How to claim your bike insurance

Marine Insurance

Quick Guide on Marine Insurance   15th May 2020

Having a bike insurance policy is essential as it safeguards the bike owner from many unwanted losses that may otherwise disturb the mental peace of the owner. It could be a case of theft, third party losses, or even any natural calamity. These situations may compel the policyholder to file a claim with the insurance company. As the Government of India has made it mandatory to have insurance against your vehicle, it becomes essential to know the process of claiming it, which is also crucial if the government wouldn’t have made it mandatory.

In some unforeseen conditions like that of an accident or a natural calamity like cyclone or floods, the insurance owner would surely want to claim the benefits under the policy. It is also important to

renew bike insurance online

or offline on time to enjoy continued policy coverage.

Renewal of bike insurance online

Bike insurance renewal could be done quickly by logging into your company’s website and choosing the insurance renewal option available over there. There are specific important fields to be filled at the website, which may be your unique verification or identification code, policy number, and any proof. Next, select the duration until when you want to renew your policy and select an appropriate payment method.

This is the natural method of renewing your policy. The process to renew bike insurance onlineis comparatively easier than manually visiting the company’s office and carrying out the procedure. Sit home and do the needful, that’s best and comfortable.

What to do in case of an accident?

If your bike has met an accident and needs repair work, you must first contact the insurance company. Some authorized professionals will be sent to examine the extent of damage that has occurred. The representative will then have your claim over policy registered, and you will be provided with a claim registration number. You will then be asked to take the vehicle to the nearest garage for the repair work, and is the company has settlements with any of their garages; then the vehicle will be repaired over there. Else you will be asked to keep all the bills safe for the company to verify and pay the amount if you are asked to take the vehicle to a garage of your choice.

What must be done in case of theft or third-party losses?

In case of theft or accident in which a third party has suffered, or any damages are done to the vehicle of the third party, the first thing to be one is to lodge an FIR at the nearest police station where the accident took place. In case if the bike is stolen, you must lodge an FIR to the nearest police station and give the keys of the stolen vehicle at the police station. Contact your insurance company. Inform the RTO they will prepare an RTO transfer paper. Also, get the no-trace report from the police station.

Submit a copy of the FIR, bike registration copy, driving license, no trace papers from the police station, RTO transfer papers, and importantly the insurance claim form. The insurance company will generate an Insured declared value (IDV) if the vehicle is not found in 90 days. So, there is no financial burden over you, and patience is the only key to solve any problems and handle such situations.