Protect Your Two Wheeler From All Kinds Of Risks

Comprehensive, Third Party And Own Damage Bike Insurance At Tempting Premium

Protect Your Two Wheeler From All Kinds Of Risks

Comprehensive, Third Party And Own Damage Bike Insurance At Tempting Premium

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Two Wheeler Insurance Claim Settlement

  • Author :
  • TATA AIG Team
  • Published on :
  • 03/08/2022

When you buy an insurance policy for bikes, you purchase financial protection against accidents and mishaps. When you meet with an accident or mishap, you expect the insurance company to honour the claim. However, there are many factors that need to be in place for the insurer to accept your claim. In this article, we will talk about how you can ensure a seamless bike insurance claim settlement.

There are different types of bike insurance policies available:

  • Third-party bike insurance;
  • Own damage bike insurance; and
  • Comprehensive bike insurance

Purchasing a two-wheeler insurance policy provides coverage for damages to a third-party person or property or the insured vehicle caused due to an accident, mishap, natural disaster, or man-made disaster. Comprehensive policies also offer coverage for total loss or theft of the vehicle. If you file a claim and the insurer rejects it, then you have to bear the expenses despite paying the premiums on time. Here are some tips to ensure seamless bike insurance settlement.

Choose a Reliable Insurance Provider

When you decide to buy 2-wheeler insurance online, make sure you look at the options available and compare them before making a decision. Compare the bike insurance claim settlement ratio across insurance providers. This can help you find a provider that has set processes to offer maximum claim settlement to bike owners. At Tata AIG, we have ensured a claim settlement ratio of 98% (FY 2020-21). Make sure that you choose a provider with the best claim settlement in bike insurance to avoid the possibility of claim rejection in the future.

Begin the Claim Process Immediately After the Accident/Mishap

One of the best ways to ensure insurance claim settlement is to offer the smallest details to the insurance company about the accident or mishap. Hence, it is prudent to file the claim as soon as possible after the incident. Make sure that you report every detail to the insurer, including any physical injury to you or a third party.

Understand the Type of Insurance Policy You Have Purchased

If you have opted for a third-party bike insurance policy, then you will get coverage only for damages to third-party property or injuries to a third-party person. If you file a claim for damages to the insured bike, then the insurer will reject it.

Keep Records of the Incident

If your bike is involved in an accident, then you must ensure that you keep accurate records of the incident, like a copy of the First Information Report (FIR), bike repair bills, and medical bills. This will help you with a smooth reimbursement claim.

Understand the Claim Settlement Process

The insurance settlement process can vary from insurer to insurer. Hence, make sure that you understand the process followed by your insurance provider. At Tata AIG, if you have opted for a comprehensive two-wheeler insurance policy and your bike gets damaged in an accident, then the insurance settlement for bike accident process is cashless at our network garages.

However, if you decide to get your bike repaired at a non-network garage, then you can file a reimbursement claim. In such cases, you must keep records of all bills pertaining to the repair of the insured bike.

Go Through the Inclusions and Exclusions of the Policy

Bike insurance companies specify the inclusions and exclusions, scope, and extent of the policy in the policy documents. Make sure that you go through it carefully and file claims only if it is covered under the policy. While a comprehensive insurance policy for bikes offers coverage for your bike and third-party liability, there are certain exclusions where the coverage is not applicable. Ensure that you understand the terms before filing a claim.

Maintain Regular Follow Up

If you don’t hear back from your insurer after filing the claim, then make sure that you follow up and stay in regular contact with the provider. Most reputed insurance providers ensure that policyholders are kept updated about the status of their claims. However, if you are not aware of where your claim stands, then check with the insurer to ensure a seamless insurance settlement.

Offline Claim Settlement

While most insurance companies offer an online settlement of bike insurance claims, if your provider processes all claims offline, then you must keep records of all communication with the company. Check if the insurer has a format for the bike accident insurance claim letter and submit it as required.

When submitting a two-wheeler insurance claim letter, make sure that you specify your policy number and details of the accident and damages/injuries clearly. Also, attach all the relevant documents to reduce any delays or chances of rejection.

Conclusion

It is important to remember that the insurance claim settlement process is document-driven. Hence, make sure that you have complete documentation of the accident and repairs to avoid rejection due to incomplete documentation. Also, many bike insurance claims are rejected due to some exclusion clause specified in the policy documents. Hence, make sure that you go through all the terms and conditions carefully.

Frequently Asked Questions

What should I do if the insurer offers a low claim settlement?

Insurance companies assess your claim request and usually offer the best bike insurance settlement based on the policy and documents provided. If you find the settlement offer to be too low, then analyse the reasons behind the low offer. Talk to the insurer and assess if providing more documents can get the company to revisit the offer.

How long does the bike insurance claim settlement process take?

The time taken to process the settlement claim will depend on the nature of the claim filed by you. While a minor damage repair claim will be settled faster, a total loss claim due to the theft of the insured bike can take time. With Tata AIG, you can check the status of your claim online whenever you want.

Disclaimer

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.

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Disclaimer / TnC

Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.

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