It is a fact that having an insurance policy for a bike in India is mandatory. However, there are several policies when it comes to insurance for bikes, which makes it challenging to choose. Using the bike insurance premium calculator can help you save time and make decisions efficiently as they help you get an estimated insurance plan cost. It is also equally important to understand how to file an insurance claim. There are two types of bike insurance claims that you must know of. Furthermore, depending on the type of claim you are passing, you shall need the necessary documents. Read more to know about this in detail.
When it comes to road accidents, bike accidents are prevalent. Protecting yourself in these times is highly essential. This makes having insurance for bike not only necessary but also essential. As per the Motors Vehicle Act in India, it is compulsory to have basic Third party insurance. When you purchase insurance, you can select the type of plan. Make sure you check out the various policies the plan has to offer. You can pass a bike insurance claim based on your incurred damages.
What is a bike insurance claim?
You can pass a bike insurance claim when you meet with an accident and incur losses, such as damage to property, damage to life, etc. In this situation, as per your policy and insurance acquired, your insurance company shall bear the loss and pay the cost for the damages.
Types of bike insurance claims
Regarding insurance for bikes, there are mainly two types of claim options available. Remember to ask your insurance agent about the kind of bike insurance claim you have per your policy.
|Cashless Claim||Reimbursement Claim|
|Several bike garages accept cashless claim bike insurance policies. As per this, when you send your bike for repair, you need to inform your insurance agent about the accident and where you sent your motorcycle. Secondly, you need to provide the garage with your insurance details. Once the repairs are done, the insurance company shall directly settle the bill at the garage.||As per the reimbursement claim, you need to pay all the bills for the garage yourself. Then, you need to send this to your insurance company, which will reimburse or pay you the bill amount. However, the bill shall only be settled per your policy coverage for reimbursement claims.|
How to file a bike insurance claim?
Most insurance companies have a standardised system of passing the insurance claim file. However, you must get in touch with your insurance provider to understand if any variation or additional documentation is required. Here is how you can apply for insurance for a bike claim-
- You need to file a Claim report to get the damage cost from the insurance company.
- Here, you need to mention the details, such as the type of accident, date, etc. You would also need to add the registration numbers of the vehicles involved in the accident.
- If there is legal action needed, make sure to file an FIR. Attach a copy of the FIR to your insurance claim file.
- Once you have applied, an agent from the insurance company shall verify the details, inspect the vehicles for damages and then pass the claim.
Here are the types of claims you can forward to your insurance company:-
|Third-party claim||Own damage claim||Theft claim|
|If you get into an accident with any other vehicle, for instance, if you have hit or gotten hit by another vehicle, you can apply for a third-party claim.||In case you have damaged your vehicle, for instance, got into an accident, or due to some natural activity, you can file for your damage claim.||If your bike or parts of the bike have been stolen, then you need to file a theft claim. In this case, you must also file and attach a copy of the FIR.|
|If you have hit someone’s vehicle, inform your insurance agent and apply for the claim.|
|If you are hit by someone’s vehicle, then you can get their insurance details and pass a third-party liability claim.|
How to select an ideal bike insurance plan?
The most basic insurance for a bike plan that you must have is the Third party insurance plan. In this plan, if you damage the property of others, the insurance company shall pay the charges for the damage. However, you must know of several different insurance plans and policies. In fact, you can even top-up or switch your existing policy to something that suits your needs. Here are some bike insurance policies that you must know of-
- Comprehensive Two Wheeler insurance – This policy also covers your vehicle from natural disasters, fires, and thefts.
- Third-party cover – It includes all the third-party liabilities, such as damage to another’s vehicle or life.
- Standalone Own Damage cover – Here, all the damages that are caused due to you during an accident are covered.
An ideal bike insurance plan is one which also fits right into your budget. Therefore, it shouldn’t make a big hole in your pocket. Thus, using a bike insurance premium calculator can help you in several ways. This is an online tool that helps to calculate the bike insurance premium and helps you get an idea of the amount that you shall have to pay. A bike insurance premium calculator is an easy, simple, and time-saving tool that helps you compare and analyze the insurance amount right at home.
Having insurance for a bike is not only a compulsion but also a need. It helps you protect yourself in several situations, such as fire, theft, accidents, and even natural calamities. Remember to reach out to your insurance agent immediately and inform them of the situation. Get proper guidance on submitting the claim file and ask for the necessary documents. If you are looking for the best insurance provider, check out HDFC ERGO. They offer budget-friendly insurance policies and a hassle-free claim process.
DISCLAIMER: THE ABOVE INFORMATION IS FOR ILLUSTRATIVE PURPOSES ONLY. FOR MORE DETAILS, PLEASE REFER TO THE POLICY WORDINGS AND PROSPECTUS BEFORE CONCLUDING THE SALES.