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.
There are two ways to settle a two-wheeler insurance claim settlement:
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.
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).
Bike Insurance Claim: The policyholders should submit the following documents at the time of claim settlement of the two-wheeler insurance process:
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
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:
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.
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.
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.
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.
There are some common steps required to make a reimbursement two-wheeler insurance 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.
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.
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.
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.
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:
Type of Cover
Who Is Covered
Type of Cover
Limit for Compensation
Third Party Insurance
There is no limit
Personal Accident Cover
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)
Available as Add-on in Comprehensive Insurance and Third Party Insurance.
As per the Workmen Compensation Act
The following steps will help you file for insurance claims in case of an accident:
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:
The following steps will guide you to file an insurance claim for bike theft:
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.
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.
A bike insurance claim wherein a policyholder raises a request with the insurance company to honour its promise to provide compensation for the damage incurred by the policyholder in relation to their bike. A bike insurance claim can be settled either in a cashless or reimbursement manner.
A First Information Report (FIR) is required in cases wherein any person has incurred bodily damages or in cases of death.
You can make any number of claims under your bike insurance plan subject to its sum assured i.e. the Insured Declared Value mentioned under it.
In case the insured's two-wheeler gets stolen, an insurance claim can be made in the following steps:
You can locate the nearest authorized garage of the insurer either by calling the customer service helpline of your insurance provider or look for it on their official website. This option is present in the claims section on the official website in the name ‘list of network garages'. Alternatively you can locate the cashless garages of all insurance providers at www.insurancedekho.com
The policyholders should submit their documents to the surveyor at the time of assessment of damages sustained by the two-wheeler.
Following are some of the common rejection reasons under bike insurance:
You can make a claim under your bike insurance policy in hassle-free manner by contacting the InsuranceBox team by clicking here. Our claims team will take care of the entire claims process. You can read about the claim process in detail here.
No, you need to submit a copy of your driving license at the time of a claim settlement.
No, a canceled cheque is not required to claim bike insurance.