Reasons Why Bike Insurance Claims Get Rejected
Updated On May 25, 2021
While buying any two-wheeler insurance plan, it is suggested to go through the policy document carefully in order to make a well-informed decision. Many times due to certain reasons, the claim filed by a policyholder faces rejection, in order to prevent this from happening read the article to know some common reasons that could result in your claim getting rejected.
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Bike insurance is primarily bought by individuals to gain financial safety net for expenses that could arise due to any unforeseen accident or mishap and to complete legal responsibilities. However, to achieve a successful claim settlement ratio, an insured individual needs to consider various factors such as carefully reading the inclusions and exclusions of the two-wheeler insurance plan before signing the contract.
Top Reasons Why your Bike Insurance Claims faces Rejection
Highlighted below are top reasons as to why your two-wheeler insurance company could reject your claim:
Expired Bike Insurance Plan
The insurance companies refrain from entertaining any claim requests which are registered against a lapsed two-wheeler insurance plan. Coverage to your two-wheeler is offered by the insurance companies only during the active insurance plan duration. Henceforth, it is recommended to get your bike insurance plan renewed prior to its expiry date in order to continue availing coverage and other benefits of your two-wheeler insurance plan.
Concealing or Misrepresentation of Facts
Due to concealing or misrepresentation of any major fact, the insurance company rejects the claim of the policyholder. Therefore, it is extremely significant to inform the insurance company regarding the latest information of the insured two-wheeler and the policyholder. In case, the insurance company is not presented with all the details of the two-wheeler, accident and the rider, then it could result in claim rejection.
In case your bike is not in a proper condition and has various problems like faulty tyres or loose brakes, then the insurance provider can possibly reject your claim. In order to settle the claim in a hassle free manner, make sure that there are no faulty parts in your bike and it is a perfect condition. Also, ensure that you have installed anti-theft devices in your vehicle to make the inspection process of claim associated with theft comparatively easy.
In case you have only bought a third party liability two-wheeler insurance plan, then in such a scenario, you cannot make a claim for ‘own damage’. The insurance company will outright reject your claim according to the terms and conditions of the insurance plan.
You should always remember that insurance is not any money-making venture. Therefore, the benefits obtained from the same should not be misused by raising any fraud claims. A thorough research is conducted by the insurance company and if any fraudulent intent of the policyholder comes to the surface, then not only will the claim get rejected but the guilty will also may have to face legal charges.
To ease the process of claim settlement, we have afore-mentioned some common reasons that could result in claim rejection. Make sure to consider these points while owning a two-wheeler insurance plan and try following the right ways to prevent your claim from getting rejected during the time of need.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.