Finance

Essential Questions to Ask Before Filing Two Wheeler Insurance Claim

Getting a motor insurance policy has become a massive compulsion in our lives today. Purchasing adequate vehicle insurance is an essential requirement to protect yourself from avoidable costs and bills. With our fast-paced lives, almost everyone owns a vehicle, be it a four-wheeler or a two-wheeler.

A bike insurance policy is important as it protects you against financial liabilities if something happens to your vehicle. Vehicular damage due to accidents or natural calamities and theft have become relatively common in this fast and competitive world. Hence, if you own a bike, you must get it insured by a reputed insurance provider.

Bikes have been the frequent target for theft as they are mostly parked on roads and open parking lots. The stolen parts are illegally sold for money, and since they are easy to dismantle, they are at a higher risk of robbery. Hence, if you own a bike, be sure to get a two-wheeler insurance policy at the earliest.

Things to consider before purchasing the bike insurance:

While considering a suitable insurance plan for purchase, you must conduct enough research about the policy you wish to purchase. An easy way to get a suitable plan is by getting your vehicle insurance online. You can surf through different plans, compare the bike insurance costs and make an informed decision. Many insurers provide a two-wheeler insurance premium calculator on their website to make it easy for people to select a plan. You can also get the bike insurance renewal done online.

However, it would help if you follow the steps listed below:

  1. Consider the claim settlement ratio of your insurance provider. A claim settlement ratio indicates the number of claims settled by the insurer against the claims filed.
  2. Get the bike repair done from an authentic garage. If your bike faces some issues, the repairs carried out by a reputed garage would be optimal for the bike’s performance.
  3. Analyze and include the add-ons to your policy after careful consideration. Consider whether you require the add-on or not.
  4. Learn about the different features that different bike insurance plans provide.
  5. Learn about the customer service provided by the insurer. You can learn more about their customer service by reading reviews from customers.

What to Ask Before Filing a Two Wheeler Insurance Claim?

Bike insurance will protect you essentially in two situations – during accidents and in case of the bike’s theft. If the insurance company is a reputed one, your bike insurance claim may be settled quickly. The claim process for theft and damage are somewhat similar.

If your vehicle is stolen or damaged, your insurance provider will have to know about it immediately so that they can help you file a claim. Additionally, you would also have to inform the police authorities about the theft or damage so that they can help you with filing an FIR.

To file the claim successfully, the accidental damage complaint documents must have information about the third-party individual’s inability to abide by the traffic rules. The laws pertaining to bike insurance accident claims differ from state to state. Listed below are the questions you must consider when filing a two-wheeler insurance claim:

  • How much insurance is right for me?

As a bike owner, getting the right policy for your bike should be your priority. A bike insurance plan can be customised to provide coverage as per your needs and your budget. Therefore, be sure to choose a plan that adequately covers damages to your bike. If you’re going to file the insurance claim, ensure that you know the inclusions and exclusions under your policy.

  • When should I contact the insurance company?

If your bike is stolen and after you have notified the police about the theft, you must notify your insurance company about the incident. However, in the event of an accident, you must contact the companies after you’ve received medical care for your injuries. A vital thing you must keep in mind is that all insurance companies have strict rules and regulations about their notification of claims. The insurers have the right to deny and reject your claim if you disregard any of their requirements.

  • What are the documents needed for filing the claim?

If you are involved in an accident and need to apply for the claim after recovery, ensure you have sufficient information to make a claim successful. It includes witnesses, photographs of the accident, hospital bills (in case of injuries) and so on. In the event of theft, it is crucial to notify the police and produce an FIR so that the claim can be duly settled.

  • Is getting a legal practitioner compulsory?

There is no need for a legal practitioner to be a part of the claim process unless you want to hire one. However, it is better to stay in touch with your lawyer so that they can advise you further in case you’re unable to file a claim.

  • What will happen to my No Claim Bonus (NCB) if I file the claim?

No Claim Bonus is a discount you get on your renewal premium if you do not file a claim for an entire policy term. It is a progressive discount, i.e., for every subsequent claim-free year, the rate of the discount goes up – up to 50% for 5 consecutive no-claim years. However, the NCB will reset to zero the moment you file a claim. So, before filing a claim, consider the NCB discount and compare it with the claim amount. If the claim amount is lower than the NCB discount, you can refrain from filing a claim.

A bike insurance policy for your two-wheeler helps you tackle the financial liabilities arising from the damage, theft or loss of your vehicle. When filing an insurance claim, consider certain factors that may help you speed up the process.

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