Owning a two-wheeler offers freedom — the freedom to explore the monsoon when it is raining outside, the freedom to explore mountains with your friends, and, most importantly, freedom from the city’s traffic by having an option to navigate through narrow lanes. However, bike ownership also entails various risks. What if you have parked your bike outside your office and a car, while reversing, hits your vehicle? What if a natural calamity strikes and damages the bike severely? You will need insurance to secure yourself from all these events. But while buying bike coverage, one thing that might concern you is whether you are allowed to make multiple claims during a policy year.
Can You Claim Bike Insurance More Than Once a Year?
Throughout the policy year, you can make many claims for repairs and replacements. The insurer has no limit on the number of times they will accept a claim. However, making many claims has several disadvantages, which are outlined below.
- Raising claims for every minor repair categorises you as a high-risk policyholder. In return, the insurer charges a higher premium when you proceed with comprehensive bike insurance renewal.
- You will lose out on NCB benefits. NCB, or no-claim bonus, is a reward your insurer offers if you remain claim-free during a policy year. You can use this reward to reduce the premium at the time of renewal. The reward ranges from 20% to 50%, with you being eligible for the higher bracket if you have not raised a claim for five consecutive policy years.
- The insurer will increase the compulsory deductible during renewal. This is the amount you must pay out of your pocket if the need arises for repairs or replacement of your bike’s components. The insurer’s liability arises if the claim amount surpasses the deductible amount and the policyholder pays the deductible.
Step to Claim Bike Insurance Twice A Year
Here is the step-by-step guide to bike insurance claim submission.
- Step 1: The process begins with informing your insurer and mentioning the level of damage to either your bike or the third party.
- Step 2: Next, fill out the claim form and upload all papers that prove the incident.
- Step 3: The insurer will send a surveying officer to inspect the damage your bike sustained. Be willing to answer any questions the surveying officer may have.
- Step 4: The surveyor will make a detailed report on the damage and share it with the claim department. If they are satisfied that the claim meets the policy terms and conditions, the funds will be transferred to either your or the garage owner’s account, depending on the claim type.
Documents Required for Submitting Bike Insurance Twice A Year
Here is the list of the documents you will need to raise a bike insurance claim.
- Duly filled and signed claim settlement form
- A copy of your two-wheeler insurance policy
- A copy of the bike’s RC is needed for verification
- A copy of the DL of the driver involved in the incident
- In cases of theft or third-party damage, a police FIR is necessary
- Original repair bill copies, cash receipts, and payment invoices (required for reimbursement claims)
- Original road tax receipts for the bike
For theft claims, additional documents, such as the theft endorsement from the Regional Transport Office, service booklets, bike keys, and a letter addressing the RTO regarding the theft, are required.
Common Reasons for Claim Rejection
- After the road mishap, if the insurer finds out that the bike was driven by a minor or a person deemed mentally unfit, the claim will be rejected.
- If you are caught driving after consuming a high dose of alcohol or drugs, and an accident occurs, the insurer has the right to reject the claim.
- You might also face claim rejection if, just before the accident, you were found without a valid driving license or other key documents required under the Motor Vehicles Act.
- The insurer will reject the claim if you are riding with an inactive policy or a policy that has expired but is in the grace period.
- Any other conditions that fall under the exclusion section in the policy document will not qualify for a claim.
Conclusion
You can claim two-wheeler insurance multiple times, but keep in mind that this will increase the premium at renewal and result in a higher deductible. It is advisable to refrain from making claims for minor issues like dents and scratches, problems with indicators, or wiring issues with the horn. Using your policy wisely and staying claim-free could reduce the premium burden by 50% with NCB.