Bike Insurance Covers Fire Damage

Coverage for fire damage in bike insurance depends on the type of policy you choose. There are three broad categories of two-wheeler insurance offered:

Third-party bike insurance – that offers coverage for damages to third-party property or injuries to a third-party person due to an accident involving the insured bike

Standalone bike insurance own damage – that offers coverage for the insured bike for damages due to an accident, natural calamities, man-made disasters, theft, and bike fire.

Comprehensive bike insurance – that offers third-party liability cover and offers coverage for the insured bike for damages due to accidents, and calamities (natural and man-made) and also includes fire and theft bike insurance.

Of these, the third-party insurance plans do not offer coverage for fire damage. However, if you have purchased Comprehensive insurance or standalone own-damage insurance, then the insurer will offer coverage for damages to your bike due to a fire. Usually, the coverage includes the repair and replacement of damaged parts and also total loss reimbursement if the bike is damaged beyond repair.

Fire can be caused due to a range of reasons. Comprehensive insurance for bike policy usually covers fire damage if it is caused due to:

• A bike accident
• Natural calamities
• Vandalism
• Riots
• House fire

However, there is no coverage if the fire is caused due to:

• A mechanical or electrical defect
• Negligence of the policyholder
• Deliberate attempt to damage the bike in fire
• The addition of accessories

Also, if the bike faces fire damage outside the geographical area mentioned in the policy documents, then the insurer does not offer coverage.

If your bike suffers damages due to a fire, then you can file a fire insurance claim with your bike insurance provider. Here is the detailed process of filing a claim for bike insurance online for fire damage.

Inform the authorities

Depending on the nature of the incident, you might have to inform the police about the fire. Make sure that you file a First Information Report (FIR) with the local police station as you might need a copy of the same for the claim processing. You can also talk to your insurer to understand if you are required to file an FIR for the incident.

Gather evidence

Make sure that you take photographs or videos of the incident to substantiate your fire insurance claim. A bike fire accident can result in major damage to the vehicle and the cost of repairs can be high. Hence, ensure that you gather all evidence to help the insurance company settle the claim as per the terms of the policy.

File bike fire insurance claim

It is important to immediately establish contact with your insurer about the fire damage to your bike and file a bike fire insurance claim. You might have to answer a few questions about the fire and the damage before the insurance provider appoints a surveyor to examine the vehicle.

Get your vehicle inspected

The surveyor will come to inspect the vehicle to assess the extent of the damage and submit a report to the insurance company. Make sure that you are available when the surveyor arrives to answer any questions that he might have.

Submit the required documents

You will be asked to submit certain documents for the claim processing. These usually include a copy of:

• Registration Certificate of the bike
• Driving License of the owner-driver
• FIR (if needed)
• Report from the fire brigade office (if needed)

Once the insurer receives a satisfactory report from the surveyor and all the required documents, your bike fire insurance claim will be processed as per the terms of the policy.

The insurance company calculates the claim amount for fire damage exactly how it does for damages due to any other reason. There are two types of fire damage claims that you can raise:

Minor Fire Damages

In such cases, once the insurer receives a satisfactory report from the surveyor, the claim amount will include the cost of repair or replacement of parts after factoring in depreciation and deductibles.

Major Fire Damages

If the fire damages your bike beyond repair, then the insurers term it a Total Loss. In such cases, the maximum payout is the Insured Declared Value (IDV) of the bike minus the deductibles and depreciation. Depreciation is based on the age of the bike. Also, a deductible is a predetermined amount that you agree to pay out of your pocket while filing a bike insurance claim. The final settlement amount will factor in deductibles and depreciation.

At Tata AIG, we offer a range of bike insurance plans to help you get optimum coverage for your two-wheeler. You can choose between a third-party, standalone own-damage, and comprehensive bike insurance policy. You can also opt for a long term two wheeler insurance plan to avoid the hassle of renewing your policy every year and receive some discount on the premium. Make sure that you opt for the right policy to get coverage for fire damage to your bike.

A bike can catch fire due to many reasons. However, during such times, it is important to primarily ensure that the fire is extinguished and the appropriate authorities are informed like the fire department, police, etc. Once the fire is under control, you need to take pictures and videos as evidence to back your bike insurance claim.

Remember, insurance companies provide coverage for bike fire accidents provided you opt for the right policy. Hence, ensure that you are aware of the inclusions and exclusions of your two-wheeler insurance policy and file a claim with the required documents.

All the bike prices and other information listed above pertain to a specific city and vehicle model. Since this information is subject to change, it is advisable to check the latest information before purchasing a vehicle or an insurance policy.