According to the Motor Vehicles Act of 1988, all motorcycles and scooters that are driven on Indian roads are required to have insurance that covers third-party liability. It protects the policyholder against any legal responsibility owed to a third party in the event that an accident or collision involves the covered two-wheeler. The damages that were incurred by your bike, however, are not going to be covered by a policy that covers third parties. As a result of this, it is strongly suggested that every person who owns a motorcycle invest in two-wheeler insurance coverage that is comprehensive.
In addition to covering the statutory third-party liabilities, it will also cover the losses or damages experienced by the insured bike in the event of an accident, such as theft, collision, earthquake, tsunami, riot, or vandalism. This coverage is in addition to the coverage that is required by law. But are you familiar with the process for making a claim on your bike insurance? Even if you don’t, there is really little cause for concern at this point. You will learn all you need to know about two-wheeler insurance claims, including the processes necessary to make a claim for a motor vehicle insurance policy, by reading this article. So, let’s get started.
What exactly is a claim on a bike insurance policy?
Your motorcycle is protected against any loss or damage that may occur as a result of a hazard that is covered under your comprehensive two-wheeler insurance policy. Take, for instance, the scenario in which you are riding your motorbike and are making a tight bend when you abruptly lose your balance and are involved in an accident that leaves you injured and causes damage to both you and your motorcycle. If something like this happens to you, the insurance company that covers your motorcycle or scooter must compensate you for any monetary damages you sustain as a result. However, you will need to make a claim with your auto insurance company for that. The act of telling the insurer about the incident and requesting reimbursement for the loss is referred to as filing an insurance claim.
Before delving deeper into the steps involved in making a claim on a bike insurance policy, let’s first go through the different sorts of claims: Claims that do not need immediate payment are becoming increasingly common, and many insurance companies now offer this option to their consumers. The sole prerequisite for this is that the motorcycle must be delivered to one of their network’s service centres. Claims of this nature are known as cashless claims, and they involve the insurer making payment straight to the owner of the garage where the covered bike was fixed.
Claims for reimbursement: If a motor vehicle insurance policy does not provide cashless benefits, the policyholder is responsible for paying for any necessary repairs out of their own personal funds. However, in the future, he or she can submit a claim to the insurance provider in order to seek a refund for the costs incurred. Claims of this nature are known as reimbursement claims, and they require the insurer to pay the policyholder the agreed compensation amount.
How can I make a claim for my bike insurance?
Let’s get you up to speed on how to make a claim on your bike insurance now that you understand what a claim is and the many kinds of claims that may be made. In most cases, you will need to submit a claim if any one of the following three circumstances applies to you:
Your bike destroys someone else’s property or injures someone. A lawsuit for negligence against a third party will be necessary for this scenario. You were involved in a collision, and the bike sustained some damage. You need to submit your own damage claim in the event that this occurs. Your bike is stolen. In this kind of situation, you will be responsible for filing your own damage claim. Your car will be considered a “complete loss” by the insurance company, and you will be compensated for its “Insured Declared Value” (IDV).
An insured individual has the right to make a claim under the Personal Accident insurance for owner-drivers if he or she is involved in an accident that causes either death or the inability to function normally permanently.