A bike insurance claim is a process of informing your insurer about a loss. A claim under a two-wheeler insurance policy could be for personal injury, property, or vehicle damage. Insurance companies settle two-wheeler insurance claims worth crores of rupees every year.
Types of claims: There are two kinds of claims you can make for your two-wheeler.
- Cashless claims: You would not have to pay the entire repair cost out of your pocket if you file a cashless claim under your two-wheeler insurance policy. You only pay the deductible, and the insurance company covers the rest. You can use cashless services at any insurance company’s network garages.
- Reimbursement claims: If you file a reimbursement claim for the damage to your two-wheeler, you must pay for the entire cost of repairs, including the deductible, on your own. When you file a claim, the company reimburses you for the repair costs based on the policy’s You can also use the services of a non-network garage while filing a reimbursement claim. * Standard T&C Apply
Claim settlement process: Let us now learn how to claim bike insurance with these steps:
- Contact your two-wheeler insurance company as soon as possible to apply for a claim.
- File an FIR at the nearest station if the two-wheeler is stolen or involved in a significant accident.
- Have the damage assessed by a professional at a garage to determine the extent of the damage. You can file a cashless claim if you visit a network garage.
- Complete the necessary forms and submit the required documents. Use the services, and the insurer would pay the claim. In the event of a reimbursement claim, pay at the service centre.
* Standard T&C Apply
In our experience, the Bajaj Allianz bike insurance claim process would be easy and hassle-free. They ensure the customer goes through a smooth claim settlement.
Documents required for the settlement of a two-wheeler insurance claim
You must submit the following documents when filing a two-wheeler insurance claim:
- FIR (in the event of fatal injuries/accidents or third-party liabilities)
- Copy of insurance policy document
- Completed and signed claim form
- PUC (Pollution Under Control) certification
- Original repair receipts/bills
- The bike’s driver’s license,
- Registration Certificate (RC)
- A copy of your PAN card (when the claim amount is above Rs. 1 lakh)
- An adequately signed satisfaction or discharge voucher
* Standard T&C Apply
Keep in mind that not all insurance companies may be equally good at settling claims. If you want to know how well an insurance company handles them, look at its Claim Settlement Ratio.
The Claim Settlement Ratio (CSR) is the ratio of total claims approved by an insurance company to total claims incurred during a fiscal year. CSR is a metric used to assess an insurance company’s trustworthiness. The greater the two-wheeler claim settlement ratio, the more reliable the insurer.
In conclusion, remember that buying third-party liability insurance for a bike is mandatory by law. You can opt for Bajaj Allianz third-party bike insurance as it charges low premiums and settles claims easily. A comprehensive cover would, however, provide better coverage and has many add-ons.
Also, in order to make claims, you must remember to renew your insurance before it lapses. When renewing your existing bike insurance, consider switching between insurance providers if you want to. You can compare various options online before making an informed decision.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.