Vehicle insurance is a great way of making sure you are protected against emergency expenses when your vehicle is damaged. When it comes claiming for any damage repair, there are two options – cashless claim – where the repair cost is directly paid by the insurer to the garage or, reimbursement claim – where you bear the repair expenses, and receive the amount as a reimbursement later on.
However, it is important to note here that not all claims that are raised are processed or settled. There may be instances where you might face some difficulties if you are not aware of the terms & conditions. But worry not, we are here to help you with some pointers as to what you should avoid so that your claims are not rejected by the insurer.
- Rejection due to lapsed policy or non-coverage
Let’s take an example here. Your bike has been in an accident and the engine is damaged. Your insurance policy covers damages caused due to fire, storms, etc., but because you did not buy an add-on cover to protect your engine and its components, your claim for engine repair may get rejected.
Similarly, in case you raise a claim at a time when your policy has lapsed and you have not renewed your policy, your claim will not be accepted.
- Partial claim settlement due to limited coverage benefits
Your full claim may not get accepted if your insurance plan does not cover you for a specific damage that you may have faced. Also, you may end up spending out of your pockets if the claim exceeds the depreciated value of your bike. So, you must keep a check on your policy exclusions to see the exact coverage you have.
- Delay in informing the insurer
- Every insurer sets a timeline by when a claim must be raised. If you miss the deadline, chances are that your claim may be rejected by the insurer. It is advisable to inform your insurer about the incident immediately. However, in case you have received injuries and required to be hospitalized, the insurer may choose to make an exception if you can provide valid documentation about the same. Invalid or insufficient documentation
Knowing the process and documents required to raise a claim beforehand helps save time and avoid rejection. Insurers do have different document requirements but some basic documents that are needed to raise a claim should be handy with you likedriving license, registration certificate of your bike, insurance policy, valid ID card etc. In case there is any confusion, you must reach out to the insurer and ask for a document list.
When you purchase a policy for your vehicle, it is very important to go through the policy details thoroughly. This helps you understand the policy better and avoids any disappointments when you need to raise a claim. Also choose the insurer wisely so that you do not have to get entangled in tedious paperwork and have quick claim settlement as well. Buying a bike insurance plan on the Bajaj Finserv App, lets you be sure that you are buying a plan only from some of the leading insurers in the country. We choose our partners carefully and make sure that our customers have access to some really credible names in the industry. So, if you are looking to buy a bike insurance plan, make sure to download and login to the Bajaj Finserv App before you make a choice.
Anywhere, Anytime insurance with the Bajaj Finserv App
The Bajaj Finserv App is a high utility App that takes care of all your financial needs including insurance. On the app, you can explore bike insurance plans from our trusted partners. Here you can view product features, compare prices and purchase a plan that is best suited to your needs. All this in a matter of minutes and from the comfort of your home. It truly is becoming the new way to buy insurance.