Bike/Two-Wheeler Insurance Claim Settlement Ratio

One of the main reasons you buy insurance for your bike is an expectation that your insurance company will take care of damages in case of an unforeseen accident. In case of accidents or damages due to fire, calamities, etc, you inform your insurance company about the losses by raising a claim. And you hope that the insurance company would compensate you accordingly. However, insurance companies receive a lot of claims in a year, and unfortunately, a few claims are even rejected. While such cases are rare, you would still want to know the chances of your claim getting settled. And Claim Settlement Ratio tells you the same. Claim Settlement Ratio is a critical concept to look at while buying a two wheeler insurance plan.

Bike insurance Claim Settlement Ratio (CSR) is the ratio of the number of claims that an insurance company settles successfully as compared to the number of claims that are received by them in one financial year. A higher CSR means a higher chance of your accidental claims being settled. Thus, you must consider a company’s CSR while buying new bike insurance. A CSR anywhere between 85% to 95% can be considered ideal.

Claim Settlement Ratio is calculated as the total number of claims settled in a given financial year divided by the total number of claims received in the same period multiplied by 100. The higher the CSR, the better are the chances of your claim getting honored by your insurance company.

At ACKO, our primary objective has always been to adopt best practices to offer an easy, transparent and hassle-free claim experience. We make our best attempt to help you make an informed decision while buying an insurance policy for your bike.

Note: CSR = claims settled / claims processed

Note: The above factors can increase or decrease the CSR of an insurance company and one cannot predict the capability of the insurer for settling claims because of such things. Thus, it is not a good idea to choose an insurance company only basis its CSR.