Two Wheeler Insurance Claim Settlement

Bike Insurance Claim: Two-wheeler insurance claim settlement is a process where the policyholder appeals the insurer to provide compensation for the expenses/damage incurred to the insured's vehicle during an unfortunate event. The amount provided by the insurer at the time of claim depends on IDV (Insured Declared Value) of the insured's two-wheeler and the type of policy opted by the insured - standalone own damage, third party bike insurance, or comprehensive.

Types of Two-wheeler Claim Settlement

There are two ways to settle a two-wheeler insurance claim settlement:

1. Cashless Claim

If you take your two-wheeler to any of the authorized garages of the insurer for repairs then a cashless claim is the best suited. As suggested by the name, in a cashless claim a policyholder need not pay anything for taking the repair service for their two-wheeler at the authorized garage of the insurer. The insurer will directly make the payment to the particular garage as per the policy terms. The policyholders are required to pay the voluntary and compulsory deductible if opted for the same when buying the bike insurance plan.

2. Reimbursement Claim

In case you take your two-wheeler for repairs in any garage other than the ones authorized by the insurer, then you will have to go for a reimbursement claim process. Under this process you need to pay for the repairs at the garage, post which you can raise a claim with the insurer for the reimbursement of the claim settlement amount. The insurer then reimburses the entire claim amount after making certain deductions such as compulsory deductible and voluntary deductible (if they have opted for it at the time of purchase of policy).

Documents Required for Two-wheeler Insurance Claim Settlement Process

Bike Insurance Claim: The policyholders should submit the following documents at the time of claim settlement of the two-wheeler insurance process:

• Insurance Policy Document
• Properly filled and signed claim form
• Driving license (DL)
• Registration Certificate (RC) of the two-wheeler
• Pollution Under Control (PUC) Certificate
• FIR is required if there are fatal injuries/accidents or third party liabilities
• Original receipt/bills of repairs (for reimbursement claim)
• A copy of PAN Card in case the claim amount is greater than Rs. 1 Lakh
• Duly signed Satisfaction Voucher, or Discharge Voucher

Best Two Wheeler Insurance Companies As Per Claim Settlement Ratio

The claim settlement ratio of different two-wheeler insurance companies for the FY 2019-2020 is as follows -

Two Wheeler Insurance Companies	Claim Settlement Ratio FY20	Personal Accidental Cover	Third-party Cover	Network Garages	No Claim Bonus
IFFCO Tokio General Insurance	95.30%	Upto Rs. 15 Lakh	Available	4,300+	Available
Royal Sundaram General Insurance	92.66%	Upto Rs. 15 Lakh	Available	4,600+	Available
The Oriental Insurance Company	91.76%	Upto Rs. 15 Lakh	Available	3,100+	Available
HDFC Ergo General Insurance	91.23%	Upto Rs. 15 Lakh	Available	6,800+	Available
Universal Sompo General Insurance	90.78%	Upto Rs. 15 Lakh	Available	3,500+	Available
TATA AIG General Insurance	90.49%	Upto Rs. 15 Lakh	Available	5,000+	Available
The New India Insurance	89.60%	Upto Rs. 15 Lakh	Available	3,000+	Available
SBI General Insurance	89.51%	Upto Rs. 15 Lakh	Available	16,000+	Available
Bajaj Allianz General Insurance	88.83%	Upto Rs. 15 Lakh	Available	4,000+	Available
Future Generali India Insurance	88.69%	Upto Rs. 15 Lakh	Available	2,500+	Available
Bharti AXA General Insurance	87.99%	Upto Rs. 15 Lakh	Available	5,200+	Available
ICICI Lombard General Insurance	87.71%	Upto Rs. 15 Lakh	Available	5,600+	Available
Liberty General Insurance	87.48%	Upto Rs. 15 Lakh	Available	4,300+	Available
Cholamandalam MS General Insurance	85.89%	Upto Rs. 15 Lakh	Available	7,100+	Available
National Insurance Company	85.71%	Upto Rs. 15 Lakh	Available	3,100+	Available
Edelweiss General Insurance	84.52%	Upto Rs. 15 Lakh	Available	1,000+	Available
Reliance General Insurance	84.26%	Upto Rs. 15 Lakh	Available	3,800+	Available
Acko General Insurance	83.91%	Upto Rs. 15 Lakh	Available	2,000+	Available
United India Insurance Company	82.93%	Upto Rs. 15 Lakh	Available	3,100+	Available
Kotak Mahindra General Insurance	82.81%	Upto Rs. 15 Lakh	Available	1,300+	Available
Go Digit General Insurance	80.47%	Upto Rs. 15 Lakh	Available	1,400+	Available
Magma HDI General Insurance	79.60%	Upto Rs. 15 Lakh	Available	4,000+	Available
Shriram General Insurance	77.26%	Upto Rs. 15 Lakh	Available	2,000+	Available
Navi General Insurance	76.20%	Upto Rs. 15 Lakh	Available	900+	Available

(Source: IBAI's General Insurance Claim Insights Handbook For Policyholders - 5th Edition)

Bike Insurance Claim: Two Wheeler claim settlement process of making a cashless claim settlement for two-wheeler may vary from one insurer to another. However, the following is a step by step two-wheeler insurance cashless claim settlement process is generally followed by the maximum insurers:

Step 1: Intimate Claim With Insurer

The first step is to inform the insurance provider about the accident involving your two-wheeler. You can call the customer helpline number or visit the official website or use the mobile app (if any) to inform your insurer. The insurer will register your claim and give you a claim reference number.

Step 2: Assessment of Damage(s) Sustained

Once the claim is registered, the insurer will be required to assign an official inspector or surveyor who will examine the damage or loss sustained by your two-wheeler and may visit the location of the accident/mishap. However, the inspector or surveyor may send you a self-inspection link on the number registered with the insurer.

Step 3: Towing and Repair Service of the Two-Wheeler

Take your bike to the nearest garage authorised by your insurance provider for cashless repairs. You can request towing service from your insurer. Generally, insurers provide free towing facility for up to Rs. 1,500. Note that the towing charges may vary from one insurer to another.

Step 4: Claim Settlement

The cost of repairs will be directly paid to the garage by your insurance provider. After paying the required deductibles due on your part, you can take your two-wheeler home.

How To Make A Reimbursement Two-Wheeler Insurance Claim Settlement?

There are some common steps required to make a reimbursement two-wheeler insurance claim:

Step 1: Initiate A Claim

The first step is to inform the insurer about the accident or mishap in which the insured's two-wheeler was involved. You can do that by contacting the customer care executives via call or email. you will get a claim reference number from the insurer after registering the claim.

Step 2: Survey And Inspection

To assess the extent of damage caused to the two-wheeler during the accident, the insurer will assign a surveyor who will inspect it. The policyholders need to submit all the necessary documents to the surveyor so that they can process the claim quickly.

Step 3: Towing and Repairs

Once the inspection is done, the policyholders need to tow their damaged two-wheeler to the nearest garage and get the repairs done. Generally, insurers provide free towing facilities up to Rs.1,500. Towing charges may vary from one insurer to another.

Step 4: Reimbursement of Claim Amount

Pay the cost of repair the garage. Then initiate a reimbursement process of claim settlement with the insurer. You will be then reimbursed the amount entitled after considering all the deductibles.

Common Claim Rejection Reasons

Due to the lack of proper claim settlement procedure including documents, a considerable number of claims gets rejected or delayed by the insurance company. An insurance company has all rights to reject or accept your claim, in case they find anything suspicious. Therefore, it is extremely important to pay due attention while filing bike insurance claims either online or offline.

Some of the common reasons that can lead to claim rejection is as follows:

• The occurrence of mishap/accident outside the geographical arena stated in the insurance policy
  
• Occurrence of mishap/accident when the driver was under the influence of intoxicants.
• Occurrence of mishap/accident when the insured's two-wheeler was being used for illegal activities.
• Expired insurance policy.
• If a policyholder provides any false information and the insurance company finds it out, then this could lead to claim rejection.
• In case the accident occurs while driving under the influence of alcohol or any other intoxicating substance.

• In case the accident happens due to the policyholder's carelessness, and the insurance company gets to know about it, then the claim will not be considered.

• In case the policyholder gets their vehicle repaired without giving any information to the insurance provider regarding the accident.

• In case, the driver was not carrying a valid driving license when the accident happened, then the claim would get rejected.

• In case you don't follow the rules and regulations, and fail to inform regarding the accident within the decided time frame.

• If the insurance company finds repair cost to be higher than the depreciated value of the two-wheeler, then you are required to bear a significant sum equivalent to your bike's depreciated value.

What is the Maximum Bike Accident Claim Amount in India?

• There are four main types of accident covers in India for two-wheelers:

Type of Cover	Who Is Covered	Type of Cover	Limit for Compensation
Accident Cover	Third-party	Third Party Insurance	There is no limit
Personal Accident Cover	Owner-driver	1.Comprehensive Insurance 2.Third Party Insurance	Rs. 1 lakh
Personal Accident Cover (pillion)	The person riding with the owner-driver	Available as add-on in comprehensive insurance or third party insurance	As per the insured sum of the policy
Personal Accident Cover (paid rider)	Paid rider	Available as Add-on in Comprehensive Insurance and Third Party Insurance.	As per the Workmen Compensation Act

How to File for a Bike Accident Claim?

The following steps will help you file for insurance claims in case of an accident:

• Take note of the registration numbers of the vehicles involved in the accident.
• Depending on your situation file an FIR at the nearest police station. You will be required to submit a copy of this along with the other documents to the insurance company later. If possible note the time and location.
• Inform the insurance company about the situation as soon as possible and definitely before the stipulated period.
• Submit the documents as required to the insurance company.
• Next a surveyor will be sent to check the damage and will file a report of his assessment.
• Based on this report the company will issue the claim amount.

How to File for Bike Accident Death Insurance Claim?

The personal accident cover is available for covering the death of the owner-driver and the third party insurance to cover the liabilities of the third party's death in case of a mishap. The following steps will help you claim insurance under these two categories:

Under a personal accident cover in case of death, the immediate family or nominee gets 100% compensation from the insurer. This is how to apply for it:

• In case of a mishap that leads to death. First, you must complete the legal requirements such as the death certificate etc.
• At the time of the accident, depending on the situation an FIR will need to be filed. A copy of this will be required for the insurance claim.
• Inform the insurance company as soon as possible. They will tell you exactly what documents you require for the process, as it may differ from one situation to the other.
• Submit the required documents and forms. Once these are checked and assessed the insurance company will issue the reimbursement amount to the nominee.

How to Claim Insurance for Bike Theft?

The following steps will guide you to file an insurance claim for bike theft:

• As soon as you find your bike missing, make a trip to your nearest police station and file an FIR. You will need a copy of this for filing the claim.
• Next inform your bike insurance company so they can tell you what documents you require for processing the claim.
• Once the police submit the no-trace report the, submit the required documents and forms. All the documents of the bike and keys will need to be handed over to the insurance company.
• The claim amount you receive will be dependent on your IDV and the depreciation it takes into account.

Can you Claim Insurance for Scratches on the Bike?

Yes, it is possible to claim insurance for small damages that occur to the two-wheeler with an own-damage cover. However, it is advisable to refrain from making a claim unless the repair amount is significant or necessary. This is because you lose your NCB by making these claims and secondly multiple claims lead to higher premiums when renewing the policy.

What is the Maximum Time in Which the Insurer Should Settle a Claim When All Documents are Submitted?

After you have submitted all the required documents the insurance claim should not take longer than 30 days. In rare cases, where there is further need for investigation or other complications it should be completed within six months.