If you cannot wrap your head around the two wheeler insurance claim settlement process and have too many questions in mind you have come to the right place. In this article, we try to answer the most commonly asked questions related to two wheeler insurance claim settlement process. If you want to save yourself from all the unwanted expenses caused due to unforeseen unfortunate events read below to know more about it.
What is Two-wheeler Insurance Claim Settlement?
Two-wheeler insurance claim settlement is a procedure required to be followed by the policyholder asks the insurer to compensate for the reparation costs for damages caused to the vehicle during an unforeseen event. This amount offered by the insurer is dependent on the policy type selected by the insured and the IDV (Insured Declared Value). The various types of policies are standalone own damage, third-party, or comprehensive. You can get two wheeler insurance online instantly without the hassle of waiting for days.
What are the Different Types of Two-wheeler Claim Settlement?
The following are the two types of claim settlement procedures one can follow to cover the financial loss caused due to any unfortunate events.
- Cashless Claim: In this type of claim settlement process, the insured need not pay any dime except for the mandatory deductible amount. In a cashless claim settlement, the insured needs to take the bike to one of the network garages. These are the authorized garages which are included in the network list of the insurer. All the reparation cost is taken care of by your insurance company all you need to do is provide a copy of your insurance policy.
- Reimbursement Claim: When you plan to do the reparations of your damaged vehicle in the garages of your own choice you can opt for a reimbursement claim. You will receive the reimbursement and the entire amount after the necessary deductibles. Your damaged bike will be examined to estimate the cost of repair. Later you can take the bike to the garage which is not included in the network. Post reparation you can take the original bills and receipts and submit to get the reimbursement.
Is the third party insurance for bike mandatory?
Yes, according to the Motor Vehicle Act every motor on the road should have an insurance policy which includes a Liability Only policy. So the third party insurance for bike is mandatory.
What are the Documents Required when you claim?
You are required to provide the following documents when you apply for a claim settlement process:
- A properly filled claim with all the necessary details
- A copy of the Registration Certificate of your bike
- A copy of Pollution under certificate
- Other documents like Driving License and Insurance Policy Document
- If you opt for the reimbursement claim you have to provide the original receipt or bills of reparation costs
- A copy of FIR in case of accidents or thefts
The insurance claim settlement process is not tedious anymore. With the advent of online portals with seamless features, you can easily initiate the claim settlement process.