Why do we buy two wheeler insurance?
Some buy it only because it is mandatory according to the Motor Vehicles Act, 1988, and others buy it to save themselves from financial burden in case of an accident. However, rarely do we look after claim settlement process, and in case of any mishap, we are caught up in too many things.
Everybody needs to know the online two wheeler insurance claim settlement process and here’s how it goes:
If your two-wheeler faces any accident, damage, or theft (Whichever is covered by your insurance), you contact the insurance provider for claim settlement. Then, your online two wheeler insurance provider validates a few things and clears the claim.
Claim settlement ratio, on the other hand, is the ratio of total claims settled by any provider and the total claims received in that year. That is why it is essential to check claim settlement ratio of your insurance provider before buying a policy to ensure that your provider offers a fast settlement.
Claiming Process of Online Two Wheeler Insurance
Let’s understand how you can file the claim for your online two wheeler insurance in case of an accident.
1. Contact Your Insurance Provider
As soon as you realize that you need to apply for claim settlement, contact your insurance provider. If your insurance provider allows online claim settlement, then you only need internet access to contact your provider.
Otherwise, call the helpline. It is better to check the claim process when you buy the policy to avoid extra stress in case of a claim. .
2. File a Complaint
If your vehicle was involved in an accident or has been stolen, you need to file an FIR. After that, your claim process will start.
3. Verify Damage and Documents
Your insurance provider will send some authorized person to evaluate the damage and documents. This is to ensure that the claim settlement request is authentic.
4. Settle Claim
- Cashless – You can visit the nearby certified garage without worrying about financial liabilities as your provider will take care of that.
This is the simplest option, as the garage certified by your online two wheeler insurance provider will start the repair process on cashless basis and your provider will directly clear the claim.
- Reimbursement – You will have to pay the bills once from your pocket and submit the proofs and documents to receive approval of reimbursement. In this claim, the online insurance provider of your two-wheeler will verify a few documents, then disburse the amount of claim approved.
5. Documents That You Will Need
- Valid registration certificate
- Signed and valid claim form
- Valid Identity proof
- Original Copy of policy document
- FIR, if it is required
- Original Bills and proofs for reimbursement in absence of cashless claim
Claim Benefits of Online Two Wheeler Insurance
It is convenient to buy two wheeler insurance online with a few clicks. You can pay the premiums, renew the policy, and start the claim process all via the online platform. This removes the hassle of running to your agent and doing a lot of paperwork.
2. Low premium
The cost of buying policies online is low because you don’t have to pay your agent as well as you can compare various policies on Coverfox.com and buy the most appropriate one for you.
3. Instant renewal
When it is time for renewal of your two wheeler insurance, you won’t have to rush to your agent. You can simply renew the policy online and avoid the extra work.
Additionally, when it is time for renewal, most people forget the deadline. Online insurance will send you reminders so that you don’t forget the renewal date. Or better still, you can even automate the renewal if you are not planning to change your policy.
4. Fast claim settlement
In case of an accident, rarely do people get time to visit their agent. Online insurance lets you start the claim settlement process with just an internet connection.
Online Claim Settlement
The claim settlement process in online two wheeler insurance is easy when it is compared to offline insurance. In some situations, you won’t get time to contact the insurance provider immediately. Needless to say, this can go the wrong way and you can end up with a financial burden. So, search for your two wheeler policy online on Coverfox.com now and avoid the stress of a settlement process.