How do you negotiate with the insurer about bike insurance claim settlement?

Bike insurance provides a financial shield in case of mishaps. However, it does not always mean that your insurer will accept your claim. Just as you have to qualify for a Driving Licence (DL), you have to be eligible for the claim settlement. A bike accident happens before you realise it. But, the consequences of this accident can take time to heal. This can include repairing the damages sustained by your bike, recovering from bodily injuries suffered by a third party.

In this article, we shed light on how you can ensure a smooth bike insurance claim settlement.

Tips for negotiating bike insurance settlement claim

You pay the insurance premium so that you get financial protection against damages to your vehicle or, in the case of third-party liabilities. Therefore, rejection of your bike insurance claim can be frustrating. Here are some tips for a smoother bike insurance claim settlement.

1. Begin the bike insurance claim process immediately

After a bike accident, initiate the bike insurance claim as soon as possible so that even the smallest of details is not missed out. Additionally, any property damage or physical injuries can be reported.

2. Understand what your bike insurance policy covers

Insurance coverage need not necessarily mean coverage for damages to your bike. Because it depends on the type of bike insurance plan you have opted for. While the Third-party Bike Insurance Policy covers third-party liabilities, the Comprehensive Bike Insurance Policy covers damages to your bike. Therefore, know what is covered in your policy and claim accordingly.

3. Maintain accurate records about the accident

It is vital to maintain a file with all the records of the bike accident. Records of the accident may include photos, First Information Report (FIR) if required, medical bills, and bike repair bills in case of a reimbursement claim.

4. Work out a bike insurance settlement claim process

The two-wheeler insurance claim settlement has been a standardised process in recent times. Once your bike meets with an accident, and if the damages are severe, you can either get the repairs done at the insurer’s network garage or get it fixed at a garage of your choice. 

Please remember that you get to enjoy cashless claim settlement if the repairs are done at a network garage. As for fixing your bike at a garage of our choice, you need to opt for the reimbursement claim method.

5. Don’t be upset by the offer

It is futile negotiating for something your policy does not cover. Make sure to read the inclusions, exclusions and payment limits. The claim settlement amount depends on the type of insurance plan you have chosen; hence, don’t be upset if the amount is lower than you expected.

6. Follow-up on your claim

Usually, you get updates or can track claims but, if that does not happen then follow up. Make sure you are in regular contact with your insurer. There may be several claims that the insurer might have to settle. So, it is essential to follow up with your insurer for a faster and smoother claim settlement.

7. Get the settlement in writing if possible

In the case of an offline insurance company, make notes of all communications of the bike insurance claim settlement. Ensure that the claim settlement is in writing for your future reference. The claim settlement letter should have the final claim settlement amount, the damages or injuries covered in the settlement, the date the insurer will settle the claim, etc. 

Upon the mutual agreement between you and the insurer, make sure the hard copy of the claim settlement is duly signed and dated with all information included in the document.

In a nutshell

To get the proper bike insurance claim settlement, ensure to collect all documentation such as photos, police reports such as the FIR or Non-traceable report (in case of theft), medical reports, etc. Verbal claims may result in the rejection of your claim, so having adequate proof is vital. Most importantly, inform your insurer as soon as possible for a smoother and hassle-free claim settlement.

Frequently asked questions

Here are some common queries and their answers about bike insurance claim settlement.

How do I respond to a low bike insurance claim settlement offer?

Remain calm and analyse your offer. Ask yourself questions about why the claim settlement is low. The low claim settlement amount could be due to inadequate proof or documentation such as records of the damages, medical bills, improper repair bills in case of reimbursement claims, etc. During such instances, provide the information the insurer needs and ask them to revisit the claim.

What is a reasonable claim settlement offer?

A good claim settlement offer occurs when the damages or losses sustained during an accident is compensated according to the terms and conditions of the insurance policy.

What happens if I reject the bike insurance claim settlement offer?

Once you reject the claim, the offer is off the table, and you cannot go back and change your mind later. If the claim settlement offer is as per the terms and conditions of the insurance policy, it is recommended that you accept the offer.

How long does an insurer have to settle a bike insurance claim?

At ACKO, we settle claims for minor damages such as dents, a broken mirror, etc., within a few hours. You can get the bike repaired at our network garage for severe damages, and the settlement can be within 3 working days. In case of reimbursement claims, we will try to settle the claim within 3 working days, depending on the severity of the damages. Also, make sure you inform us as soon as possible for a hassle-free experience.

What is Insured Declared Value (IDV), and how does it impact the claim settlement?

IDV is the approximate market value of your bike. This is also the sum insured stated in the policy document. Suppose you raise a claim for total loss or theft. Here, the insurer pays the IDV after considering deductibles and depreciation. Hence, ensure you choose the right IDV for the proper claim settlement amount.

Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet; and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content and before making any insurance-related decisions. Explore More:

• Why should you buy a two-wheeler insurance policy?

• Is it compulsory to have a bike inspection for claims?

• 5 things that can go wrong while buying bike insurance offline

• Is the entire two-wheeler covered by the bike insurance policy

• Ideal bike insurance for long-distance riders

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