HOW MANY CLAIMS ARE ALLOWED IN BIKE INSURANCE

An insurance claim is a formal request by a policyholder to the insurance provider for reimbursement against losses covered under the desired insurance policy taken by the policyholder. Insurance claims cover everything from death benefits on life insurance policies to routine and comprehensive medical treatments. 

Riding a bike is surely an adventurous thing but it is even prone to damage or loss due to the higher risk of unforeseen incidents. Therefore, it becomes crucial for any bike owner to have an insurance policy covered to protect the rider from any sort of unwanted financial loss.

How Many Claims can be Raised in a Bike Insurance Policy?

Although there is no limit to the number of claims being made on any kind of bike insurance policy, it is always advisable not to raise multiple claims in a year as it can have an adverse effect on other related benefits.

The NCB (No Claim Bonus) is highly influenced by raising any sort of claim. However, the number of claims varies from one insurer to another depending on their policies and terms. In case of raising repeated claims during a period of a one-year policy, the insurer might impose a higher premium on the policyholder at the time of the renewal process.

Steps to be Followed While Raising a Bike Insurance Claim

An insurance claim acts as a safety cover against any financial losses incurred by the insurer with respect to their purchased bike. One can enjoy a hassle-free bike insurance claim online by following the following steps:

Claim Reporting

It’s a policyholder’s responsibility to inform about any unforeseen incident that has occurred with the insured bike. The incident may include theft, road mishaps, fire, or natural calamities like earthquake, flood, cyclone, etc. The policyholder must gain proper knowledge of the policy and terms of an insurance policy before availing of it as some insurers may restrict claims on natural calamities like incidents.

Claim Processing

A special team from the insurance provider assesses the claim requested by the policyholder. One of the team members guides the policyholder on how to fill up the claim form on their website and what supporting documents need to be submitted. Photographs of the damaged bike and incident site are also included to be attached while filling up the claim form as proof.

Claim Reviewing

The claim team scrutinises all the claim details provided by the policyholder or any pending documents. After the inspection, the claim form is finally submitted by the policyholder.

Claim Settlement

Once the claim is intimated by the policyholder, all the relevant documents are received by the desired insurer. A hassle-free claim settlement is the ultimate service that can be provided to the customers and the electronic mode of transfer has made everything possible right at the tip of our fingers. In case of a cashless claim, the repair work gets started at the nearest garage network while in case of a reimbursement claim, the repair work needs to be done at the garage and the bills and receipts are to be sent to the desired insurer in order to receive compensation.

Necessary Documents to Keep While Raising a Bike Insurance Claim

For raising any bike insurance claim, it’s crucial to submit important documents along with the claim form. Below are the list of these important documents:

  • Original Registration Certificate (RC) especially in case of theft claim.
  • Driving License of the rider.
  • Policy insurance document.
  • Duly filled and signed claim form.
  • FIR copy in case of theft claim.
  • Repair bills and payment receipts for reimbursement compensation.

FAQs - Frequently Asked Questions

Q1. How many times bike insurance can be claimed?

Although there is no limit on the number of claims being made, it’s always advisable not to claim multiple times in a year.

Q2. Can we claim insurance for a stolen bike?

After submitting an FIR copy stating a 'non-traceable report' that the bike could not be found, the insurance company is liable to initiate the process for approval of the claim being made by the policyholder.

Q3. What is the cashless claim in bike insurance?

A cashless bike insurance policy allows one to get the bike repaired at any of the listed garages in the network without having to pay any money out of one’s own pocket. Most insurers tie up with a large number of garages to provide services to the insured.

Q4. Can we claim bike insurance without FIR?

The FIR is mandatory in case of third-party claims while it’s not required in case of comprehensive bike insurance policy.

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