Two Wheeler Insurance Claim Settlement Explained
Published On Aug 19, 2020, Updated On Feb 07, 2021
Need to file a claim but not sure how to go about it? In this article, we will tell you everything you need to know about it.
To spare you from difficult definitions of a claim, we put it simply for you. The bike insurance claim is a process of informing your insurer if you have suffered loss(es). A claim under a two-wheeler insurance policy could be for a personal injury or damage caused to property or vehicle. Every year, insurance companies settle two-wheeler insurance claims that can be worth crores of rupees. Read along to know more.
What are the Types of Two Wheeler Insurance Claims
There are two types of claims in two-wheeler insurance. These are cashless claims and reimbursement claims.
1. Cashless Claims
If you make a cashless claim under your two-wheeler insurance policy, then you are not required to pay the entire repair amount out of your own pocket. You pay only for the deductible and the insurance company pays for the rest of the expenses incurred. You can avail of cashless services at any network garage of the insurance company.
2. Reimbursement Claims
If you make a reimbursement claim in case of your own damage sustained by your two-wheeler, then you are required to pay for the entire amount of repairs including the deductible on your own. Later when you make a claim, then the insurance company will reimburse the repair cost to you. When making a reimbursement claim, you can avail services at a non-network garage as well.
How to Make a Two-Wheeler Insurance Claim?
Making a claim against a two-wheeler insurance policy is not at all difficult. You can make a claim quickly and easily by following a few simple steps given below:
Step 1: Contact your two-wheeler insurance company at the earliest to register the claim.
Step 2: Lodge an FIR at the nearest police station in case the two-wheeler is stolen or involved in a major accident.
Step 3: Get the damage evaluated by a professional at a garage to get an estimate of the damage. You can avail cashless claim benefit if you visit a network garage.
Step 4: Fill the relevant forms and submit the required documents. Avail of the services and the insurer will settle the claim. Pay at the service center in case of a reimbursement claim.
What are the Documents Required for Two-Wheeler Insurance Claim Settlement?
At the time of two-wheeler insurance claim, you are required to submit the following documents:
- Insurance policy document
- FIR (in case of fatal injuries/accidents or third party liabilities)
- Properly filled and signed claim form
- Pollution Under Control (PUC) certificate
- Original receipt/bills of repairs (for reimbursement claim)
- Driving License
- Registration Certificate or RC of the two-wheeler
- A copy of PAN Card (in case the claim amount is above Rs. 1 lakh)
- Duly signed satisfaction voucher or discharge voucher
Note that all insurance companies are not equally good at settling claims. If you wish to know how well an insurance company is at handling them, then you should know its Claim Settlement Ratio.
What Is a Two-Wheeler Insurance Claim Settlement Ratio?
Claim Settlement Ratio or CSR is the percentage of total claims settled by an insurance company against the total number of claims incurred during a financial year. CSR is a yardstick to measure the trustworthiness of an insurance company. The formula to calculate two wheeler insurance claim settlement ratio is-(claims settled in a year/claims received in a year)*100. The higher the two-wheeler claim settlement ratio, the more trustworthy is the insurer.
Keep in mind that it is crucial to remember to renew your insurance on time to be able to make claims. Renewal of bike insurance can now be done with a few simple steps mentioned below.
Step 1: Visit the InsuranceDekho
Step 2: Select the two-wheeler option and the renewal option from its drop-down menu. There will be space to provide your bike registration number or other details. After this click on proceed.
Step 3: Some further details will be requested such as the fuel type, variant. Additionally, you will also need to give the expiry date, insurance policy number and providers name. Click on continue.
Step 4: Enter your personal details, name and phone number and tenure of insurance. Click the Submit and get Quotes section, All the quotes for bike insurance in your category will be available on your screen. Select the one that suits your needs best. This is also when you can select the add-on covers.
Step 5: Select the policy and make the payment and the policy document will be sent to your registered email ID.
When renewing your existing bike insurance remember this is also the best time to change your insurance provider if you want to. Compare the different bike insurance companies, the quotes they are offering, their network of cashless garages and their claim settlement ratio.
Add-on covers can also be useful to you, make sure to check them out. Some useful add-on covers include Zero Depreciation Cover, the Roadside Assistance Cover, the Consumables Cover and the Return to Invoice Cover.
Wrapping it up!
Sometimes, two-wheeler insurance claims are delayed or not settled as the policyholders are not thorough with the claim settlement process. If you also fall in that category, then worry no more as InsuranceDekho’s got your back. You can get in touch with our dedicated team that will guide you through the entire claim settlement process and leave you with no confusion.
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.