For many of us, our first bike is no less than our first love. There are many surprising stories of how the first bike was brought. For example, people have studied day and night just because their dad promised them a bike on procuring good marks. Or some of us were saving our salary to bring that dream bike home. Or some lucky husbands were best owed a bike from their lovely wives. I am sure you must be thinking about your bike while reading this. Oh, the joy, irreplaceable!!!
But when your bike meets an accident or is stolen, imagine the horror you can face.Quite an unfortunate event! However, a bike insurance online policy can come to your rescue in such dreaded situations. Here, a two-wheeler insurance policy acts as the financial security. We have listed below some vital steps to file the insurance claim of a bike in the event of an accident or theft. Read the following steps and never forget them!
1) Immediately Register an FIR
After the bike is stolen or meets an accident, immediately go to the police station, and register an FIR. Registering an FIR is essential step to follow.
In case of a bike accident, take a note of the following information which can be provided to the police officers as well as the insurers.
- Make a note of the numbers of the other vehicles involved in the accident
- Take the names and contact details of the other bikers, passengers, and witnesses
- If possible, take photographs
- Note the accident location and road or street names
- Note down the accident time
- Write down any other relevant information
2) Inform your Insurance Company
Spare no time in notifying your insurance company about the theft or an accident. For notifying the insurance company, use the helpline number provided on the bike insurance online policy document.
3) Provide all the Vital Information
To make the claim process a smoother one, provide all the necessary information to the insurance company. Submit the policy details such as the policy number and name of the policyholder. Calmly and correctly describe the incident.Provide the details regarding the incident as well as the vehicle number of the accident-prone or the stolen bike.
4) Inform the Transport Office
When the bike is stolen, informing the RTO (Regional Transport Office) about the same is mandatory. This step becomes essential as the RTO office provides the transfer papers and other documents in the later stage.
5)Collect the Documents in the List
Start collecting all the necessary documents to make a claim and submit them to the insurance company along with the duly filled claim form. Make sure that following documents are in place:
- Copy of the vehicle’s registration certificate
- Original FIR document
- RTO transfer papers duly signed
- Copy of the two-wheeler insurance policy
- A copy of the policyholder’s driving license
- A copy of the bike’s RC book
- Duly filled and signed claim settlement form
6)The Verification Process
On submission of all the required documents, the insurance company processes and verifies the same.
7)Get the No-Trace Report
In case of a stolen bike, don’t forget to acquire the no-trace report. You will get this document from the police saying that the vehicle cannot be traced or located.Without this document, the bike theft insurance is unlikely to be processed, but once the insurance company gets the no-trace report, it will start processing the insurance claim.
8) Approval and Settlement
After the police submit the ‘no trace report’, the claim is approved. It is vital that you transfer the RC of the stolen vehicle in favor of the insurance company, as well as hand over all sets of keys and give a letter of subrogation to the insurance company. In the insurance world, subrogation is defined as a legal right that allows a car insurance company to settle the policyholder’s claim and then recovers the money from the party that owes the debt. Subrogation is the way through which the car insurance company can recover the money from the party who is responsible for the accident.
9)The Final Reimbursement Process
For the reimbursement process, the insurance company hires an investigator and based on the report submitted by him; the company reimburses the ‘insured declared value’ amount depending on the premium paid for the two-wheeler insurance online policy.
Some Final Words:
To avoid the entire fiasco, it is necessary to take precautionary measures. Make sure that you are not speeding on the roads. Follow all the traffic rules prudently. Also, to protect your two-wheeler from thefts, make sure that the steering is always locked. You can also use an audible alarm for added security.
Whether your bike is stolen, or it has met with an accident, be patient. Always co-operate with police and insurers as your attitude may hamper the entire process and delay the same. Inquire about any progress on the stolen bike by paying frequent visits to the police station and keep in touch with the insurance inspector.