How To Claim Bike Insurance?
You notify your insurer of an occurrence that resulted in damages to the covered vehicle by claiming your bike. It may result from accidents, theft, or natural or man-made disasters.
It requires you to submit a request for reimbursement of expenses in the appropriate format. Therefore, it is crucial to select a qualified company to pay claims.
But before delving into the two-wheeler insurance claim settlement procedure, it is important to understand the different types of claims:
Cashless Bike Insurance Claims
A cashless bike insurance claim permits the vehicle to be repaired at no cost. The sole requirement is to get the services at a network garage. You pay the deductible amount that is not covered by the insurance and take your restored vehicle home.
The deductible is the part of a claim paid by the insured. It is determined at the time of premium and IDV computation. In contrast, a network garage is one with whom the insurer has partnerships. If you choose a network garage, your repair fees are paid directly to the shop.
Bike Insurance Reimbursement Claims
In the event of a bike insurance reimbursement claim, you must pay for the repairs out of pocket and submit a claim later. After checking supporting papers such as the original repair bill, receipt, insurance document, RC, etc., the insurer will repay the amount expended.
The best aspect is that you may have your bike fixed at the garage of your choice and get reimbursed for the cost.
How can you claim bike insurance?
Now that you are familiar with the definition and sorts of claims let's examine how to file a bicycle insurance claim. Typically, you may be required to claim in one of the following three situations:
Your bike destroys someone else's property or injures someone. In this instance, a claim for third-party culpability will apply.
You are involved in an accident that damages your bicycle. In such a circumstance, you must file your damage claim.
Your bike has been stolen. You will be responsible for filing your damage claim in such a case. The insurance will consider the car a "total loss" and pay you the vehicle's Insured Declared Value (IDV).
The Personal Accident coverage for owner-drivers allows the insured to submit a claim in an accident that results in death or permanent disability.
Listed below are the processes to submit a claim for bike insurance:
Claims-filing procedures for third-party insurance
First, get the policy information from the opposing party and notify the insurer of the third-party claim.
Next, the insurance provider will send your case to the bike Insurance Claims Tribunal for a ruling.
After hearing from both sides, the tribunal court will determine the amount of compensation that should be awarded to you.
The insurer will deposit the amount of compensation into your bank account.
How to claim OD coverage
Immediately notify the insurance provider.
Submit the necessary claim documentation. File an FIR with the local police station if necessary.
The insurer will next hire a surveyor to verify the claim and assess the damages.
If the surveyor determines that your claim is legitimate, they will authorize the garage to begin repair work.
In the case of a cashless claim, the insurer and the garage will reimburse the expenses directly. In contrast, the repair money will be paid to your bank account via National Electronic Fund Transfer in the event of a reimbursement claim (NEFT).
Claim filing procedures in case of theft
First, notify your insurer promptly of the theft of your bicycle.
File a police report at your local station. This step is required in this instance.
Now, submit the necessary claim documentation to the insurance.
Obtain a non-traceable certificate from the police and send it to the insurance as the fourth step.
The insurance will deposit the IDV of your bike to your bank account.
Required documents for bike insurance claims
The following documentation must be submitted to the insurer to file a claim on your bike insurance policy:
Policy documents and Duly filled claim form.
Certificate of Registration (RC) of the car Driving license of the driver at the time of the accident Copy of the police FIR (mandatory in cases of theft)
Original invoices and bills for repairs (for reimbursement claims)
Certificate Without Objection (if the vehicle is financed)
There are lot of insurance companies in the market offering various insurance policies at different rates. you must compare before buying an insurance policy. search on finndit.com and get the details of insurance policy providers near you.
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