Personal Finance
Hence, I would advise you to intimate second TPA / insurer through a letter about submission of the original claim documents with first insurer as the reason for delay
Updated : Nov 20, 2018, 06:35 AM IST
This is a usual scenario for claim under multiple policies. In such a situation, your second insurer / TPA will process the claim, after the first TPA/insurer settles the claim. Once that is done, the second TPA / Insurer will require the claim settlement letter from the first insurer. Hence, I would advise you to intimate second TPA / insurer through a letter about submission of the original claim documents with first insurer as the reason for delay. With a valid reason, the second insurer / TPA ideally won't deny to settle the balance amount, provided the claim is admissible as per your policy terms and conditions. Additionally, I would recommend you to buy a super top-up plan for your family which covers you if the sum insured of your base cover is exhausted. It is quite inexpensive and a better option rather than having two base covers.
Home insurance policies generally have a section exclusively for Pedal Cycles cover under which even your sports bicycle can be covered. Alternatively, you can also opt for a standalone pedal cycle insurance policy for the same, premium for which usually varies from 1% to 2% of the bicycle's value. Motor insurance is not applicable to a bicycle, although the cover is pretty much similar. Home insurance/standalone pedal cycle policy will pay for the repair or replacement costs of the bicycle caused by any unforeseen and sudden physical loss (like an Accident, Fire, Burglary, Flood, Cyclone, etc.). Insurer will also pay litigation expenses and compensation for any Third Party property damage/ Third Party injury or death, due to an accident involving the bicycle.
Since you are into adventure sports, I would also suggest you to opt for a personal accident cover which covers adventure sports. This policy covers death and permanent total disability due to accidental injury sustained while participating in adventure sports, with some insurers offering global coverage. While buying this policy you also need to check, whether it provides medical evacuation in isolated areas, because that is going to make a difference of life and death.
The writer is MD & CEO, Bajaj Allianz General Insurance
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