A claim settlement and time have a really complicated relationship. On the surface, the process of raising a claim looks very easy and simple, but there is more to it.
When you purchase a two-wheeler insurance for your bike, you sign a contract with the insurance company. You have to pay a premium periodically, and the company will offer you a bike insurance claim in return. A claim is the money the company provides in case of theft, accident, or loss of the insured vehicle.
It can be any type of insurance, third-party or comprehensive bike insurance; you need all the basic information. Understanding all the concepts clearly, going through the process without any mistakes, and completing the procedure of raising a claim is the ideal way to go about the bike insurance claim process.
Let us understand all these things in depth to understand the bike insurance policy in detail.
Bike Insurance Policy Claim
An insurance claim process for a bike is a procedure that offers financial protection in case of any damage, theft, or loss to the insured vehicle. This financial compensation is the benefits that you receive for paying the periodic premium.
So, if and when your bike goes through an accident or a collision affecting a third party, you, the policyholder, will begin raising a claim—which is, indeed, time-bound. This process is more or less the same for every insurance company.
Types of Bike Insurance
| Sr. No. | Name | Insurance Type |
| 1. | First party Bike Insurance | The policy that provides total financial aid for the damage, loss, fire, flood, or any type of natural or man-made disaster of the insured bike is the first-party insurance policy. |
| 2. | Third-Party Bike Insurance | When the policy covers the loss to a third party in an accident caused by you or that involved, that is a third-party policy. The damage that happened to the third party is covered under this policy. |
| 3. | Comprehensive Bike Insurance | When the insurance company combines the two abovementioned types of insurance, it is called comprehensive bike insurance. The insurer is committed to providing financial protection to the bike and the third party in case of an accident or any other damage. |
Bike Insurance Claim Procedure (With time boundaries)
- Reporting the Incident
The first and most important step in claiming your settlement is contacting your insurance company and informing them of the incident. It might be anything: theft, accident, loss, damage, collision, fire, storm, etc. In case of theft or an accident, you must also file an FIR. This should happen soon after the incident because the longer it takes, the less authentic it is.
Time boundary: Most companies usually have a time limit of about 7 days. However, it is advised to inform the company within 24-72 hours of the incident.
- Fill out the Application Form
When you inform the company, they will provide you with an application form to fill out. You can fill out this form online nowadays. You need to fill in the basic information about the bike, incident, driver, and more. This form will reach the company, and they will do their part of the job after this.
Time boundary: As soon as you contact the company to inform them about the incident, you are supposed to fill out this form. That means within 7 days for most companies, but make an enquiry about your company specifically.
- Company’s Investigation
Once you submit the incident report, the company will appoint a surveyor to your case. That will lead to the assessment and investigation of your case and the authenticity of your submitted report. If it is a case of theft, the company will have to wait for the police authority’s verdict.
Time boundary: Now, this process is tricky, and the time differs from case to case. As mentioned above, a case of theft will take more time than a case of an accident because one is very evident while the other is not. But, you can consider the time period of about a few days (4-5 days).
- Acceptance or Rejection
After this step, the company will analyse their report, talk with the surveyor, and let you know their verdict. If the proofs and evidence look authentic, your claim will be accepted, but if it looks fishy or false, it will be rejected.
If the claim is approved, you will receive financial compensation for the repairs, the MV of the bike, any liability, a replacement of the bike (if necessary), or maintenance.
Time boundary: When your investigation ends, the company take a few days to verify the case. On approval, the settlement procedure starts on the same day.
- Claim Settlement
Once the repairs are approved, the compensation is sent to the network garage directly if you have cashless insurance. Once you pay the deductible amount, if any, you will receive the claim amount, too.
Time boundary: This entire process, from beginning to end, will not take more than 30 days for an ideal case.
Conclusion
Is the 2-wheeler insurance claim procedure a time-bound process?
Yes!
It pretty much is a time-bound procedure because there are various deadlines and standard time stamps that the policyholder, as well as the insurer, has to follow. Dealing with any kind of professional activity, you need to have a timeline and follow it end-to-end. It makes the process better and more efficient.