Two-wheelers are one of the most convenient modes of transport within Indian cities. Having a comprehensive bike insurance policy ensures you are financially secure in case of any unforeseen expenses due to accidents or thefts of your two-wheeler. You simply have to inform your insurer about the loss or damage by filing an insurance claim online. Upon verifying the losses and the claim details, the insurer will compensate the repair or replacement cost as per the policy terms and conditions.
Here is a step-by-step guide to the bike insurance claim settlement process. This will help you understand the process of claiming your insurance benefits and the documents you will need to do so. Go through the steps so that you can file your bike insurance claim online without any hassle.
Notify the insurer immediately after the accident
The first step in the bike insurance claim settlement process is to notify the insurer about the accident. Inform the insurer as soon as possible after the incident. You can contact the insurer through their customer care number or email address.
Provide relevant information
Next, you need to provide the insurer with all the relevant information. Give information like the policy number along with the location, date, and time of the accident. You can also provide details of witnesses, if any.
File an FIR
You need to file a First Information Report (FIR) at the nearest police station. This is especially important in case of theft claims. This is an important document required for the bike insurance claim settlement process.
Collect evidence
Gather evidence of the accident such as photographs of the damaged bike, the location of the accident, and any injuries sustained. This evidence will help support your claim.
Get the bike repaired
Take your bike to a garage for repairs. Make sure you get an estimate of the repair costs and keep all the bills and receipts. You can also get your bike towed to the nearest network garage of the insurer if you choose a cashless facility.
Submit the claim
Submit the claim form along with all the relevant documents to the insurer. You can download the claim form online from the insurer’s website.
Wait for claim approval
The insurer will verify the claim and assess the damages. Once the claim gets approved, the insurer will settle the claim amount.
Documents required for bike insurance claim settlement
Keep the following documents handy while filing a bike insurance claim with the insurer.
Policy documents:
Keep a copy of your bike insurance policy documents handy. This will include the policy number, start, and end date of the policy, and details of the coverage.
FIR copy:
If the accident involves third-party damage or injury, you will need to submit a copy of the FIR.
Driving licence:
Provide a valid driving licence copy to claim bike insurance.
Registration certificate:
You also need to submit the Registration Certificate (RC) of the bike for claim settlement.
Repair bills and receipts:
Keep all the bills and receipts of the repair work done on the bike. This will help in the claim settlement process.
ID proof:
You need to submit a copy of your identity proof. You can either share the details of your Aadhaar card, passport, or PAN card for claim settlement.
While choosing your bike insurance policy, try to get it from a reputable insurer that offers a quick and efficient claim settlement process. Also, check for insurance companies with high claim settlement ratios. It means they offer hassle-free claim settlement and have settled most of their claim requests. You also need to decide whether you want a comprehensive, own-damage, or third-party bike insurance policy, depending on the kind of coverage you want. To buy a bike insurance policy online, you can visit Bajaj Finance Insurance Mall. Here you can compare and choose from a range of two-wheeler insurance policies offered by leading insurers in India. Bajaj Finance Insurance Mall lets you buy bike insurance policies through a 100% digital process that helps you stay worry-free about any unforeseen loss or damage to your bike.
Disclaimer – *T&C Apply. Bajaj Finance Ltd (BFL) is a registered corporate agent of third party insurance products under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer’s website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. URN No. ADVT/NR/23/272
