How to get claims on my bike insurance in India?

by Neeta Singh Content Marketer

The bike insurance policy will cover the own damage and the third-party damage as per the terms and conditions between the insured and the insurer. There are many insurance companies in India which work as per the guidelines of the IRDAI. When you buy a motor insurance plan, you should know the procedure to claim the policy. The steps that you should take immediately after the theft or accident will help you get the compensation quickly and easily.

Claim process

You can claim the insurance policy for third-party damage (personal injury or property damage of others) or own damage (self-injuries or damage to your bike). If you buy a comprehensive insurance policy, you are eligible to claim own damage.

The bike insurance claim will take place in three simple steps.

•         Registration of the claim

•         Vehicle repair

•         Claim settlement

Upon successful registration of the claim with the insurance company, you will get a claim reference number. The reference number can be used to find out the status of the claim.

You will also get regular updates from the insurance company about claims.

Policy coverage

•         You can buy bike insurance online or offline as per your convenience.

•         Before buying the policy you should assess your insurance requirements.

•         The insurance policy should cover most of the risk factors that are relevant to your bike and its usage.

•         It is also important to understand the risk factors that are covered by your insurance policy and the risk factors that are not covered by your insurance policy.

Accident claim

•         Call the ambulance – If there are self-injuries or injuries to the third person, you should call the ambulance immediately.

•         Inform the police – After the accident, you should inform the police.

•         Inform the insurance company – The information about the accident should be conveyed to the insurance company.

•         No statement of admission – No statement should be made to the police, or witnesses or the third-party in admitting your fault. Even though you are the cause of the accident, you should not take ownership of the misfortune.

•         Replacement bike – Some insurance companies will provide a replacement bike to be used by the insured until the repair of the bike

•         Accident with uninsured vehicle – If you met with an accident with an uninsured vehicle, you can claim the policy from your insurance company.

•         Contact details of the party – You should collect the contact details of the party involved in the accident

•         Contact details of witnesses – The contact details of witnesses should be collected who are present at the accident site

•         Take pictures of evidence – If possible, you can take pictures of evidence from the accident site 

Don’ts after the accident

•         Settlement agreement – You should not enter into an agreement with the third-party in which case, you may not be able to claim the insurance policy successfully.

•         Undisclosed deals – Your insurance policy will become null and void when you go for undisclosed deals with the insurance company

•         Don’t move the vehicle – The vehicle should not be moved from the accident spot without taking the permission from the police or the insurance company

Information to the insurer

•         Provide complete information - You should provide complete information to the insurance company. The information about FIR, insurance details of third-party (involved in the accident), name & contact numbers of third-party and witnesses should be conveyed to the insurance company.

•         Assessment of damage – The insurance company should get an estimation of the damage and repair cost. Hence, your bike should be assessed by an assessor at a dealer or service station authorized by the insurance company

•         Repair at the garage of your choice – If you repair the bike at a garage of your choice without consulting the insurance company, you may find it difficult to get reimbursement of the entire amount

•         Admission of fault – You should not admit the fault with the insurance company as it can affect your claim

Assessment of fault

•         Damage expenses from the other insurance company – If the third-party is responsible for the damage, the insurance company will work with the insurance company of the third-party to collect damage expenses

•         Review the accident report – The insurance company will generate the accident report. You should review the report and you can raise an objection if you were falsely accused in the report. You can request the insurance company to reassess the mishap. If there is conflict, you can contact your lawyer.

•         Compensation offer – The insurance company will give you a compensation offer as per the terms and conditions of the policy. If you are not satisfied with the damage figure offered by the insurance company, you can raise an objection or consult your lawyer.

Property damage

If there is damage of property during the accident, you should take the following steps:

•         Authorized garages – The claim settlement will be quick and easy by approaching an authorized garage.

•         Quick claim settlement – If you approach a network of garages affiliated to the insurance company, there will be quick claim settlement. You will want to pay a minimum amount towards various expenses. The depreciation cost of the vehicle will be deducted by the insurance company.

Physical Injuries

•         Reimbursement of hospitalization bills – If you subscribe to a comprehensive bike insurance policy, it is possible to get reimbursement of hospital bills when you suffer minor or major injuries in the accident

•         Permanent disability – The insurance company will pay compensation towards the permanent disability

•         Temporary disability – The insurance company will pay compensation towards the temporary disability as per the terms and conditions of the policy

Theft claim

•         Written complaints to the police station - If your bike was stolen, you should inform the police in writing.

•         Inform the insurance company – The information about the loss of vehicle should be reported to the insurance company immediately

•         Non-traceable report – If it is not possible to trace your vehicle within 90 days, you should get a non-traceable report from the insurance company. The police will clarify that they are yet to trace the vehicle.

•         Submission of a non-traceable report – The insurance company will process the claim after receiving the non-traceable report from the insured.

Send your vehicle to the garage

After the registration of the claim with the insurance company, the following steps should be performed:

•         If the vehicle is movable – If the vehicle is movable, you should take the vehicle to the garage

•         If the vehicle is immovable – Make use of the towing facility to take the bike to the garage safely

•         Visit of the surveyor – The surveyor will visit the garage and will make an assessment of the vehicle

Submission of documents

You should send various kinds of documents to the insurance company and garage as per the type of claim.

You may want to submit original certificates along –with Xerox copies for verification purpose.

Accidental claims

•         Insurance copy

•         Vehicle registration certificate/ card

•         Driving license (the person who is driving the vehicle at the time of the accident)

•         FIR

•         Estimate for repairs

•         Repair invoice (for cashless garage facility)

•         Payment receipt (for reimbursement)

•         Claims discharge voucher with revenue stamp

Theft claims

•         Insurance copy

•         Vehicle registration certificate/ card (including original documents)

•         Previous insurance policy details

•         Set of keys

•         Service booklet

•         Warranty card

•         FIR

•         Acknowledgment of intimation of theft from the police

•         Non-traceable report from the police station

•         Form 28, 29 and 30 with signatures

•         Form 35 from the financier

•         Letter of subrogation

•         NOC from the financier

•         Claims discharge voucher with revenue stamp

Third-party claims

•         Claim form signed by the insurer

•         Vehicle registration certificate/ card

•         FIR copy

•         Driving license copy

In some cases, you will want to submit additional documents as per the type of claim. You will get intimation from the insurance company about the same.

Spot settlement

Some insurance companies offer the spot settlement of claims.

If there is a minor loss, the settlement can be made quickly and easily on the spot.

Claim settlement

•         Payment to the garage – The garage will complete the repair works as per the consent was given by the insurance company. The bills will be paid by the insurance company to the garage directly.

•         Excess amount – The insured should pay the excess amount such as deductible, depreciation, salvage and other heads.

The surveyor will inform the insured about the risks that are covered by the policy and the amount that should be borne by the insured.

Conclusion

Bike insurance plan claim can be made very easily when you are aware of the terms and conditions of the insurance policy. You should inform the insurance company as soon as you suffer loss or damage to the vehicle. The requisite documents should be submitted to the insurance company. The insurance company will settle the issue as per the contract.

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Created on Nov 13th 2018 03:56. Viewed 800 times.

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