Bike insurance is a nuanced topic and involves many different technicalities that you might not know. One of the many frequently asked questions regarding bike insurance is, “What is the maximum number of bike insurance claims we can raise?”
There are a few things you must know before you buy your long-term bike insurance. The claim limit is one such concept you need to comprehend before getting your two-wheeler insurance.
In this blog, we will discuss the bike insurance claim limit to make better decisions while filing and to avoid unpleasant news.
Bike Insurance Claim Limit Per Year
According to the bike insurance claim rules in India, there is no cap on the number of times you raise a claim in a year. You can file multiple claims for multiple reasons, be it partial loss due to theft, paintless dent repair, tyre replacement, engine replacement, major repairs and more.
The only limitation you need to consider is the insured declared value (IDV) of your bike insurance policy, whether third-party or comprehensive. When you buy bike insurance online, there are a few features you must be clear about, and IDV is one of them.
IDV refers to the predetermined maximum amount of money that the insurer designates at the time of issuing your policy. You need to ensure that the total amount resulting from the claims you make in a policy term does not exceed the IDV of your bike insurance.
Since IDV is the maximum amount of money designated to your bike, that is the threshold that you cannot pass.
Result of Repeated Bike Insurance Claims
● Increased Premiums
Repeated bike insurance claims will definitely lead to an increase in your policy premiums. Repeated bike insurance accident claims are a crucial sign for the insurer saying that you are a high-risk customer. It speaks a lot about your driving habits, overall bike maintenance and repairing habits, thus resulting in a premium increase.
● Nil No-Claim Bonus
A no-claim bonus is a reward in the form of a discount on your premium when you renew your policy. You are eligible for this reward and discount only if you do not raise any claims in the policy term.
However, when you raise repeated bike insurance accident claims, you lose any and every chance of gaining this reward. Instead, you are stuck with an increased premium.
● Renewal Rejection
In extreme cases, your policy renewal might get rejected as well. Insurance companies do not want to incur a loss on behalf of your bad driving and maintenance habits.
If they observe that you are a habitual offender or file claims for high-risk incidents, the insurers will reject your appeal to renew the policy. You must know that buying a new bike insurance policy is more expensive than renewing an existing one.
Appropriate Claim Filing
Suppose you buy your bike insurance from a reputed insurance company like Tata AIG. Your bike insurance agent or the surveyor will advise you from time to time whether you must raise a claim for a certain accident or not.
In this case, it is also your responsibility to avoid any unnecessary claims and only raise appropriate and absolutely necessary Tata AIG bike insurance claims.
● Consider Deductibles
If your repair, replacement or servicing bill is less than the amount of involuntary deductibles designated by your insurer, do not raise a claim. According to the bike insurance claim rules, the insurer only pays if the bill exceeds the involuntary deductible amount; the remaining amount after the policyholder pays the deductible.
● Minor Damages
If your bike experiences minor scratches or accidents, do not raise a claim. Filing a claim in such situations does not benefit you financially. Instead, it will snatch your opportunity to earn your rightful no-claim bonus. You can opt to pay for such minor repairs out-of-pocket instead of your two-wheeler insurance.
● Major Accidents
Only if your bike experiences any major loss or damage, like a severe accident, theft or damage due to natural calamities, should you raise a bike insurance accident claim. Follow the necessary bike accident claim procedure to receive rightful compensation.
Conclusion
Understanding the implications of multiple bike accident insurance claims proves to be highly valuable for maintaining a beneficial two-wheeler insurance policy. While there is no limit on the number of times you can raise a claim, you may have to consider the cumulative claim amounts.
We hope the blog offered valuable insight as to how multiple claims can affect your policy and when you should file a raise.
