Indian bikes and scooters must have third-party two-wheeler insurance under the Motor Vehicles Act of 1988. It protects third parties from two-wheeler accidents. But Third-party insurance does not cover bike damage. Therefore, it is a requirement for bike owners to buy motorcycle insurance, ideally a comprehensive one. In addition to third-party liability, it also covers natural and man-made disasters like theft, collision, earthquake, tsunami, riot, and vandalism to the insured bike. These claims could be purchased easily through two-wheeler insurance apps.
What is bike insurance?
Comprehensive two-wheeler insurance covers your bike against all risks. For instance, if you lose balance while making a turn and crash, injuring yourself and your bike, it could be covered by your two-wheeler insurance. Filing an insurance claim involves alerting the insurer of the accident and asking for compensation. *
Types of Bajaj Allianz Bike Insurance Claims:
Cashless claims: Some insurance companies let policyholders make cashless claims so they don’t have to pay upfront to get their bikes fixed. The bike must be taken to a garage in their network. Here, the insurer pays the garage owner directly to fix an insured bike. *
Reimbursement claims: In the absence of cashless benefits under a motor insurance policy, the policyholder is responsible for covering the cost of repairs. However, they can thereafter submit a claim to the insurance company and obtain compensation for the expenses. Reimbursement claims are those in which the insurer reimburses the policyholder for the authorised compensation. *
Typically, you might need to submit a bike insurance claim in one of the three cases listed below. Here’s how to claim it:
- Your bike may hurt someone or damage their property. A third-party liability action would be appropriate in this situation. *
- Your bike sustains damage in the collision. Here, you should submit an ‘own damage’ claim. *
- If your bike was robbed, you would need to submit an ‘own damage’ claim. The insurance company will deem the vehicle a “total loss,” and you will receive its Insured Declared Value (IDV). *
Following are the steps to submit a claim for bike insurance:
Submitting a claim for third-party insurance:
- Take the opposing party’s policy information and notify the insurer of the third-party claim.
- The insurance provider will submit your case for a decision to the Motor Insurance Claims Tribunal.
- The tribunal court will decide how much money should be paid to you as compensation after hearing from both parties.
- The insurance company will deposit the settlement money into your bank account.
Submitting a claim for the own damage cover:
- Immediately notify the insurance company.
- Submit the necessary paperwork to support the claim. If necessary, submit an FIR to the neighbourhood police department.
- The insurance will hire a surveyor to confirm the claim and assess the damage.
- If the surveyor accepts your claim as accurate, they will give the garage permission to begin the repairs.
- If it’s a cashless claim, the insurer and the garage will work directly to resolve the costs. If it’s a reimbursement claim, the repair amount will be sent via National Electronic Fund Transfer to your bank account (NEFT).
Making a claim in the event of theft:
- As soon as you discover your bike has been stolen, notify your insurer.
- Submit an FIR to your neighbourhood police department.
- Submit the necessary paperwork to the insurer to make a claim.
- Request a non-traceable police certificate and provide it to the insurance.
- The insurance will deposit the IDV for your motorcycle into your bank account.
To know what all documents you would require to file a Bajaj Allianz Bike Insurance Claim, do check online for a more complete understanding.
* Standard T&C Apply
‘Insurance is the subject matter of solicitation.’ For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘