Riding a bike is adventurous, but what if it meets with an accident, collision, or someone steals it?
Who will take the financial responsibility for own damages, third-party damage and other losses?
Here, the bike insurance policy from a reputed insurer like Tata AIG comes into play, giving you financial protection against these damages. However, to get this financial protection, you have to successfully file a claim with the insurer.
So, in this guide, we will learn how to claim insurance for bikes successfully.
How Much Can You Claim for a Bike Accident?
- To know the claim amount, one has to take care of the various factors, from which the most basic is to look at your bike insurance policy and check the coverage limits you can claim on the coverages you are entitled to claim.
- You have to consider the other factors too, such as
- Injury severity
- Medical expenses
- Lost wages
- Liability of the responsible party
- Deductible amount
- Insured Declared Value (IDV) of the bike
- You cannot claim more than the IDV in your bike insurance as it is the maximum value or sum assured by the insurance company in the event of theft or total loss of your bike due to an accident.
What are the Requirements For a Two-Wheeler Insurance Claim?
Here are some of the requirements that you have to fulfil or gather before initiating the bike insurance claim process:
- A valid bike insurance policy
- Filled and signed claim form
- Evidence of the incident (photos, police reports, witness statements.
- Driver’s License (DL)
- Registration Certificate (RC)
- Pollution Under Control (PUC) Certificate
- A copy of FIR (in case of fatal injuries/accidents)
- Complete information of damage or loss
- Original receipt/bills of repairs
- A copy of PAN Card (if the claim amount is greater than Rs. 1 Lakh)
- Payment of applicable deductibles or excess amount, if any
- Duly signed Satisfaction Voucher or Discharge Voucher
How Do You Claim Bike Insurance For Your Bike Damage?
- First, contact the concerned authorities, like contacting the police to report the incident and obtain a copy of FIR (First Information Report).
- After that, immediately contact your insurer and tell them about the incident with all the appropriate details. You can also mail them to ensure proper communication with proof.
- Now, for a record, do capture the incident images, including the images of the damages occurring to the bike, you or the third party. Make a video of the people around you which can tell about the exact incident that happened.
- Then, file a claim online or offline, provided by your insurer. Fill in the right details and attach the necessary documents, such as your insurance policy, FIR, etc.
- Then, get the estimated repair costs from a nearby trustworthy garage or workshop.
- A representative from your insurance company might inspect your bike to evaluate the extent of damage incurred.
- Once your claim is approved, you can take your bike for the repair. Take the cashless or reimbursement claim for the damages provided by the insurance company. The amount will be based on your policy terms.
- If applicable, pay the deductible before receiving coverage for the remaining expenses from your insurance company.
- Stay in touch with both your online two-wheeler insurance company and repair shop to ensure a process throughout.
- Keep all bills, repair receipts and documentation as records.
Tips For Successfully Filing a Bike Insurance Claims?
● Immediately Contact the Insurance Company
For the successful filing of a bike insurance claim, immediately contact the insurance company and tell them about the incident that happened involving the insured bike.
● Collect All Evidence and Information
You need to collect all the evidence by clicking pictures or making a video of the site of the incident. It will strengthen your claim request and reduce the chances of the claim rejection.
● Accurate Incident Description
You must provide accurate and descriptive information regarding the incident. You must answer what, why, and where the incident happened and what damage occurred to you, your bike, property and the people in the accident.
● Right Documentation
You must have the right document and evidence to make the claim request. For example, if there is a case of an accident, you must have an FIR (first information report) copy or a No Trace Report in case of theft.
Moreover, for making the reimbursement claim, you should have the repair receipt or the part replacement cost receipt to avoid any issues while making the claim.
● Timely Submission of Claim Forms
It is also advisable to fill out all the necessary details and submit your claim form by attaching all the evidence. It will prevent unnecessary delays.
● Take Regular Follow-up
One of the final tips is to regularly follow up with your insurance company to know the status of your claim. Cooperate with them if they require any additional information or documents for a smoother settlement process.
For a successful claim, one more basic thing that you have to take care of is to check your two-wheeler insurance policy’s renewal date so that you can renew it before its expiry.
All the processes mentioned above will be successful only if one has a valid bike insurance policy and adequate coverage and limits.
These guides and the careful consideration of minute information will help you to get a quick and hassle-free claim from your insurer. Good Luck!