Can I claim bicycle insurance twice a year?

Subscribing to bicycle insurance allows policyholders to receive financial compensation against damage caused to the insured motorcycle or scooter following any accident, theft or natural disaster. Insuring your bike is also a legal obligation that all two-wheeler owners must respect.

As for the claims 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, increasing claims will impact the NCB (No Claim Bonus). Additionally, making multiple claims will also increase the premium when renewing the policy. It is also essential to note that there are restrictions on the number of claims if one has taken advantage of a zero depreciation top-up with a comprehensive bike insurance plan.

Know what happens in case of repeat complaints

However, there is no limit to the number of claims policyholders can file. However, repeated claims may affect the following benefits that come with the chosen auto insurance plan.

Loss of NCB (No Claim Bonus)

No claims bonus is a benefit that is offered in the form of a discount at the time of policy renewal if policyholders have not raised a single claim during the life of the auto insurance policy. The discount percentage increases with each claim-free year and ranges from 20% to 50%. Policyholders will lose all accumulated PNE rebates if they file a claim during the policy period.

Therefore, policyholders should avoid filing claims for small damages as this will keep the PNE intact. Additionally, policyholders can benefit from an NCB protection add-on to secure their NCB even after asserting claims.

Increase the premium amount

Repeated filing of claims will prompt the insurer to increase the premium amount when renewing their existing auto insurance policies. As multiple claims increase insurers’ financial risk, they begin to charge higher premiums.

Reduced remuneration

If the repair bill incurred after the loss is lower than the deductibles mentioned, it is preferable for the insured to avoid filing a claim. Filing a claim for minor damages will result in insufficient compensation for policyholders.

Policyholders who have opted for Zero Amortization cover on their multi-risk bicycle contract limit the number of claims they can make under their motor insurance contract.

Know the bike insurance claims process

The first thing policyholders should do is inform their insurers of the unfortunate events that damaged the insured bicycle. After informing their insurers, policyholders must follow the steps mentioned to file a claim:

Step 1: First, notify the respective insurer once the bike has been damaged. Insured persons must also notify nearby police stations.

2nd step: Take photos of the damaged area of ​​the bike and the accident site, as these will serve as evidence at the time of the expert’s inspection. Share the clicked photographs with the surveyor, helping them assess the extent of damage to the bike.

Step 3: Insureds must submit the claim form and other relevant documents after the inspection to continue the process.

Step 4: The insurer will now verify the documents and compensate the repair costs directly with the garages in the network in case the policyholders have opted for a cashless claims procedure. In contrast, in a claim process, policyholders can return damaged bikes to their preferred garage, pay the bills out of pocket first, and then file a claim.

Documents Required to File a Bike Insurance Claim

Here are the documents that insureds must submit when making a bicycle insurance claim:

  • Claim Form

  • RC copy of the bike

  • Tax payment receipt

  • DL

  • Bike insurance paper

  • FIR Copy

Know the right time to make complaints

Policyholders should follow the tips mentioned, to help them choose the right time to file a claim:

  • Avoid filing claims if the repair bill costs less than that of the NO Claim Bonus rebate amount.

  • Insured persons should not file a claim for bicycle insurance if the repair invoice indicates an amount lower than the deductibles. Insurers do not provide a claim amount if the cost of the repair does not exceed the deductibles.

  • In the event of damage to third parties, the insured persons do not have to bear the cost if the third natural persons are obliged to bear the costs of the repair resulting from the damage caused.

In this regard all bicycle owners should note that they must have third party insurance cover or liability cover only under the Motor Vehicle Act or MV Act 1988.

In summary, every bike owner should avail of a bike insurance plan to protect their finances which may be shaken in an unprecedented bike accident or theft scenario. In addition to benefiting from an insurance plan, individuals should also have a clear idea of ​​the number of claims they can make.

Reference links:

How Many Claims Can Be Raised in Two-wheeler Insurance Policy

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