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How Claim Settlement Ratio Affect A Two Wheeler Insurance Policy?

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Claim settlement ratio is basically the ratio between the number of claims received by an insurance company during a stipulated period of time compared to the number of claims that were settled. By settled, the meaning indicates that these claims were accepted and hence, entailed the payment of dues to the policy holder as per the policy features. The settlement of a claim is based on the circumstances that surround the reason behind the policy holder’s need to make the claim in the first place. The claim settlement ratio is an indicator of the customer friendliness associated with a bike insurance company in terms of its openness towards considering insurance claim requests.

 

Claim settlement ratio = Total claims settled/Total claims received

 

In this case, the total number of claims received is equal to the number of claims that were reported in a year + the claims pending at the end of the year.

Significance of Claim Settlement Ratio

There are numerous aspects that play an important role while buying an insurance policy, especially in terms of the type of policy you buy. While purchasing two wheeler insurance online, some of the main aspects that one needs to keep a check on include the premium offered, the cubic capacity of your bike, the market value of your bike, and the inclusions and exclusions of coverage areas.

 

However, there is yet another aspect that is often ignored during the purchasing decision, which is the claim settlement ratio. Based on the degree of reliability of the insurance provider, claim settlement ratio can provide an overview of the amount of risk associated with purchasing a bike insurance policy. Two wheeler insurance policies are extremely seminal when it comes to dealing with the financial pressures that arise due to mishaps, accidents, obsolescence and other factors. Purchasing a policy from a low claim settlement ratio insurance provider comes with the plausibility of being deprived of financial support when you need it most.

 

How to Check Claim Settlement Ratio

There are numerous blogs and websites that offer a comparative look at the claim settlement ratio of different insurance companies in the market. This comparison can be quite detailed based on the source that you visit, including claim settlement ratio based on the type of insurance policy. On the Bharti AXA website, you can select the page option titled “Claims” and either click on “Track Claim” or “Register Claim”. On either of these pages, the claim settlement ratio associated with the different types of insurance would be mentioned.

 

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Disclaimer :The information published on this website is for the public's reference only. Content of this information is to provide an overview of your Insurance needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice for Travel/Health/Motor. Bharti AXA General Insurance Company Limited makes no representations about the suitability, reliability, timeliness, and accuracy of the information, travel, services, or any other items mentioned on this subject for any purpose whatsoever.

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