What Is The Process Of Settlement Of A Bike Or Two-Wheeler Insurance Claim?
Bike insurance claim settlement is your insurance provider’s procedure to give you financial support for bike repairs or legal obligations. The process consists of three steps:
- Notifying the insurance provider of the basis for the claim
- The insurer’s verification and examination of the claim
- The terms and conditions of the policy resolve the claim
Claims are subject to terms and conditions set forth under two-wheeler insurance policy.
A bike insurance premium calculator is a convenient tool you can utilise online to check the coverage needed based on your requirements.
How To Claim Insurance For Bike Theft Successfully*
- Prompt Notice
You should notify the insurance provider of the incident for which you wish to file a claim as soon as possible. For instance, it is advised to notify the insurer immediately if your bike is damaged due to flooding and submit a claim. Delays in informing the insurer may lead to lower chances of claim approval.
- Gather Knowledge
To support your claim, gather as much information as you can. Examples of this proof include images, videos, newspaper clippings, links to online articles, etc. Take pictures and videos of the damaged bike, for instance, if vandalism has caused damage to it. Please send any newspaper clippings or online articles that cover the local incident.
- Proper Documentation
Documentation is optional when filing claims. However, some types of claims require specific documents. If you choose to file a reimbursement claim, you might need a First Information Report (FIR) for a severe bike accident claim, a No Trace Report for a claim of bike theft, and repair invoices from the mechanic.
- Cooperation
Throughout the Claim Settlement process, you must cooperate with claims team executives. Be patient, cooperative, and honest when answering questions about a specific dent on a bike or describing how the bike was involved in an accident.
Claims are subject to terms and conditions set forth under two-wheeler insurance policy.
Two-Wheeler Insurance Claims Require The Following Information/Documents:
Here is a list of the fundamental data and paperwork typically needed to file a two-wheeler insurance claim.
- A two-wheeler insurance policy that is legally binding (it should have been in effect when the accident or incident for which the claim was made occurred).
- Information relevant to money transfers, such as bank information.
- Your address, full name, and other contact information like your email address and phone number.
- Reports and, if applicable, receipts from the pertinent authorities.
Ensure you are well versed with this essential knowledge of how to claim bike insurance.
The following top three add-ons will help you get more out of the claim-settlement procedure for your bike insurance policy:
- Zero Depreciation
With this addition, when repairing or replacing a bike’s parts, the depreciated value of those parts shall not be considered. Because of this, the insurer will may be able to pay you the original value of the asset. It is strongly advised that new vehicles have this add-on cover.*
- Invoice Protection
A bike is deemed a Total Loss by insurers if it is either stolen or irreparably damaged. In this case, you are compensated with the bike’s Insured Declared Value (IDV).*
- No Claim Bonus (NCB)
The NCB component is protected by this addition even if you file a claim. You can file a claim and access the renewal concession in this manner. *
Claims are subject to terms and conditions set forth under two-wheeler insurance policy.
* Standard T&C Apply
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.