Top Reasons Why Your Bike Insurance Claim May Get Rejected
Updated On Jun 29, 2021
This article will provide most likely reasons for the rejection of your bike insurance claim and ways to avoid it.
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Bike insurance is not just a formality, but also necessary protection for your prized possession. Claiming your bike insurance may seem like a complicated procedure, but it is important to follow all the steps to ensure you get your insured amount. In case of rejection of your insurance claim, this article will help you to understand why it was rejected and also provide a few measures to avoid it.
Most Likely Reasons For Rejection Of Your Bike Insurance Claim
Here are few reasons as to why your bike insurance claim might have been rejected-
1. Expired Insurance Policy
Most insurance policies have a fixed duration. If you applied for your bike insurance claim after the lapse of the policy, it is very evident that the insurance company will reject your claim. It is important that you ensure to renew your bike insurance regularly as you cannot predict misfortune.
2. No Claim Coverage
It is common for policyholders to not have gone through their documents before they purchase the insurance policy. In this case, they are unaware of the situations that their bike insurance policy covers. For example, if you have purchased third-party bike insurance and claim for your own damage, the claim is evidently going to be rejected. Being aware of the situations that your policy covers is important while you claim your bike insurance. This is a crucial reason as to why you must be thorough with your policy at the time of purchase.
3. Delay In Raising Bike Insurance Claim
Insurance companies usually have a deadline within which the claim must be made. In case of theft, accident, or any similar misfortune, it is crucial for the policyholder to claim the insurance within the mentioned deadline. This deadline varies from company to company. In case the claim is made after the deadline, it is very likely for your bike insurance claim to be rejected. Make sure to raise the bike insurance claim immediately as soon as possible.
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4. Fraudulent Claims
Insurance is an investment that keeps your prized possessions safe. It is not to be used as a tool to get money. Before you get your claimed insurance amount, the insurance company conducts a survey on the bike. If the company finds any fraudulent claim, the guilty policyholder will go be facing legal penalties.
5. Unlawful Acts During The Misfortune
Claiming for your bike insurance entails the condition that the policyholder should not have been involved in any illegal activity. The insured person should be holding a valid license and not drive under the influence of intoxicants. In case of any accident where the policyholder has not adhered to the traffic rules, the bike insurance company can reject the claim.
6. Modification of Bike
Modifying bikes has become a common trend. However, it is important that you inform your insurer about any modifications that you have done to your bike. The premium may increase or decrease depending on the type of modification that the bike has undergone. Insurance companies might reject the claim if it is for a bike that has undergone modifications about which the insurer was not informed.
Owning a bike insurance policy is not a one-sided task. It is the owner’s responsibility to abide by the laws of the policy. The owner must read the policy thoroughly to understand the process to claim bike insurance along with its pros and cons. You can avoid getting your claim rejected by adhering to the terms and conditions of the policy and following the insurance claiming process appropriately.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.