During the hour of need, two-wheeler insurance turns out to be the best way to cover up all the financial obstacles. However, to get the most out of your policy, you must have a thorough understanding of claims and settlement ratio. This post will remove obscurity from this concept.
While buying bike insurance, the first thing that you must consider is whether the company is reliable enough to provide claim settlement instantly during an accident or not? After all, that is why you get insurance, right?
Knowing that a company has an adequate claim settlement ratio ensures that it carries an accurate track record of paying during emergencies. Hence, you would not suffer any sort of financial problem. Here is everything you need to know about claims and their settlement ratios so that you can take an appropriate step.
What Is A Bike Insurance Claim?
To sum everything in a simple language, a bike insurance claim is a process that allows you to get in touch with your insurer and get claims in case you have met with an accident or suffered any sort of loss. This can include vehicle damage, self-injury, or third party injury. With the help of this process, you can ask the insurer to cover your expenses for the damage.
What Is Claim Settlement Ratio?
Usually, claim settlement ratio is a way of ensuring the trustworthiness of the policy company. The higher the ratio, the more reliable the company is. To get the ratio, companies use a simple formula which includes dividing the number of claims came to a company with the number of claims settled in one financial year.
Types of Claims:
There are two types of claims offered by insurance companies:
Just as the name suggests, this process is cashless, and you would not have to pay anything except for the deductible amount. In this procedure, the company gets your bike repaired from their authorised garage.
Reimbursement of Claim:
In this procedure, you would have to pay for the repair from your own pocket. Once everything is done, you can then raise the claim with your insurance company. After verifying everything, the company offers the amount.
How to Claim Bike Insurance :
To get the claim settled, follow the below-mentioned steps-
Contacting & Informing:
Whether you have met with an accident, damaged a third-party’s property or your vehicle got stolen, first step to take is to inform your insurer as well as the police.
Evaluation of Damage:
Once you have informed the concerned parties, damage evaluation is done. You may have to submit some documents or convey specific details to the insurer and the police. According to the assessment, adequate steps are taken.
Settlement of the Claim:
According to the situation, the claim is settled by the company. Either the insurer will send your vehicle to their registered garage or will reimburse the amount.
Things to Remember:
- Provide proper information so as to not to get rejected
- Follow on-road rules & regulations and carry a license always
- Lodge an FIR
- Submit proper documents
While getting an insurance policy, it is essential to pay heed to the company’s bike claim settlement ratio. To have a seamless settlement procedure, check the company’s past record, procedure, and reviews. Do not forget to inform them right away or else your claim can get rejected.