Different Types of Claim Settlements for Your Two Wheeler Insurance Policy

When you invest your hard-earned money into buying your favorite bike, it is just sensible to spend a bit more for its security. Availing insurance for your bike will save you from spending extra cash during unforeseen damages or accidents. The different types of insurance are two wheeler insurance third party and comprehensive bike insurance. You need to understand the types and compare bike insurance to get the one which suits you the most. Before you proceed to buy the policy, it is important to ensure that you are well versed with the claim settlement process as well. You should understand the process to get a hassle free settlement at the time of any accidents. If you are curious about the claim settlement process, just read this article to clarify the process.

What is the claim settlement process for two wheeler insurance?

According to the two-wheeler insurance policy, the company covers you financially for any damages to your vehicle caused due to the occurrence of any unfortunate accident or event. The claim settlement process is the procedure required to follow when you appeal to the company to offer financial support during such an event or accident.

Types of Bike Insurance Claim Settlement

There are different types so after you compare bike insurance online you also need to understand their claim settlement process. Following are the types of claim settlements for two wheeler insurance.

  • Reimbursement Claim

If you take your vehicle for reparation at the garage which is not included in the list of the authorized garages you can pay beforehand and later claim for the reimbursement. You can pay at the garage and claim for the entire amount. You need to submit a properly filled claim form and receive approval of your insurer. Your damaged bike will be examined to estimate the cost of repair. Post reparation you can take the original bills and receipts and submit to get the reimbursement. You will receive the reimbursement amount after the necessary deductibles.

  • Cashless Claim

When you buy a bike insurance online from any company, it offers you a list of authorized garages where you can take your vehicle for restoration. If you want a cashless claim you can take your vehicle to any of these authorized garages. You need not pay anything to avail the repair service at the garage. The insurer makes payment to the authorized garages on your behalf as per the policies. In this type of claim, the insurer only makes compulsory deductible and voluntary deductible depending on the options selected while buying the policy. Similar to the above claim settlement process you will need to submit a properly filled claim form. Post the restoration the company will pay to the garage except for the expenses uncovered according to the policy terms.

For the claim settlement, you will require the following documents:

  • Claim form filled with required details
  • Registration Certificate of your bike
  • Pollution under certificate
  • Driving License
  • Insurance Policy Document
  • If it is the reimbursement claim you will need all the original receipt or bills of repairs
  • A copy of FIR in case of accidents or thefts

Ensure that you set reminders for timely two wheeler insurance renewal to avoid your claim getting rejected due to a lapsed policy.