In Which Cases Your Insurance Company Will Not Pay Your Claims| Bharti AXA

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In Which Cases Your Insurance Company Will Not Pay Your Bike Calims

Purchasing a bike insurance policy may be the easy part. Two-wheeler owners may assume that their claims may always be processed. However, that isn’t always the case. There are scenarios due to which your insurance company may not process your claims.

Therefore, you need to have clarity on what is included and excluded from your Two-wheeler insurance policy.

Exclusions of Third-party Insurance

The third-party insurance is a mandatory requirement by the government of India. It should be only opted for when your two-wheeler has lost a significant share of its market value as a result of standard depreciation.

Usually, depreciation works at a rate of 10% in the first 5 years. For the subsequent 5 years, it decreases to 5% of a yearly basis. However, 50% value of your bike is lost if it is more than 5 years old. In these cases, a third party 2 wheeler insurance is most appropriate. But that too comes with its own set of exclusions – instances where you cannot raise a claim to the insurance company.

Take a look at the exclusions of the third-party insurance plan:

  • Under the third party insurance, damage as a result of non-collision is not covered and the cost of repairs will have to be borne by the bike owner.
  • If your motorcycle is damaged in an accident, only claims made by victims will be eligible for compensation which is also known as third party liabilities. Any repair cost will have to be borne by the owner as the third party bike insurance does not cover this.
  • If your two-wheeler undergoes damage as a result of theft or natural disasters, you will not be able to claim any compensation under the third party insurance policy.

Whilst the third party insurance policy is compulsory, you can opt for something better. A comprehensive insurance policy is the best plan that you can have when you are a proud owner of a brand new two-wheeler.

When the market value of your bike is at its optimum, this 2 wheeler insurance offers you the best protection in comparison to a third party plan. With a 360 degree coverage, the comprehensive policy is more expensive than its alternative.

However, even with a comprehensive plan, there are situations and circumstances under which you will not be able to claim insurance.

Here are the exclusions of the comprehensive insurance plan:

  • If you are involved in an accident without having a valid driving license on you, your claim for compensation will be rejected. This is due to the fact that your bike insurance coverage only comes into effect if you are driving with a valid license that has been issued by your local transportation body at the time of the accident.
  • You cannot claim insurance for an accident if you are driving your two-wheeler in an intoxicated state.
  • If you take your bike outside the geographical location as specified in your 2 wheeler insurance policy, you will not be able to raise a claim for damages incurred.
  • You will not be covered for loss or damages caused to your bike as a result of speeding.
  • If you offer your two-wheeler to a friend who later is involved in an accident with it, your comprehensive policy will not accept a claim for the same.
  • Mechanical and technical failure, general wear and tear as a result of ageing and usage are also not covered under the policy.
  • Any loss or damage incurred as a result of radioactive or nuclear-related activities is not covered under the comprehensive plan.
  • If you use your two-wheeler for any other purpose other than what is mentioned as the time of policy purchase, your claim for any damages or losses incurred will be rejected by the insurance company.

While this is not an exhaustive list, it more or less covers the general conditions where you may face with a claim rejection. Usually, all these exclusions clauses are clearly mentioned in the policy document.

Have a thorough understanding of what you are signing up for before you purchase it. If in confusion, check with your insurance provider to avoid scenarios where you can end up with litigation with them.