Bike insurance is mandatory as dictated by the Motor Vehicles Act of 1988. Therefore, bike owners do buy insurance to comply with this mandate and to protect their finances in times of unforeseen bike accidents. However, it is equally important to be aware of the way bike insurance works, especially when you have to raise claims. Lack of awareness and information can lead to your claim getting rejected. In this article, we provide you with 4 important tips that can take you a step ahead in getting your bike insurance claim approved.
First, let’s understand in brief how a normal two wheeler insurance claim settlement process works:
- You inform the insurance company after your bike has suffered damages covered in the policy
- The insurer surveys and evaluates the authenticity of your claim
- If the insurer is satisfied with the evaluation, they approve your claim and you get your damages covered as per the conditions of the policy.
Now, between these steps, there are some things that you need to keep in mind to ensure smooth claim settlement.
- Inform the insurer on time
After your bike has suffered damages, you are expected to inform the bike insurance company within a stipulated period of time. If you fail to inform them within the given time, then your claim may most likely be rejected. When you are buying the insurance policy, you can ask the agent or visit the website and learn about the time frame your insurer has prescribed. There may be several things that require your attention post an unforeseen event; however, do make it a point to call your insurer, visit their website, or raise a claim through an app.
- Read the policy documents carefully
This is an often repeated sentence and there are several reasons why. Different insurance companies approach policies differently. Being aware of the guidelines that your insurer follows is quite important if you want to get your bike insurance claim accepted. For instance, consider the case where your bike gets involved in an accident that has caused damage to someone’s property. Now, you may want to pay compensation to the property owner yourself. However, did you know that if you paid the owner first and informed the insurer later, there could be problems with your claims? Therefore, read the policy documents and be an informed policyholder.
- Keep the required documents handy
While the documentation requirement can differ from insurer to insurer, these are some documents that are generally required:
- Vehicle registration papers
- Driving license
- An estimate of repairs
- Police report (in case of accidents)
- Two wheeler insurance papers
Along with the photocopies of these documents, you may also be asked for the original forms. So, be prepared with those.
- Do not alter the condition of the damaged bike until the assessment
The bike insurance company usually sends in a surveyor to assess the condition of the bike after you have raised a claim. Now, it is important that you do not make any changes to the bike, especially the damaged parts until the surveyor has arrived and done their job. This allows them to check for themselves the extent to which your bike has been damaged. The claim amount you are eligible for will be decided on this assessment. Failure to comply with this can lead to a rejection of your two wheeler insurance claim.
Besides these, remember to coordinate with the surveyor, take photos of the damages and anything else that can substantiate your bike insurance claim, and avoid exaggerating the facts to your insurer. Also, remember to choose an insurer with a high claim settlement ratio as that is an indication that your claim has good chances of getting settled quickly.
We hope this article has improved your understanding of the right way to raise claims in insurance for bike coverage.