In a world where unexpected disasters can strike at any moment, protecting your possessions is of utmost importance. When it comes to your bike, the threat of fire damage can be devastating. From a small electrical malfunction to a horrid inferno, the impact of fire damage on your bike can be catastrophic. It is essential to take the necessary measures to ensure your bike is properly protected.
This is where bike insurance comes in. It offers a formidable defense against the potential risks of fire. In this article, we will uncover how a bike insurance policy protects your vehicle from fire damage.
How Does Bike Insurance Shield Your Vehicle From Fire Damages?
If you own a bike, you must already know that it is not just about the joyride, but also about safeguarding it by all means. Fire accidents are unpredictable and can cause severe damage to your beloved bike. They can happen due to riots, vandalism, natural disasters, etc.
But, fear not – with bike insurance, you can protect your vehicle from the ravages of fire damage.
If you have opted for an Own Damage Cover or Comprehensive Insurance, your insurance policy will cover the repair or replacement costs of your bike's parts that sustain damage due to fire.
And, if your bike is damaged beyond repair and declared a total loss, your insurer will pay you its Insured Declared Value minus the depreciation and deductibles. This will ensure that you don't have to worry about the financial burden of replacing your bike.
Types Of Policies That Provide Coverage Against Fire Damages
Listed below are the policies that can protect you from the financial aftermath of fire damage to your bike –
Comprehensive Bike Insurance Policy
A comprehensive policy is a holistic safety shield, standing tall against accidents, theft, and unforeseen mishaps. It covers damages or loss caused to you, your vehicle, a third party, and their property. With this policy, you can be assured that you are protected against a wide range of risks.
A comprehensive policy covers –
- Damage due to fire
- Third-party injury
- Third-party property or vehicle damage
- Death of a third party
- Vehicle theft
- Accidental damage
- Damages due to natural calamities (flooding, earthquake, etc.)
- Damages due to manmade calamities (vandalism, riots, etc.)
For example, Hariharan purchases a comprehensive bike insurance policy with an IDV of Rs. 2 lakhs. One day, while his bike was parked in the garage, a fire broke out, causing significant damage to his bike. As Hariharan has a comprehensive bike insurance policy, he immediately filed a claim with his insurance company, providing all the necessary details and documents. After conducting a thorough investigation, the insurance company approved his claim and covered his expenses associated with the fire damages.
Standalone Own Damage Cover
A Standalone Own Damage Cover provides coverage only for your bike. It covers the following types of damages –
- Damage due to fire
- Bike theft
- Accidental damage
- Damages due to natural calamities
- Damages due to manmade calamities
For example, Irfan is a bike owner who decides to purchase a standalone bike insurance policy. Unfortunately, his bike sustains fire damage because of vandals. Irfan swiftly contacts his insurance provider, submitting all the necessary details and documentation. As a result, Irfan receives the much-needed financial support to repair his bike.
Now that you have a basic understanding of the policies that provide coverage against fire damages, let's delve into the important part - the claim process.
How Do You Raise a Claim When There is a Fire Damage or Loss?
Here is the list of steps to follow to ensure a seamless claim process –
1️⃣ File an FIR
In case of fire damage, the first and immediate action is to file a First Information Report (FIR) at your nearest police station.
2️⃣ Take Photographs
Next, you will need to click pictures and videos of your bike to document the extent of the damages caused by the fire. These visual records serve as vital evidence when filing an insurance claim.
3️⃣ Inform Your Insurer
As soon as your bike gets damaged due to a fire, it is essential to inform your insurance company promptly. The sooner you notify them, the quicker they can initiate the claim process and provide you with the necessary assistance. Ensure that you provide a detailed description of the damages caused to your bike and any relevant details that can support your case.
4️⃣ Survey of Your Bike
Once you have informed your insurance company about the fire damages to your bike, they will appoint a surveyor to conduct a thorough inspection. The surveyor's role is to assess the extent of the damages and gather relevant information to compile a detailed report. This report will then be submitted to the insurance company for further processing of your claims.
Once the insurance company receives the report, they will verify the details and assess the damages caused by the fire. And if all requirements are met, the insurer will settle the claim.
Bike insurance provides an essential layer of protection against fire, ensuring the safety of your bike. Whether you own a comprehensive bike insurance policy or a standalone damage cover, any fire accidents caused by natural or manmade disasters, accidents, riots, etc. will be covered. Make sure you follow all the steps of the claim process to the T for a quick and hassle-free settlement.