Having bike insurance is crucial for the safety and protection of the vehicle. But often, even after having insurance for a bike, it leads to a claim rejection.
One common reason for online bike insurance claim rejection is delayed submission of the claim. Generally, insurance companies have a timeline in which all the policyholders need to file a bike insurance claim.
But often, in a hurry to purchase cheap bike insurance, people do not pay attention to policy terms and details, and this leads to negligent submission of claims after the deadline. In this guide, we will explore all about a two-wheeler insurance claim.
Why to File an Online Bike Insurance Claim?
The purpose of a bike insurance policy is to provide financial protection to vehicle owners in case of unanticipated situations such as accidents, third-party liability, damages, and more.
Insurers can also opt for their own damage insurance for bike to leverage financial protection for their bikes against accident, theft, natural calamities, and more.
However, to get reimbursement, individuals need to file a bike insurance claim.
The claim can be submitted online or offline. In the claim process, insurance providers assess the vehicle situation and either approve or reject the claim. However, insurance providers set the timeline for filing a claim to avoid false claim submissions.
What is the Required Timeline for Filing a Motorcycle Insurance Claim?
The insurance company’s timeline for filing a bike insurance claim is 24 hours. Within 24 hours of crises, such as accidents, damage, etc., to insured vehicles, individuals need to file a claim or at least notify the insurance provider about the incident.
However, in some cases, insurance providers can accept the late claim, such as when the policyholder is so severely injured that he cannot make a claim submission.
Otherwise, individuals need to submit the two-wheeler insurance claim request within the requested time, irrespective of the history of filing the claim or payment of premium.
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Why Do People File Delayed Online Bike Insurance Claims?
Most people prefer to go with a cheap bike insurance policy when purchasing a policy and do not pay attention to policy documents and claim deadlines.
Because they are unaware of the bike insurance policy claim, people forget to file a claim on time. In some cases, even people who are aware cannot file the claim on time due to medical reasons.
In those cases, if a policyholder has sufficient proof, the insurance company accepts the delayed submission.
Why Does Delay in Filing Bike Insurance Claims Lead to Rejections?
The delay in filing two-wheeler insurance claims on time generally leads to rejection because of the following reasons:
- Unable to Assess Damages: The self-explanatory reason for rejecting the claim is the insurance company’s inability to assess the damages after a long time. To assess the damage on time, the insurance company has set a time frame. After the claim submission, the insurance company sends a surveyor to assess damages. But when too much time passes, the surveyor cannot conclude if the damage is planned or natural.
- Difficulty In Contacting Witnesses: Another reason for claim rejection is finding the right witness to verify the occurrence of incidents and damages to vehicles. Suppose the claim request is submitted within a few hours of the incident. In that case, the insurance company can verify the incident by contacting the authorities or reaching out to the incident site.
- Segregating Fake Claims: Another apparent reason for delaying the claim request is to curb the fake claim request. Once too much time has passed, individuals can create fake scenarios to get the claim amount. That’s why, by denying the claim request, the insurance company is taking a stand to segregate all fake claims.
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What are the Consequences of Filing Delayed Claims for Insurance of Bikes?
There are various consequences of filing a delayed bike insurance claim:
- Financial Loss: The very first consequence an individual faces when filing a delayed claim request is financial loss. By not submitting a claim on time, policyholders must bear the entire repair cost, which can be financially burdensome.
- Legal Consequences: In rare circumstances, delay in filing a two-wheeler insurance claim can also lead to legal consequences against the policyholder. For instance, if the vehicle owner fails to report an accident to authorities or the insurance company after the incident, this can invite criminal charges against them.
- Loss of Coverage: Filing a late claim can also lead to loss of coverage for an insurance policy. When an individual delays filing a claim, it might exceed the policy period, which makes the coverage void. This means that individuals need to bear all the costs of repair and maintenance of the vehicle on their own.
- Increased Premium: Another significant consequence individuals need to bear while filing a late claim is increased premium. If an individual has a history of late claims, then their two-wheeler insurance premium might increase. Insurance companies pay attention to a person’s claim history while deciding their premium.
Conclusion
When purchasing two-wheeler insurance, it is important to pay attention to the claim period. By submitting a claim on time, individuals not only save themselves from financial loss but also shield themselves from late filing repercussions.