How To File A Bike Insurance Claim?
A bike insurance claim can be settled in 2 ways – in a cashless manner or reimbursement manner. If you take your bike to a network garage of your insurance company for repair, then the claim is settled in a cashless manner. Whereas, if you take your bike to a non-network garage, then the claim is settled in a reimbursement claim. Following are the steps which you can follow to raise a bike insurance claim
Step 1 Intimate your insurance company about the accident or mishap.
Step 2 Get your claim intimation number from your insurance company.
Step 3 A surveyor will be appointed and sent to the spot to examine the damages.
Step 4 Your insurer can make arrangements for towing services for your bike if required.
Step 5 Get your bike repaired either at a network garage or a garage of your choice.
Step 6 Your insurer will settle the claim based on the selected garage for bike repairs.
Bike insurance provides a wide array of benefits to its policyholders. The key benefits are as follows:
1. Helps You Comply With Law
A bike insurance helps you comply with the law. According to the Indian Motor Tariff, every bike owner is compulsorily required to hold at least a third-party bike insurance plan. Driving without a valid third-party bike insurance plan attracts a penalty of Rs. 2,000 and/or imprisonment of up to 3 months.
2. Protection
Third-Party Liabilities
A bike insurance plan covers the financial liabilities that you may incur towards a third-party like bodily injuries, disability, death and property damage. The coverage for property damage is limited up to Rs. 1 Lakh.
3. Protection Against Own-Damages
A bike insurance plan covers the own-damage expenses of your bike which may incur due to accidents, fire, theft, natural and man-made disasters, etc. Such coverage is provided under standalone own-damage plans and comprehensive bike insurance plans.
4. Coverage Against Theft
A bike insurance plan gives you coverage even if your bike gets stolen. In such cases, your insurer will provide you with your bike’s Insured Declared Value (IDV) which will be equal to the market price of your bike at the time of policy purchase.
5. Personal Accident Cover
You can include a personal accident cover of up to Rs. 15 Lakh in your bike insurance plan to cover bodily injuries, disability or death of the bike insurance policyholder.
Third Party Bike Insurance
In India, a third-party bike insurance plan is a compulsory requirement to ride a bike. It is also known as liability-only policy which covers bodily injuries, temporary or permanent disability, and death of the third party person due to an accident or a mishap with the involvement of the insured’s bike. This bike insurance policy also covers the property damage expenses sustained by the third party up to Rs. 1 Lakh, but does not cover damages incurred by the insured’s bike or the insured person.
Comprehensive Bike Insurance
A comprehensive bike insurance policy gives complete coverage by paying your financial liabilities that you may incur towards a third party and by providing compensation for expenses arising due to own-damages sustained by your bike. This policy shields your bike against damages it sustains due to an accident, fire, theft, man-made disasters, natural calamities, self-ignition, explosion, and so on. You can also enhance its coverage by paying an additional premium to purchase add-on covers like zero depreciation cover, roadside assistance cover, engine cover, etc.