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Two-wheeler Insurance Claims: Your Ultimate Guide to Own-Damage Claim Settlement

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The biggest reason why you should buy bike insurance policy is so that you can avail the benefits during an emergency and don’t have to worry about shelling out a huge chunk of money from your own pocket. And, these days, you can buy two-wheeler insurance online easily without any hassle or endless paperwork. The policy can be purchased for both long term and short term based on your preference. However, one thing which people get confused and unsure about is the claim settlement ratio and the process of filing a claim for own-damages. So, read on to understand the same.

What is a Claim Settlement Ratio?

A claim settlement ratio is the ratio of the number of insurance claims paid by the number of insurance claims filed by policyholders. A high ratio represents a company’s efficiency of paying claims on time and it helps building trust in the market. People looking for bike insurance must check for an insurance company’s claim settlement ratio and opt for the best amongst these. Companies with a low claim settlement ratio often do not pay the policyholders their due claim, which leaves them agitated and worried.

Types of Bike Insurance

1. Third- Party Liability Bike Insurance: As the name suggests, third-party insurance policy covers damages done to a third-party property or vehicle or person. This is mandatory as per the Motor Vehicles Act.

2. Standalone Own Damage Insurance: Standalone own damage policy shields you only against costs incurred due to the damages caused to your car by accidents, thefts and natural calamities. You are expected to have a third party cover while buying standalone own damage insurance.

3. Comprehensive Bike Insurance: Apart from covering third-party damage, comprehensive insurance policy also covers own damage. This is not a mandatory cover but experts recommend this policy for all-round protection to your bike.

Types of Claims

Your insurance policy covers your vehicle damages, you from legal expenses & any injury expenses. While there are various types of claims, but own-damage claims are of mainly two types:

1. Cashless Claim

In cashless facility, you have to pay only the deductibles and the rest of the amount is paid by the insurer. But you have to take your vehicle to one of the insurance provider’s network garages.

2. Reimbursement Claim

In reimbursement claim, you have to pay for the expenses and the amount is reimbursed by the insurer after verifying the original bills, receipts, etc. In this case, you can get your bike repaired at your preferred garage.

How to Claim

Step 1: Contact your insurance provider and register your claim: Contact your insurance company and share all the essential documents and details like location of the accident/mishap, bike registration number and personal details.You can call the insurance company’s toll-free number or visit their website to register the claim.

Step 2: Get a survey of your two-wheeler: Once you register your claim, the insurance company will then send a surveyor to verify the condition of the bike before sending it for repairs.

Step 3: Damage Repair and Reimbursement: You can take your two-wheeler to one of the insurance company’s network garages for repairs if you opt for cashless claim. In case of reimbursement, you can get it repaired at any garage and make the payment from your own pocket. Later, you can get reimbursed for the same after submitting all the bills and receipts. After taking into consideration all the depreciation and deductibles, the insurance company will finally release the amount.

Reasons for Claim Rejection?

Claims can be rejected for the following reasons, and so, you have to read the terms and conditions carefully before raising the same.

• Act of negligence

• Misinterpretation of facts

• Registering a fraud claim

• No proper data or details to process the insurance claim

• Delay in informing the insurer about the accident

• Driving without a valid license

• Driving under the influence of alcohol/drugs

Conclusion

The process of claim settlement is simple. If you get your two-wheeler insurance from a reputed and trustworthy insurance company based on the claim settlement ratio, you will surely get the entitled claim amount and that too without any hassles. This is the reason why one must read the insurance policy details before making a purchase.

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

This blog has been written by:

Mukesh Kumar | Motor Insurance Expert | 36+ years of experience in insurance industry

A veteran in the insurance industry, Mukesh Kumar has the expertise of handling various functions like Business Development, Underwriting, Claims, Human Resources, Quality Management and Marketing. With rich knowledge of the industry, he loves to share his views on topics of insurance sector and takes special interest in educating people on advantages of having insurance

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Few Other Articles:

• Top Reasons For Two-Wheeler Insurance Claim Rejection

   

• Why Your Two-Wheeler Insurance Claim Can Get Rejected

   

• Things to Keep in Mind While Getting Two-Wheeler Insurance

   

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