Many people who purchase two-wheeler insurance believe that all of their difficulties will be resolved by doing so. Nevertheless, industry experts say buying insurance is only half the job done. Policyholders should know that a successful claim settlement depends on several criteria.
Policyholders should carefully read their policy documents to understand how to claim insurance for bike damage and be aware of its exclusions.
Insurance companies often deny two-wheeler insurance claims due to various reasons, and there are effective strategies to prevent such denials.
- Not Paying The Premiums And Providing False Claim Information
Paying the premium on time ensures that your insurance coverage is active and that the insurer can efficiently handle your claim. The insurance provider can reject or deny your claim if you fail to pay your payments on time and the policy expires. Paying the insurance premium on schedule is a good idea to avoid needless rejections. The premium must be paid on or before the due date for your claim to be approved.
- Driving While Ineligible For A License And Engaging In Prohibited Behavior
One of the leading causes for your vehicle insurance claim being denied is driving without a license or with an expired license. Since these practices are prohibited in India, the insurance provider may deny the claim in certain situations. The insured person should not be discovered to have been operating their two-wheeler while under the influence of any drug or alcohol or doing any stunts at the time of the accident.
- Refusing To Relinquish Ownership
The seller of a used two-wheeler must transfer ownership of the bike’s insurance policy into the policyholder’s name. You can file a claim if the procedure is completed because the prior owner’s name remains on the insurance policy. Because of this, in the event of an accident, you would be responsible for any damage to your bike.
- Alterations Made To The Bike Without Warning
The bike is increasingly being customised to give it a more modern appearance. However, before making any changes, you should notify your insurance provider while making any revisions. The insurer must be informed if you modify your bike because some modifications to your car may result in a premium rate increase.
- Not Letting The Insurer Know About The Accident
According to industry professionals, this is one of the common errors that most policyholders make. They fix the car independently and then notify the insurance provider to settle the claim. It is challenging for the insurance company to follow the accident and the repairs, which makes it challenging for the insurance company to evaluate the damage and approve the policyholder’s claim. Make sure you compare bike insurance before buying one.
A two-wheeler insurance premium calculator is a convenient tool you may utilise online to check the amount of coverage required based on your needs.
Claims are subject to terms and conditions set forth under comprehensive two-wheeler insurance policy.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.