Steps to Claim Bike Insurance After an Accident

Posted on: Jan 27, 2023 | | Written by:

Steps to Claim Bike Insurance After an Accident

Published on January 27, 2023. EST READ TIME: 4 minutes

Two-wheelers in India are quite popular due to a myriad of reasons. For starters, they are more affordable to buy, they are cheaper to maintain and the running costs are affordable as well. One crucial part of owning a two-wheeler is buying a bike insurance plan for it. You must opt for a plan because it is mandatory as per the law and it has a lot of perks.

The Motor Vehicles Act of 1988 first made it mandatory for all vehicle owners to buy insurance for their vehicles. Failing to do so can attract hefty penalties for you. One of the primary reasons for buying a bike insurance plan is to protect your bike against several contingencies. If you are wondering how to claim your insurance, here is all that you need to know.

What does a bike insurance claim mean?

A bike insurance plan is essentially a legal agreement between you and an insurance company. As a part of the agreement, you will pay the pre-defined insurance premium to the insurance company. And in return, the insurance provider will protect your bike against the conditions mentioned in the policy documents.

In the unfortunate event of your bike meeting with an accident, you will want to claim the policy. It is a simple request to honour the agreement and compensate for the damages that your bike has incurred. To initiate a claim, you must fill out the claim form and submit it to your insurance provider.

How to claim your bike insurance policy?

There can be a number of scenarios where you can claim your bike insurance policy. Here are some of the most popular ones.

1. If your bike meets with an accident, causing injuries or damages to third-party individuals or vehicles or even properties. In such cases, a third-party liability claim is in order.

2. If your bike was stolen and cannot be recovered even after policy complaints, you can file for compensation. The insurance provider will compensate you with the IDV of the bike.

3. If your bike incurs damages during an accident, you can submit a claim for your own damages.

Depending on the type of claim that you want to proceed with, the steps will vary a bit. Here are the steps to claim your bike insurance based on the type of claim that you want to make.

How to file a claim for third-party liability?

1. You must first take the insurance details of the other party and inform the insurance provider about the claim.

2. The insurance provider will then submit your claim request to the Motor Insurance Claims Tribunal for a decision.

3. The tribunal court will hear both parties and then decide on an amount for the compensation.

4. Post the hearing, the insurance provider will deposit the compensation amount in your bank account.

How to file a claim for OD cover?

OD or own damage cover comes in useful when there are damages to your bike, and you want to repair or replace those parts. Here is how you must proceed with a claim for OD.

1. Inform your insurance provider about the incident.

2. You must submit all the documents deemed necessary by your insurance provider along with the claim form. In the event of an accident, you must submit an FIR with your nearest police station.

3. The insurance provider will then send a surveyor to assess the damages to the bike.

4. Once your surveyor is convinced about the damages, he will give a green flag to the garage to start with the repairs.

5. If you have opted for a cashless claim, the insurance provider will directly settle the claim with the garage. You will only have to pay any deductibles out of your pocket. For reimbursement cases, the insurance provider will directly submit the claim amount to your bank account.

The process for claiming your comprehensive bike insurance plan is also similar.

How to file a claim in the event of bike theft?

In the unfortunate event of theft of your bike, here are the steps that you need to follow.

1. You must first inform your insurance provider about the stolen bike.

2. You must then file an FIR with the nearest police station. And submit the report along with the claim.

3. Once you inform the insurance provider about the claim, they will help you with all the necessary documents needed for the claim. You will need to submit these.

4. You must place a request for a non-traceable police report and pass it on to your insurance provider.

5. Once the insurance provider verifies all the documents, they will compensate you with the IDV of the bike.

Documents that you need to submit for a claim

The documents that you will need to submit for a claim will vary based on the type of claim. Here are some of the common documents that you will need to submit.

1. A claim form that is duly filled and signed

2. Details of the policy, name of the policyholder, contact details, and registration number of the bike

3. Estimate for damage repair

4. Receipts of repair bills for the damages

For accidents or theft cases, you will need to submit a first information report to the nearest police station.

Which policy should you opt for?

The law mandates all vehicle owners to have a third party bike insurance policy at the minimum. The policy is barebones and offers you protection against damages or injuries to third parties. And this results in the policy being quite affordable.

If you want to get a policy that offers better coverage, comprehensive bike insurance is what you should be looking to buy. Comprehensive bike insurance policies offer the benefits of third-party policies and protect your bike against your own damage. You can also opt for add-ons along with a comprehensive plan. By paying a small premium, you can further enhance the capability of your policy.

By choosing to buy your bike insurance policy online, you can save a considerable amount of money on insurance premiums. You can compare two wheeler insurance online. When you compare two wheeler insurance, you will receive policy quotations from different insurance providers. This simple exercise will help you buy a policy that has a lower policy premium without compromising on the features of the plan.

Conclusion

The perks of buying a comprehensive bike insurance policy far outweigh the premium amount that you pay for the same. Before buying, it is essential to opt for a policy that offers adequate coverage for your bike. Given the higher price of bikes and the ever-increasing vehicular population, it makes even more sense to opt for a good policy. The above information will help you during any claims of your bike insurance policy.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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