Getting a bike insurance online plan lets policyholders receive cash compensation against damages caused to the insured motorbike or scooter from any accident, theft, or natural disaster. Every owner of a two-wheeled vehicle is required by law to have their bike insured.
Regarding filing a claim, the answer is that you can do so twice a year for bike insurance. There are no limitations on how many claims policyholders may submit in a given year. But increasing claims will affect NCB (No Claim Bonus). Additionally, filing numerous claims will raise the price at policy renewal. Essential to keep in mind is that if one purchases a complete bike insurance plan along with a zero depreciation Two wheeler Insurance online add-on, there are limits on the number of claims that may be made.
Knowing What to Expect When Claims Recur
However, there are no restrictions on how many claims a policyholder may submit. However, the following advantages that come with the selected automobile insurance plan can be impacted by frequent claims.
- The loss of the NCB (No Claim Bonus)
Suppose the policyholders have not filed any claims throughout the motor insurance policy. In that case, they are eligible for a benefit known as a no-claims bonus, which is granted in the form of a reduction at the time of policy renewal. The discount percentage ranges from 20% to 50% and rises with each year without a claim. If a claim is made within the policy period, policyholders will forfeit any accrued NCB discounts.
Therefore, policyholders must refrain from making claims for minor damages because doing so will preserve NCB. Additionally, policyholders can purchase an NCB protection add-on to safeguard their NCB even after filing claims.
- Increase in Premium Amount
When renewing their current vehicle insurance policies, the insurer will raise the premium if numerous claims are filed. Multiple claims put insurers at more financial risk, so they start charging higher premiums.
- Reductions in compensation
Policyholders should forgo filing a claim if the cost of repairs necessary to fix the damage is less than the deductibles indicated. Policyholders who file claims for minor damages will not be adequately compensated.
The number of claims holders of comprehensive bike insurance plans with zero depreciation can make under their car insurance policies is restricted.
Understand the procedure for filing bike insurance claims
Policyholders must first and foremost inform their insurers of the terrible incidents that have harmed the insured bike. Following notification of their insurers, policyholders must take the following actions to proceed with filing a claim:
Step 1: After the bike has been damaged, notify the appropriate insurer. Additionally, policyholders must notify the local police departments.
Step 2: Take pictures of the bike’s damaged region and the accident scene to be used as proof when the surveyor comes to inspect it. Share the photos you took with the surveyor so they can determine the amount of the bike’s damage.
Step 3: After an inspection, policyholders must submit a claim form and any other pertinent documentation to continue.
Step 4: If policyholders choose a cashless claim process, the insurer will check the paperwork and pay for repair costs directly with the network garages. A reimbursement claims process, on the other hand, allows policyholders to take damaged bikes to their chosen garages, pay any associated costs out of pocket first, and then submit a claim for reimbursement.
Documents Needed to File a Motorcycle Insurance Claim
The following documentation must be submitted by policyholders to file a two wheeler insurance third party claim:
- Copy of claim form on the bike
- Tax payment receipt
- the paper copy of the FIR
- DL bike insurance
Understanding When to Make Claims
To help them decide when to file a claim, policyholders should heed the following advice:
Only file a claim if the repair bill is less expensive than the NO claim Bonus discount.
If the repair bill reveals a value less than the deductibles, policyholders cannot submit a claim for a bike insurance policy. If repair costs do not exceed deductibles, insurers do not provide a claim amount.
When third parties are harmed, policyholders are not responsible for paying for repairs if those parties are obligated to do so due to the damage done.
All bike owners should know that the Motor Vehicles Act, or MV Act, 1988, requires them to obtain third-party or liability-only coverage.
In conclusion, bike owners need to purchase bike insurance to safeguard their finances from being negatively impacted by a rare accident or theft situation. People need to understand how many claims they can make in addition to purchasing an insurance plan.
In an Indian bike insurance plan, is it possible to file more than one claim?
Have you ever wondered if a Third party Two wheeler Insurance plan allows for multiple claims? While riding a bike is enjoyable, dealing with losses or damages brought on by unforeseen circumstances can be troublesome. Therefore, getting two-wheeler insurance is crucial to understanding how many claims you may file.
A bike owner must have bike insurance coverage to cover any unintended financial losses that may arise from unforeseeable circumstances. But do you understand how to file a claim? Or, how many claims can you submit under your two-wheeler insurance policy?