Two wheeler Insurance Claims: Your Ultimate Guide to Own-Damage Claim Settlement
Once you purchase your dream two-wheeler, you must invest in bike insurance to secure your vehicle. Since third-party insurance is legally mandatory, it is more common. But the own-damage cover is another type of bike insurance.
The standalone own-damage insurance cover will protect your two-wheeler if it gets damaged due to natural calamities, vandalism, road accident, or other causes. The own-damage two wheeler insurance plan will cover you for all your losses according to terms and conditions. Dive into this article to learn more about raising an own-damage claim in motorbike insurance.
Coverage of Own-Damage Two-Wheeler Insurance
The own-damage cover of a bike insurance policy offers protection against the following:
Maybe your motorbike has been in an accident. If you have the own-damage insurance cover, you won’t have to bear the cost of repairing or replacing the damaged parts due to an accident.
Fire and Explosion
Fire and explosion can cause damage to your motorbike and lead to financial loss. The own-damage cover of your bike insurance will offer protection against such damages.
Natural calamities like floods, cyclones, and earthquakes can cause damage to your two-wheeler. The own-damage cover of motorbike insurance will cover the cost of repairing or replacing the damaged parts.
Man-made calamities like vandalism, riots, strikes, and terrorist attacks are fully covered under the own-damage cover of your two wheeler insurance.
Theft or Malicious Acts
The theft of your dream bike can be quite distressing. But the own-damage bike insurance cover will compensate you for such losses.
The own-damage cover will compensate for your losses if your vehicle gets damaged beyond repair.
Exclusions Under Own-Damage Two Wheeler Insurance
A few instances where the own-damage two wheeler insurance won’t cover your losses are as follows:
The own-damage plan won’t cover third-party liabilities like injuries or death of the third party or damages to their property.
If your vehicle suffered damages while driving under the influence, the own-damage bike insurance policy wouldn’t cover you.
Riding Without a License
Since driving without a license is illegal in India, your own-damage insurance policy won’t cover you in such circumstances.
Mechanical or Electrical Breakdown
The own-damage two wheeler insurance plan won’t cover you for damages caused by a mechanical or electrical failure. Moreover, it won’t cover you for any wear and tear over the years.
Steps to Raise an Own-Damage Two Wheeler Insurance Claim
The steps to raise an own-damage bike insurance claim are as follows:
Step 1: Get in Touch with Your Insurer
The first step to raising your own-damage insurance claim is contacting your insurance provider. You will have to provide all the necessary documents and information, like the mishap’s location and bike registration number. Thankfully, now you can raise a claim and do bike insurance renewal online without visiting your insurance provider’s office.
Step 2: Survey Your Two Wheeler
After registering the claim, the bike insurance company will send a professional to survey your motorbike. The surveyor will assess the condition of your motorbike and verify the damages. Once the extent of the damage has been determined properly, your two wheeler will be sent for repair.
Step 3: Wait for Damage Repair and Reimbursement
You can get the motorbike repaired at any garage by paying for it from your pocket. The insurance company will reimburse you after you submit all the required bills and receipts. The insurance company will consider your vehicle’s deductibles and depreciation value before providing the reimbursement amount.
But you can also enjoy the cashless facility offered with the own-damage cover in bike insurance. If you are entitled to the cashless facility, you can get your two wheeler repaired at a network garage of your insurer without paying zero bucks from your pocket. The insurance company will contact the insurance company directly and settle the bills.
You should opt for the own-damage two wheeler insurance policy because it offers broader coverage. Additionally, raising a standalone own-damage insurance claim is extremely simple, like bike insurance renewal online.
Future Generali offers the best own-damage two wheeler insurance policy. So opt for it now without wasting any more time.
- What are the add-ons available with own-damage bike insurance coverage?
The add-on covers available with own-damage bike insurance cover include the roadside assistance cover, zero depreciation cover, consumables cover, and more. You can choose or drop off add-ons easily during bike insurance renewal online.
- Can I get a no-claim bonus with the own-damage bike insurance cover?
You are entitled to a no-claim bonus cover with your own-damage bike insurance cover if you don’t make any claim during the policy year. The no-claim bonus can significantly lower your premium for the next year.
- Is it compulsory for all riders to buy own-damage bike insurance coverage?
Riders in India are not legally required to buy own-damage bike insurance cover in India. But having it offers additional coverage to riders.
- Will I receive compensation if my two wheeler has been damaged beyond repair?
You will be compensated for damage beyond repair if you have the standalone own-damage bike insurance policy.
- Can my standalone own-damage two wheeler insurance claim be rejected?
Your standalone own-damage bike insurance claim might get rejected due to misinterpreting facts, delaying informing the insurance provider, or submitting inaccurate documents. It might also get rejected if you are found driving under the influence of drugs or alcohol.