Bike insurance is an important document, mainly depending on the coverage you need in instances like theft, an accident, or even damage. Being aware of what to expect and the actions to take in such situations can help save time as well as money. Therefore, a bike insurance check can be done periodically and it allows one to confirm if the policy is current or needs renewal. Keep reading to learn more about the bike insurance system in India.
What is the Bike Insurance Claim Process in India?
A bike insurance claim is a formal request to an insurance company to cover damages during uncertain situations. These situations include road accidents, theft, natural calamities, or third-party damage. Therefore, the insurance company checks the reason for the claim and then decides whether the policyholder deserves compensation. Getting insurance for your bike acts as a shield from costs that result from repairs, replacements, or losses for yourself and any third party involved. Hence, a complete insurance check should be done before filing a claim to ensure the terms and conditions are suitable to your needs.
Types of Bike Insurance
There are several types of bike insurance depending on the needs of the bike owner such as the following:
Comprehensive Bike Insurance
This type of insurance covers the insured bike for damages, theft, and third-party liabilities. It also covers damages caused by natural calamities and man-made disasters. This claim shields you financially, no matter the extent of the damage, be it a scratch or one that will need proper fixing.
Third-Party Bike Insurance
Third-party liability pays for legal costs when a bike accident leads to injuries or damage to another person or their property. In this case, you may not have to pay the entire charge for the damage caused to third parties out of your pocket.
Own Damage Bike Insurance
This insurance policy includes a claim of any disability of your bike resulting from natural disasters, including floods or storms, any accidents or damages caused as a result of vandalism. Nonetheless, this coverage does not cover any damage caused to third parties.
Steps to Follow Before Filing a Bike Insurance Claim
Here is a guide to help you conduct an insurance check for your bike effectively:
Assess the Situation
During an accident, a person needs to assess the situation immediately and decide whether everyone and everything is okay. Immediately, decide about the extent of damage or loss that has occurred.
Notify the Authorities
If the bike is stolen or if there is an incident with a third party, then get the appropriate authorities involved, such as the police. It is standard for insurance companies to ask for a First Information Report (FIR) when filing a claim.
Conducting an Assessment
The insurance company will assess the incident and gather evidence for passing the claim. These could be pictures of the damage, video clips, and recorded statements from involved parties.
Review Your Policy
Carry out some insurance checks to see if your insurance policy allows you to file the type of claim you want. Moreover, you should avoid missing or limiting coverage options in a policy to get maximum benefits.
Documentation
All your documentation should be complete to submit to the insurance company for claiming reimbursement. However, if you have a cashless policy, then the repairing garage will directly contact the insurance company.
Documents Required for Claiming a Bike Insurance
The complete documents list required for claiming bike insurance are:
- Completed claim form of the insurance company
- Original repair receipts
- FIR report (in case of theft)
- Evidence of the damage to the bike
- Policy documents
- Estimated repair cost from the garage
- Proof of identity of the bike owner (Aadhaar card, driving licence, etc.)
Any other documents asked to be submitted
Advantages of Claiming a Bike Insurance
The following are the benefits to consider while claiming a bike insurance policy:
Financial Protection
The most common benefit people get from a bike insurance claim is financial protection. Insurance claims cover uncertain costs, meaning you do not have to spend money.
Legal Liability Coverage
A third-party claim shields you from instances where you are involved in an accident and are held legally liable for injuring somebody or damaging their property.
Hassle-Free Repairs
Most bike insurance policies come with a list of network garages where you can get your bike repaired without paying anything. Furthermore, these garages are connected with insurance companies that provide you with the benefit of cashless repairs.
Final Words
Overall, knowing how bike insurance claims work is crucial in case an emergency occurs. Performing a total bike insurance check ensures that one is familiar with the various terms and conditions in the policy. Hence, it helps you to minimise any financial shock during an uncertain situation.
