What Documents Are Required for Filing a Bike Insurance Claim?

Types of Motor Insurance

According to reports and studies, in the year 2022, India experienced around 1,264 road accidents daily.

Third-Party Liability

This type of insurance provides coverage for liabilities that arise in the event of damage to a third party or their property caused by the insured vehicle. Please note that purchasing third-party insurance is mandatory under the Motor Vehicle Act 1988.

Standalone Own Damage

You can opt for a standalone cover, when you already have a minimum of third-party cover. This type of insurance promises coverage for loss or damage to the vehicle or its owner due to theft, accident, fire, explosion, or other similar events.

Comprehensive Insurance

As the name suggests, this type of insurance combines the benefits of standalone own-damage and third-party insurance. You can also further extend the cover with add-ons.

Documents Required for Filing a Bike Insurance Claim

To file claims under your bike insurance, it is important to keep certain documents handy for a seamless and quick claim settlement. Here’s a list of documents that you must submit while raising claims:

1. Vehicle registration certificate
2. Driving license
3. Policy document
4. A certified copy of the FIR (if filed)
5. Original bill or invoice of repair for reimbursement.

Note: Depending on the insurance company, you may be required to submit additional documents.

Bike Insurance Claim: What You Need To Know

Purchasing an insurance plan for your vehicle can seem daunting at first, especially when multiple insurance companies are offering exciting coverages and benefits. In addition to considering the coverage and premium amount, it is also important to review the claim settlement process.

Here’s how claim settlement typically functions under different insurance companies:

Intimation

The first thing you need to do is inform the insurance company about any damage or theft of your vehicle, or that of a third party or another vehicle. Here, you are required to provide certain details like policy number, vehicle number, and the time and nature of the accident or damage.

Pro Tip: Most companies these days allow an online claim intimation. Make sure to keep the claim registration number for future purposes.

Submit the Documents

Once you have raised the claim, you are asked to furnish certain specific documents. You can take reference from the above-mentioned list for the required documents.

Inspection

Once your claim is registered, the insurance company sends an inspector to verify the claim and submit a report.

Claim Settlement

Now, depending on the policy type and claim, your insurance company will settle either through cashless settlement or reimbursement.

1. Cashless settlement is typically offered at network garages where you are not required to pay any amount out of your own pocket.
2. Reimbursement is offered to you once you have submitted the repair or payment invoice to the insurance company and it has been duly verified.

The Do’s and Don’ts of Raising a Claim

Remember that when you are raising a claim, the insurance company has the right to either accept or reject it. We have prepared a guide of do’s and don’ts to ensure that your claims are settled seamlessly.

The Do’s

1. Ensure that you file an FIR if required to raise a claim for coverage under a road accident or third-party liability.
2. Inform the insurer as soon as possible. Experts suggest that notifications should be made within 24 hours of an accident or damage.
3. Ensure that you have all the necessary and valid documents.
4. Review your policy document carefully to gain a better understanding of the claim settlement process.

The Don’ts

1. Do not hide facts from your insurance company, as it can result in either rendering your policy invalid or a rejection of your claim.
2. Do not miss reading the final settlement documents thoroughly before signing.

Wrapping Up

A robust vehicle insurance serves more than a legal document. It is a smart step in ensuring that you are protected from financial liabilities in the event of an unfortunate occurrence. Remember that when it comes to purchasing motor insurance, one size doesn’t fit all. Therefore, you need to pick a plan that best serves your needs. Jio Insurance Broking provides a platform where you can explore and compare various policies and purchase the one that best suits your needs.