Owing to its young population with disposable income, India is one of the largest two-wheeler markets in the entire world. This means, a massive number of two-wheelers are added to the roads on a daily basis which also increases the probability of accidents on the road. The simplest way to handle such situations is to buy a third party two wheeler insurance.
With the Motor Vehicles Act of 1988, the Indian government made it mandatory for all vehicles to have a third party insurance. The main motive behind this is to have you covered financially against unfavorable situations that might arise due to an accident. While it does not provide any coverage for your vehicle, it ensures that any damage or injuries done to other individuals are taken care of.
In terms of insurance, the policy buyer is the first party, the insurance company is the second party and anyone else involved is the third party. Thus, a third party two wheeler insurance benefits the third parties involved with an accident. Should an accident lead to injuries such as disability or even death, the policy looks after the expenses. Similarly, if there are any damages to properties up to INR 7,50,000, the policy has your back.
How to Claim?
It is quite obvious that if you are buying a two wheeler insurance, you would like to claim it when there is a need. Here are the steps that can follow to making the two wheeler insurance claim process a little bit easier on your part.
– Inform Insurer
Contact your insurer and inform them about the accident. You can either choose to do it over the phone or via email. But whichever mode you choose, make sure to do it at the earliest. There is usually a 48-hour window within which you must inform the insurer. Failing to do so might lead to claim rejection.
It is essential to reach out to the police and lodge a First Information Report (FIR) in case of an accident involving third party. It is the single most important document, as it is the official record of an accident.
If you have a camera or smartphone, do not forget to take a few pictures of the accident spot. This will come in handy during the claim process. If there are any witnesses present, do note their contact details.
– Provide Information
Submit all the relevant documents to your insurer. It is important not to exaggerate things, as it might lead to rejections.
– Track you Conversations
Ensure that you keep a copy of all the conversation that you might have with your insurer or other parties. This will help you expedite the process and protect you in the case of any discrepancy. It is a good habit to keep all the claims-related documents in a file for future reference.
Points to remember:
– Running away from an accident scene is a big No.
– Do not settle with a third party in the absence of the police.
– If you can, do arrange for medical help for the injured.
– If you ride your bike under the influence of alcohol or other intoxicating substances, the claim will definitely get rejected and might invite some legal action as well.
– Follow the process for claims and do not randomly submit documents.
You can buy bike insurance online, which makes it even easier to secure a policy. And buying a bike insurance online will help you save a considerable amount of time as well.