Can I Claim Bike Insurance Twice in a Year?

August 27, 2022 07:22 pm | Updated September 14, 2022 07:27 pm IST

Getting a bike insurance plan helps policyholders receive financial compensation against damages caused to the insured motorcycle or scooter from any accident, theft or natural disaster. Insuring one’s bike is also a legal requirement that every two-wheeler owner must abide by.

Regarding the claim process, yes, one can claim bike insurance twice a year. There are no restrictions on the number of claims policyholders can file in a year. However, raising claims will impact NCB (No Claim Bonus). Moreover, raising multiple claims will also increase the premium during policy renewal. It is also vital to note that there are restrictions on the number of claims if one has availed of a zero depreciation insurance add-on with a comprehensive bike insurance plan.

Know What Happens in Case of Repeated Claims

Albeit, there are no limits to the number of claims policyholders can file. However, repeated claims can affect the following benefits that come along with the opted motor insurance plan. 

●        Loss of NCB (No Claim Bonus)

No Claim Bonus is a benefit that is offered in the form of a discount at the time of policy renewal if the policyholders have not raised a single claim within the policy term of the motor insurance policy. The discount percentage increases with every claim-free year and varies from 20% to 50%. Policyholders will lose all accumulated NCB discounts if they file a claim during the policy period.

Hence, policyholders must avoid filing claims for small damages as it will keep NCB intact. Moreover, policyholders can avail of an NCB protection add-on to secure their NCB even after they have raised claims.

●        Hike in Premium amount

Repeated filing of claims will prompt the insurer to increase the premium amount at the time of the renewal of their existing motor insurance policies. As multiple claims increase insurers’ financial risk, they start levying higher premium amounts.

●        Reduced compensations

If the repair bill incurred after the damage is less than the mentioned deductibles, it is better for policyholders to avoid filing a claim. Filing a claim for minor damages will result in policyholders receiving inadequate compensation.

Policyholders who have opted for a zero depreciation cover on their comprehensive bike insurance plan limit the number of claims they can make under their motor insurance plan.

Know the Process to Raise Bike Insurance Claims

The first and foremost thing that policyholders must do is notify their insurers about the unfortunate events that have damaged the insured bike. After intimating their insurers, policyholders must follow the mentioned steps to proceed with raising a claim request:

Step 1: Firstly, inform the respective insurer once the bike has been damaged. Policyholders also must intimate nearby police stations.

Step 2: Take photographs of the bike’s damaged area and accident site as it will act as evidence at the time of the surveyor’s inspection. Share the clicked photographs with the surveyor, helping them evaluate the extent of damage caused to the bike.

Step 3: Policyholders must submit claim form and other relevant documents after inspection to proceed with the process.

Step 4: Insurer will now verify the documents and compensate for repair expenses directly with the network garages in case policyholders have opted for a cashless claim procedure. On the other hand, in a reimbursement claims procedure, policyholders can take damaged bikes to their preferred garages, pay bills from their pocket first, and then file a claim for reimbursement.

Documents Required for Filing a Bike Insurance Claim

Here are the documents that policyholders must submit while raising a bike insurance claim:

  • Claim form
  • Bike’s RC copy
  • Tax payment receipt 
  • DL
  • Bike insurance paper
  • FIR copy

Know the Right Time to Raise Claims

Policyholders must follow the mentioned tips, to help them choose the right time for filing a claim:

  • Avoid filing claims if the repair bill costs less than that of the discount amount of the NO claim Bonus.
  • Policyholders must not file a claim for a bike insurance plan if the repair bill shows a figure that is less than deductibles. Insurers do not provide a claim amount if repair cost does not exceed the deductibles.
  • In third-party damage, policyholders must not bear the cost if the third-party individuals are required to bear expenses of the repair resulting from the damage caused.

In this regard, every bike owners must note that they must have a third-party insurance cover or liability only cover as it is mandated under the Motor Vehicles Act or MV Act 1988

To sum up, every bike owner must avail of a bike insurance plan to protect their finances that can be dented during an unprecedented bike accident or a theft scenario. Besides availing an insurance plan, individuals must also have a clear insight regarding the number of claims they can make.

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