
Obtain a brief understanding of the insurance provider’s claim filing process. It is best to choose a insurance broker like square insurance that lets you buy bike insurance online. It is more convenient and quicker to file a claim online. Before filing or renew bike insurance online always know the details of your policy, including the features, inclusions, and exclusions, so you can avoid delays and rejections.
Author Bio
Square Insurance Brokers is the top insurance broker in India, Providing all insurance solutions at one place; you can compare multiple insurers’ company quotes and choose the best that fit our need. It provides insurance services all over India.
