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How many times in a year is it advisable to raise a claim for bike damage with your insurance company? Is it only allowed once or can you file multiple claims too? Let’s answer these questions below.
Getting bike insurance is a mandate in India before beginning to drive the vehicle on the road. This is essentially done in the interest and safety of the bike owner. In case of any unfortunate accident and/or damage caused to the bike and self, a bike insurance policy comes in real handy, covering all costs involved.
So basically, your motorbike insurance is the key to all your bike-related problems likely to occur in future. But the question arises: how often can you use this key? Let’s find out.
According to the motor insurance rules, your two wheeler bike insurance policy does not impose any restrictions on the number of claims that you can raise in a year. However, as a bike owner, it is good to know that each claim that you raise has an impact on your insurance plan purchased.
For instance, if you choose to file more claims for self or third-party bike damage in 1 year, it tends to increase your premium amount payable. Also, filing multiple claims has a direct effect on your No Claim Bonus (NCB). Let’s understand in a little more detail below about each of these impacts on your bike insurance.
Although there is no rule that prevents you from raising more than one bike insurance claim with your insurer, it is good to stick to as few as possible as a general rule of thumb. Raising bike insurance claims repeatedly with your insurance company may result in the following:
Now that we understand how raising claims for bike insurance affects the different elements of your insurance policy and that it’s always better to use your insurance claim benefit wisely, let’s learn about the procedure to file a claim with your company:
When filing a bike insurance claim, you would need to submit a claim form (duly filled and signed) to your insurer along with a copy of the following documents:
Also Know: How Many Claims Can Be Raised in Two-wheeler Insurance Policy
Knowing that raising multiple claims in a year can directly impact your bike insurance compensation received and premium rate, when is it exactly ideal to raise a claim? Let’s find out.
While bike insurance is meant to provide you financial protection in case of any mishap or untoward event, it is best to avoid making repeated claims with your insurer. This would directly impact your NCB benefit under the plan. Hence, it is advisable to cover costs for minor repairs on your own rather than file it with the insurer.
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