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Bike/Two Wheeler Insurance Claim
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Having two-wheeler insurance can protect you from the financial burden that may fall upon you in case of an unanticipated bike incident. Depending on the kind of two-wheeler insurance that you buy, it would cover you from the damages against third-party liabilities and the damages due to accidents and theft.
The most fundamental aspect of buying insurance is making a claim. If you are well-aware of how two-wheeler insurance works, it would help you understand the different procedures that are involved in it, making a claim will be easier and the ultimate aim of buying insurance will not go for a toss.
What is Two Wheeler Insurance Claim Settlement?
A claim is a demand that is made to the two-wheeler insurance company to indemnify or compensate the policyholder for the damages that were incurred to the two-wheeler due to covered risks. If the claims are made following the given policies and conditions, the insurance company settles the claim.
The kind of claim you are entitled to make depends on the kind of two-wheeler insurance that you have opted for. A claim is made in 3 situations:
- Third-Party Claims
If your two-wheeler causes damage to a third-party, a third-party liability arises. A third-party could include a person, a vehicle or property. Third-party two-wheeler insurance would cover the third-party losses on the behalf of the policyholder. - Theft of the Vehicle
If your two-wheeler gets stolen and it cannot be traced your insurance company would pay you the IDV of the bike. - Own Damage Claims
Your two-wheeler insurance company would cover the losses in case your two-wheeler gets damaged in a road accident, or due to a natural disaster like an earthquake, floods etc, or a man-made disaster like vandalism, riots etc.
Read on further to understand how different kinds of claims are made.
- Process of Filing Third-Party Bike Two-Wheeler Claim
- Make sure you note down the vehicle number and contact details of the person who himself or his property has been damaged
- Notify the two-wheeler insurance company about the claim. Carefully note down the reference number as you would need that for following-up
- Filing an FIR at the nearest police station is mandatory
- The matter will then be put up to the Motor Accidents Claim Tribunal (MACT) and the board will decide the extent of the liability
- You will have to fill in the Claim form and submit certain documents (listed below). The form can be taken from the company office or downloaded from the company website
- Once the liability is specified by the MACT, the company will pay the liability to the third-party on your behalf
- Process of Filing Theft Claim
- Notify the two-wheeler insurance company about the claim. Carefully note down the reference number as you would need that for following-up
- File an FIR at the nearest police station, keep a copy of the FIR
- Fill up the Claim Form, which can be taken from the company office or downloaded from the company website
- You will have to wait for the police to search for the bike
- If the police are unable to find your two-wheeler within 3 months of the theft, they would issue you a Non-Traceable Report
- Sumit this report, along with other documents (listed below) to process the claim settlement
- The company will compensate you on the basis of the IDV of the lost two-wheeler
- Process of Filing Own-Damage Claims
There are two ways in which you can claim for own-damage:
- Cashless Claims
- Reimbursement Claims
Cashless Claims
Insurance companies have tie-ups with garages all over the country, these are called network garages. When you get your two-wheeler repaired at a network garage, you can make a cashless claim, as the insurance company would settle the repair cost directly.
How to Make Two Wheeler Insurance Cashless Claims?
- Notify the two-wheeler insurance company about the claim. Carefully note down the reference number as you would need that for following-up
- File an MCR, Motor Collision Report in case there is a collision and an FIR if there is a third-party involved
- Take your bike to the nearest network garage. In case you are unable to do so, you can ask the insurance company for a pick-up facility
- Once at the garage, a company surveyor will assess the bike. To speed up the repair and the claim process, some companies do the assessment through a video call
- Fill up the Claim Form, which can be taken from the company office or the surveyor or can be downloaded from the company website
- A report will be submitted by the surveyor
- When the claim is accepted the repair will be started
- Once the repair is done, you would be able to take it home
How are Cashless Claims Settled?
A cashless claim doesn’t necessarily mean that you would not have to pay anything from your pocket. Unless you have the Zero Depreciation Cover, you will have to pay for the depreciated parts and the consumables.
How to Make Two Wheeler Insurance Reimbursement Claims?
- Notify the two-wheeler insurance company about the claim. Carefully note down the reference number as you would need that for following-up
- File an MCR, Motor Collision Report in case there is a collision and an FIR if there is a third-party involved
- In case you can’t go to a network garage, you can also take your two-wheeler to a non-network garage
- You can get your bike repaired and pay the bills on your own
- Make sure to keep all the bills and receipts carefully as on the basis of these documents only you will be reimbursed
- Once repaired you can take the two-wheeler home and then file for reimbursement
- Fill in the Claim Form. It can be taken from the company office or downloaded from the company website
- Submit the form along with other required documents (list given below)
- Once the company assesses the submitted paperwork, it will compensate you for the cost of repair
How are Reimbursement Claims Settled?
As you would have to pay the expenses upfront, you would have to arrange the money for the same. Once the repair is done, you will be reimbursed. Also, keep it in mind that the entire cost of repair may not be refunded. You will have to pay for the depreciated parts and the consumables.
Documents Required for Two Wheeler Insurance Claims
The list of documents required when making a two-wheeler claim is as follows:
- Policy Papers
- Copy of MCR if filed
- Copy of FIR if filed
- Driver’s License
- Copy of the bike’s RC
- Duly filled and signed Claim Form
- Valid identity proof
- All bike repair bills, in case of a reimbursement
Incurred Claim Ratio of Best Two Wheeler Insurance Companies in India
| Name of the Company | Incurred Claim Ratio |
|---|---|
| New India Insurance | 87.54% |
| Reliance Insurance | 85% |
| ICICI Lombard Insurance | 74% |
| Bajaj Allianz Insurance | 62% |
| Oriental Insurance | 112.62% |
| HDFC Ergo Insurance | 82% |
| IFFCO Tokio Insurance | 87% |
| Bharti AXA Insurance | 75% |
| TATA AIG Insurance | 70% |
Why Your Two Wheeler Insurance Claim Gets Rejected?
Lack of awareness about the inclusions and exclusions of the two-wheeler insurance policy can lead to misunderstanding and even cause a rejection of the claim. It can be a devastating experience and can also make more and more people perceive insurance to be a flawed concept. Be mindful of all such details and steer clear of worries.
Read the points given below and increase your awareness to avoid shocks when making a claim:
- Invalid Policy
Non-payment of premium, delay in premium payment, a terminated policy will all lead to rejection of your claim. Make sure you pay your dues on time and renew your policy before it expires - No Cover
Try and understand the scope of your two-wheeler insurance policy before you invest in it. If you have third-party insurance, you would not be able to make a claim for your own-damages - Riding without a Valid Licence
If you are found riding without a valid driver’s license no insurance company will accept your claim - Intoxicated Rider
Riding the bike under the influence of alcohol or any other intoxication will not only lead to rejection of the claim it would also put you in legal trouble - Fraud Claim
Trying to misuse your insurance policy may not end up well for you. Insurance companies do thorough research before every claim they settle. A fraud would also get you legally charged - Delay in Claim
As suggested earlier, a claim must be requested as soon as possible. An unnecessary delay can cause rejection of a valid claim also. Check with your insurance company about the deadlines of making a claim - Ownership Transfer
If you sell or buy a used two-wheeler, make sure that you transfer the insurance as well. Having a bike without its insurance in your name will make the claim invalid - Usage of the Two-Wheeler
If you have a private two-wheeler, you cannot make a claim if you are using it for commercial purposes. Commercial vehicles have to have a different kind of policy. - Illegal Use
If found that the two-wheeler was damaged when being used for some illegal activities, the claim would be rejected.
Add ons for your Two Wheeler Insurance
Bike/Two Wheeler Insurance Claim FAQs
1. How to claim insurance for a bike accident?
The kind of claim you are entitled to make depends on the kind of two-wheeler insurance that you have opted for. A claim can be of the following types:
- Third-Party Claim
- Theft of the Vehicle
- Own Damage Claims
- Cashless Claim
- Reimbursement
Irrespective of the kind of claim you make, the first thing that you need to do is inform the insurance company about the accident. You can do it by informing your agent, calling customer care or raising an online request.
2. How to claim insurance for bike theft?
Notify the two-wheeler insurance company about the theft. File an FIR at the nearest police station. Fill up the Claim Form. You will have to wait for the police to search for the bike. If the police are unable to find your two-wheeler within 3 months of the theft, they would issue you a Non-Traceable Report. Along
With this report, submit the required documents (listed above) to process the claim settlement. The company will compensate you based on the IDV of the lost two-wheeler
3. Which one is better to opt-cashless or reimbursement claims?
You can opt for a cashless claim only if you go to a network garage. Going to a cashless garage can be easy as you don’t have to do any running around and the insurance company settles the claims directly. However, it may not always be easy to find a network garage near the accident area and you may have to visit a non-network garage. In such a case you can pay the bill up front and then ask for a compensatory refund.
4. Which one takes the least time to settle-cashless or reimbursement claims?
When you get your two-wheeler repaired at a network garage, you can make a cashless claim, as the insurance company would settle the repair cost directly. Therefore, this is an instant process. On the other hand, when you request a reimbursement, you first pay the bills from your pocket, then submit the paperwork and wait for the company to accept the claim and compensate you accordingly. Thus, the reimbursement process takes more time.
5. Can I file for a bike claim online?
Yes, most companies have an online portal for filing the claims online. However, you need to check the same with your bike insurance company.
6. My Two-Wheeler claim got rejected, what should I do?
If your claim has been rejected, get in touch with the company through its customer care and find out the reasons for the same. If there has been a delay from your side or if you have missed some paperwork, speak to a senior executive and justify your stance. However, if you feel that there has been a faulty rejection you can raise the issue with the Grievance Redressal Department. If that doesn’t work, you can seek legal interference from the Consumer Court.
7. How long do I wait before I will get a Not Traceable Report from the police station?
If the police are unable to find your two-wheeler within 3 months of the theft, they would issue you a Non-Traceable Report. After this, you need to submit this report, along with other documents to process the claim settlement.