For many individuals, their cars and bikes are cherished possessions, and ensuring their safety is a top priority. Bike insurance is crucial in providing financial protection against potential losses or damages. In India, having a valid bike insurance policy is a legal requirement for road riding.

Filing Multiple Bike Insurance Claims In A Year

Contrary to common belief, there is no restriction on the number of claims you can make in a year under your bike insurance policy. However, it’s essential to understand the consequences of filing multiple claims.

Impact On Premium Amount

Filing frequent claims may lead to an increase in your bike insurance premium. Insurance providers view frequent claims as an increased financial risk, prompting them to adjust premium rates accordingly during policy renewal.

Effect On No Claim Bonus (NCB)

Maintaining a claim-free record throughout the policy year often results in earning a No Claim Bonus (NCB). This bonus, reflected in reduced premiums upon bike insurance renewal, can accumulate up to 50%. However, multiple claims can nullify the NCB benefits. ## *

Deductible Amount Restrictions

It’s recommended to avoid filing a claim for repair costs below the policy deductible. Filing for minor damages could lead to insufficient payouts, leaving the policyholder responsible for covering the difference exceeding the deductible.

How To File A Bike Insurance Claim

1. Prompt Notification: In the event of theft, damage, or third-party property damage, inform your insurance company immediately.
2. Documentation: Provide evidence of the incident by taking photos of the damage or accident scene. Submit these images to the insurance company or share them with a surveyor.
3. Claim Settlement Process: Allow the insurance company to begin the claim settlement process by submitting all necessary documents duly completed and signed by the policyholder.
4. Payment Process: If using a cashless claim method, the insurance company pays the network garage directly. For reimbursement claims, the policyholder pays the repair costs initially, and the insurance company reimburses them.

Documents Required For Claim Submission

• Driver’s license of the insured
• Registration certificate for the insured bike
• The last motor tax payment receipt
• Two-wheeler insurance policy documents
• Photocopy of FIR in case of an accident

When To File A Bike Insurance Claim

1. Exceeding Deductible Amount: It’s advisable to skip filing a claim if the repair costs are below the deductible specified in the policy.
2. Preserving NCB: If repair costs are less than the total NCB accrued during the policy period, claiming the full amount may result in the loss of the accumulated no-claim bonus. Claims are subject to terms and conditions set forth under the motor insurance policy.*
3. Fault Of A Third Party: If a third party causes the damage, consider opting for third-party damage cost protection rather than filing a claim under your third-party bike insurance.

Before filing a bike insurance claim, assess the loss extent to understand the implications on premiums, NCB, and benefits. Informed decisions ensure favourable outcomes for policyholders. To find out how to check your bike insurance status, you can easily check it online by visiting the insurance company’s website or using their mobile app. Claims are subject to terms and conditions set forth under the motor insurance policy.  *

*Standard T&C Apply

##All savings are provided by the insurer as per the IRDAI-approved insurance plan.

Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.