Your two-wheeler is your prized possession. You ride on it, go around places, and use it for all your regular commutes. A two-wheeler theft can be a scary incident. It can leave a dent in terms of emotions and money. But the good news is that bike insurance for theft coverage can help you in such a situation.
Two-wheeler insurance companies provide bike stolen insurance coverage to safeguard you against this loss. This may not bring your bike back, but at least it can give you some solace in case of such an untoward incident. However, it is wise to always compare two-wheeler insurance online and choose the policy that suits your requirements.
How is Theft Covered Under Two-Wheeler Insurance?
Let’s understand which policies cover bike theft.
- Third-Party Insurance: Third-party insurance as it is mandatory by law. This liability-only bike policy covers any injuries or damages you cause to others or their vehicles due to an accident. This policy does not offer coverage for bike theft.
- Comprehensive Insurance: Comprehensive bike insurance provides extensive coverage. Along with offering third party coverage, it protects your bike from damages, accidents, theft, etc., along with personal accident cover.
- Standalone Own Damage Bike Insurance: It covers damages caused to your bike by natural and man-made calamities, total damage to the bike or theft.
Please note: A comprehensive and standalone own-damage two-wheeler insurance policy offers theft protection. So, in case your bike is stolen, the insurance company will compensate you financially if you own these policies.
Importance of IDV During Bike Theft
IDV (Insured Declared Value) is crucial in case of bike theft. It is the maximum amount an insurance company will pay if your vehicle is stolen or completely damaged.
Higher IDV means better coverage, which means you will recover your bike’s market value. This minimises financial loss and helps in quick replacement. You must opt for an appropriate IDV to safeguard your vehicle against theft.
What to Do When Your Two-Wheeler Gets Stolen
In case of a bike theft, you need to follow a few essential steps to claim your insurance for two-wheeler.
File an FIR
Lodging an FIR is mandatory and you should do it as soon as you realise that your bike is stolen. You need to have a copy of the FIR as proof of the theft of your bike. Insurance companies will require this report to process claims.
Inform Your Two-Wheeler Insurance Company
The next step is to inform your insurance company. Provide them with all the details of the bike, like registration number, insurance policy number, FIR details, etc. You may need to explain details of the incident like the place from where the bike was stolen, its date and time, along with other details if any.
Inform the RTO
Also, you need to inform the RTO (Road Transportation Office) about the incident of your stolen bike. You will need to submit all the necessary RTO documents and other paperwork to complete the bike theft insurance claim process.
Submit Necessary Documents
After you have informed all the departments about your stolen bike, you need to send the necessary documents to the two-wheeler insurance company. Here is a list of the required documents that you need to send them.
- The duly signed and attested claim settlement request form
- Original copy of the FIR
- Copy of the vehicle registration certificate
- Copy of the bike policy document
- Copy of your driving licence
- Duly signed RTO transfer papers
- The original keys of your bike
Get the No-Trace Report
You must get a No-Trace report from the police station where you have lodged an FIR. The document will mention that your stolen vehicle could not be located. The No-Trace report is mandatory for the settlement of your bike stolen insurance claim.
Get Compensation
Once it is established that your bike was stolen after you submit the necessary documents, the insurance company may start with the surveying process. The surveyor will investigate the case, verify the documents and share the report with the insurer.
The insurance company will provide you compensation based on the report, which may be equal to the IDV. It is the maximum sum the insurer will pay you in case of bike theft. Also, the value of your bike depreciates with time. Depreciation is deducted from the IDV to conclude the final claim amount.
Please note that it may take up to 3 months to receive the financial compensation for your stolen bike.
Conclusion
Two-wheeler insurance with theft protection is essential for safeguarding your financial interest. Comprehensive or standalone own damage bike insurance policies provide coverage for such incidents. Ensuring a proper IDV can minimise financial losses and aid in quick replacement.
You can handle bike theft more effectively by being prepared and staying informed. Choose bike insurance for theft and secure appropriate compensation in case of an unfortunate event.
