Your bike is one of your most valuable and valued assets.
Yes, a comprehensive bike insurance policy or standalone bike insurance will cover fire damage. If the bike is damaged by fire and has to be repaired or components replaced, the cost of the repairs will be covered by bike insurance.
The notion of your bike being stolen or destroyed by fire may be quite upsetting. Having a bike insurance policy might provide some relief since your insurance provider may give you compensation in the event of fire damage, but this will depend on the sort of insurance you have. Continue reading to learn all you need to know about fire damage coverage in two-wheeler insurance.
Is bike insurance going to cover fire damage?
Yes, a comprehensive bike insurance policy or standalone bike insurance cover will cover fire-related losses. If the bike is damaged by fire and has to be repaired or components replaced, the cost of the repairs will be covered by bike insurance. If the damage is beyond repair, i.e. exceeds 75% of the insured declared value, the insurance carrier will pay up to the stated IDV.
While third-party insurance is required by law, it only protects against losses to other parties or property; it does not cover fire damage to your own bike.
Two-wheeler insurance policies that provide coverage for fire damage.
The forms of bike insurance that cover fire damage are shown below.
Two-wheeler insurance that covers everything
As the name implies, comprehensive two wheeler insurance offers coverage for both third-party and personal property damage. It protects your bike in the event of the following events.
- Damages caused by fire
- Injuries to third parties
- Property damage to a third party
- Third-party death
- Damages caused by man-made disasters
- Damages caused by natural disasters
- Theft of a vehicle
- Accidental losses
Own damage insurance on its own
A standalone own damage insurance policy, as the name implies, offers coverage just for damage to your own bike. This coverage is available separately from third-party insurance.
- Theft of a bicycle
- Damages caused by fire
- Accidental harm
- Natural disasters
- Natural disasters caused by humans
What is covered by fire damage insurance?
The following are some of the provisions of a fire damage insurance.
- Natural disasters
- Fire in the house
- Fire started as a result of a car collision
- Riots
- Vandalism
What is not covered by fire damage insurance?
A fire damage policy’s exclusions are listed below.
- Fire caused by an electrical or mechanical failure
- Fire started by your own carelessness or purposeful actions
- Fire started as a result of the inclusion of additional accessories.
- Fire that started outside of a specified geographical location
How can I file a claim for fire damage?
To file a claim for fire damage, follow the steps outlined below.
- Within 48 hours, notify the insurance company.
- Make a police report at the nearby station.
- Submit the necessary documentation, such as identification and address evidence.
- A surveyor will be sent for examination.
- In the event of a complete loss, you will be compensated up to the insured stated value.
- The insurance will provide reimbursement if repairs or replacement are necessary.
Documents needed to file a claim for fire damage
- Copy of the FIR
- Driver’s licence
- Fire department report
- Certificate of registration
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You will only be able to submit a claim for fire damage if you have a comprehensive or standalone policy. Follow the processes above and keep the ideas above in mind for a good claims experience.