How To Claim Insurance For The Bike?
The Motor Vehicles Act of 1988 mandates that all bikes and scooters operating on Indian highways carry third-party coverage. It protects against third-party liability from an accident or collision involving the covered bike. A third-party insurance policy will not, however, cover the damages to your bike.
Therefore, every bike owner is advised to purchase comprehensive two-wheeler insurance coverage. In addition to covering the required third-party obligations, it will also cover any theft, collision, earthquake, tsunami, riot, or vandalism that may occur to the insured bike.
However, do you know how to file a claim under your bike insurance? Even if you don't, you have little cause for concern. In this post, you will learn everything you need about two-wheeler insurance claims, including how to make a claim. So, let's get started.
What is a bike insurance claim?
A complete two-wheeler insurance coverage covers your bike against any loss or damage from a covered peril. For instance, assume you are doing a tight turn on your bike when you abruptly lose your balance and are involved in an accident that results in injuries and damage to your bike.
In such a case, your two-wheeler insurance provider will be responsible for compensating you for your financial losses. However, you must file an auto insurance claim for this. The insurance claim refers to notifying the insurer of the incident and requesting compensation for the loss.
Before we delve into the procedure of submitting a bike insurance claim, let's examine the two sorts of claims:
Some insurers permit policyholders to get their bikes fixed without paying in advance. The sole requirement is that the bike is taken to a garage inside their network. Such claims are cashless since the insurer pays the garage owner directly to fix an insured bike.
If an automobile insurance policy does not include cashless benefits, the policyholder must pay for repairs out of pocket. However, they can claim with the insurance company and receive compensation for the charges. Such claims are reimbursement claims in which the insurer pays the policyholder the agreed amount.
How can you file a claim for bike insurance?
Now that you know the definition and sorts of claims let's examine how to file a bike insurance claim. Typically, you may be required to file a claim in one of the following three situations:
- Your bike destroys someone else's property or injured at least someone. In this instance, a claim for third-party liability will apply.
- You are included in an accident that damages your bike. In such a circumstance, you should file your damage claim.
- Your bike has been stolen. You will be liable for filing your damage claim in such a case. The insurer will consider the vehicle a "total loss" and pay you the IDV.
- The Personal Accident cover for owner-drivers allows the insured to file a claim in the event of an accident that results in death or permanent disability.
Listed below are the processes to file a claim for bike insurance:
Steps to file a third-party insurance claim
- First, collect the policy information from the opposing party and notify the insurer of the third-party claim.
- The insurance provider will forward your case to the Motor Insurance Claims Tribunal for a ruling.
- After listening from both sides, the tribunal court will determine the compensation you must receive.
- The insurer will fund the amount of compensation into your bank account.
There are a 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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