Bike Insurance Claim Settlement Process Explained

Learn more about the easy step by step process that you can utilize to ensure seamless bike insurance claim settlements. If you are bike owner, it is most likely that you love it dearly and want to protect it over the years. However, as your bike ages, the amount you spend on maintaining and repairing the bike keeps increasing.

Bike Insurance Claim Settlement Process Explained 2

It is for this reason that you should buy an insurance policy for your bike, ensuring that regardless of the problems that your beloved bike is incurring, you are always covered.  Furthermore, since buying a bike insurance when you buy a new bike is mandatory, you need to ensure that you choose the right insurance policy for it.

Most comprehensive bike insurance policies will protect you or offer coverage in the following events:

  • Accidents
  • Thefts
  • Fire
  • Natural Disasters
  • Personal Accident
  • Third Party Losses

Even though, bike insurance offers all of these advantages, the claim settlement process can get quite confusing and frustrating for bike owners. In most cases, insurance providers offer two types of claims: cashless claims, and reimbursement claims.

In case of a cashless claim, you have to get your vehicle to an authorized garage, and file a claim with the insurance provider. If you are going for a reimbursement claim, you would need to go through a simple process online. Several companies also offer you a No Claim Bonus (NCB) in the form of a reward, in case you do not file a claim within the policy tenure.

Bike Insurance Claim Settlement Process

In case of a reimbursement claim, here is an easy step-by-step explanation of the bike insurance claim settlement process:

Step 1: Gather Evidence/Documentation

The first step towards filing for a claim, is to gather evidence that would support it. If your bike is lost, you will need to lodge an FIR and attach a copy to your claim. In other cases, pictures depicting the damage and the necessary repairs would be adequate evidence to attach with your bike insurance claim.

Step 2: Duly Fill the Claim Form

The second step towards ensuring a hassle-free claim settlement process would be to make sure that the claim form is duly filled with all the required fields of information. Often, the reasons why claims can settled include an incomplete claim form or incorrectly information filled in these claim forms. By ensuring that it all the necessary fields are complete and correct,

Step 3: Settlement

Once you submit the claim form, the claim is verified and checked for authenticity. If everything is found in order, you will get a confirmation on the claim submission and an estimated time for disbursal of the claim amount. The receipt of this message would mean that your claim has been successfully filed and that you would receive the claim amount.

With these three simple steps, it is easy for you to traverse through almost any kind of bike insurance claim settlement process. Furthermore, since insurance providers now offer you options to file a claim online, the process has become more efficient and useful.