Buying Motor Insurance is a compulsion if you own a vehicle. But it is more than just a legal requirement. The policy comes in handy to financially secure you during adverse situations. These instances may include theft, accident, fire, natural calamity, etc. If your motorbike gets exposed to them, you can rest assured knowing that you are protected.
While many know that Two-Wheeler Insurance offers protection, the reality only comes to notice during redemption. The claim settlement procedure should go smoothly to realise the policy benefits. For this, understand it thoroughly. People ignore this as it is futuristic. This gives rise to panic when they raise claims. To avoid this, remember specific aspects while filing the Insurance claim. They are:
Methods
Policy providers settle your claims in two ways: Cashless and Reimbursement. The former is a direct settlement with the garage, whereas the latter compensates you after bill payments. Both are convenient, but a Cashless Garage Facility is highly recommended. With it, you need not go through the hassle of paying bills. The insurers settle them with the garage before you reach for repairs. They do this by partnering with network garages.
Documentation
During a standard claim settlement procedure, you go through a process. It is a simple one if you are prepared. For this, gather the required documents beforehand. Although policy providers have specific requirements, the standard paperwork is similar. These include your Insurance Policy documents, claim form, driving license, registration certificate, PAN Card, repair receipts/bills, discharge voucher, etc.
Damage assessment
When you raise the claim, insurers send a surveyor for inspection. They assess the damage to ensure it meets the coverage standards. The sum insured gets disbursed only when the scrutiny is successful. For this, your claim should match the covers, inclusions, and exclusions included in the policy.
Checking the same before the surveyor comes is always helpful. This way, you understand if the damage is worth filing the claim. If not, refrain from it as it makes you lose the No Claim Bonus.
Compulsory excess
Insurers compensate only a portion of the sum insured in Two-Wheeler Insurance. The rest gets borne by you. This is known as a deductible. You can choose it in case of voluntary deductible. But some policy providers have a compulsory deductible predetermined. Remember to check this to understand the compulsory excess you have to pay. This lets you calculate the insurance cost accurately.
Depreciation effect
When you report damage claims, the Insurance company pays for the repair costs after deducting depreciation. Two-wheelers are depreciating commodities. Their value degrades with time due to wear and tear. The maximum payable amount is equal to the decided Insured Declared Value. If the damage exceeds this limit, you pay the remaining amount from your pocket.
Customer service
This is the most crucial aspect that ensures a smooth claim settlement experience and applies to all General Insurance Policies. Good quality customer service is a must for prompt action on the claims.
