5 Effects of delayed 2 wheeler insurance claim

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When we buy a two wheeler, we are given our registration papers of the vehicle, pollution checked sticker and our insurance policy which is a mandatory third party policy. You could opt for a 2 wheeler insurance online and also opt for a comprehensive one if possible. There are enough insurance policies to choose from and you could get your bike insurance quote online if required.

These are all the documentation which comes with the new vehicle. We are not told about thetime period to file in the claim in case an emergency.

We are unaware of the fact that there are certain protocols to be followed for filing in the claims after an accident. Filing the claim within 24 hours is very important. Filing the complaint within the week of the accident does also work.The 2 wheeler insurance online would be able to tell you the requirements. Every insurance company follows a timeline within which the insured person has to intimate the company about the loss and file the claim. In fact, delay in insurance filing is one of the most common reasons for claim rejection. Carefully reading through your bike insurance quote would have highlighted the time period that the claim should be filed.

In some cases, the delay is caused due to genuine cases such as the insurer (or a family member) is genuinely injured and they could not manage to inform the company. In such cases, if you present your case with proofs, facts and details, the company often considers it and makes an exception.

One of the reasons why insurance companies are against late or delayed filings are because, once the given time window expires, the insurance company will not be able to properly gauge the extent of damages.

Also, they might not be able to contact any witness or involve the third party.

Things may go out of control if the time framework is not adhered to. As a company, they need to follow a process, gauge their liabilities in a given time frame and make provisions for it.

There are many fake claims made and hence sticking to the timeline given by the company is mandatory to avoid.

EFFECTS:

A delay in settlement of the claim is directly proportional to the delay in filing the claim. This means that the longer you wait in filing a claim from the time of an accident the more time it will take afterward for the claim to be settled. In such cases, the settlement often does not provide any major financial support to the insured, owing to the fact that most financial losses occur due to immediate expenses.
Delays in claim filing are also associated with a lack of coverage for any consequential losses that might occur during the time frame between an accident or mishap and the actual date of filing.
According to the official definition mentioned under the clauses of IRDAI, losses are caused due to the inability of the insured to manage their property in such a manner so as to avoid huge damage. Due to delays in filing, insurance companies discredit numerous losses as a part of consequential damage, resulting in large losses in terms of coverage.
Insurance companies are handicapped by the delay in filing claims, thereby meaning that it is not only out of suspicion and norms that financial losses in terms of settlements happen under such cases. For instance, the insurance company is unable to contact any witnesses of the accident due to the delay in filing the claim, as well as an inability to arrange the required provisions and measure the liabilities involved in the same.
Delay in filing results in claim rejection. There have been several cases in the past where insurance companies have refused to settle claims owing to the fact that the policyholder filed the claim late. A delay in claim filing, even though it may seem casual at first glance, can have some major implications, which could include numerous exclusions in terms of settlement.

Treat your insurance company as a mentor whenever any accidents occur.

The communication to your insurance company should be clear, precise and definitive. This is because they need to know exactly what the situation is and help you specifically maximum coverage for all financial losses that has occurred.

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