Here’s How Two Wheeler Insurance Helps Deal With Bike Theft

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It is Friday night and your back from work. Your phone buzzes and you are invited to a FIFA game-night with your friends. The next day being a holiday, you make up your mind to join the game, and you leave with your bike.

As you reach your friend’s building, your usual parking spot is taken. So you hunt for a suitable parking space. You finally manage to squeeze your bike in a tight place in the adjoining lane.  After an eventful night and dinner, when you are about to leave for home, you see your bike missing. Your worst fear has come true, and your bike is stolen!

Anyone can find themselves in such a situation. Lately, there is an increase in bike thefts over the past year. The primary reason is bikes are easier to break in as compared to cars. At these times, your only saviour can be your two wheeler insurance policy.

Although your insurance policy will not be able to prevent the theft, it can help you reimburse the financial loss due to such theft.

Now you may ask, how much will be the reimbursement amount?

The insurer will pay the insured declared value or IDV in case of such theft. Although you must note that such reimbursement for theft or complete damage is only if you have a comprehensive two-wheeler insurance policy. Thus, it is crucial to compare bike insurance plans, for which you can also utilize a bike insurance calculator, before making that final purchase decision.

Continue reading to know more about the claim process for theft of your bike.

#1 Register an FIR

The first and foremost step when you realise your bike is stolen is to register the first information report of FIR. This step is crucial so the police authorities know about the theft. Also, your insurance company will demand this FIR to file an insurance claim.

#2 Intimate the insurance company

Next step is to inform your insurer. The insurance company has its procedures and formalities. A claims inspector might be assigned to look into your case. You must cooperate with the inspector and ensure you answer all their questions with honesty.

#3 Inform the RTO

Ensure you inform the concerned Regional Transport Office (RTO) too. This needs to be done so that your stolen vehicle is not registered in a different name. There are certain documents that you need to submit when informing about such theft.

#4 Gather all relevant documents

To substantiate the claim, you need to provide certain documents after completing the steps mentioned above. The claim form needs to be downloaded and filled, mentioning all the necessary details. You will need to attach certain documents too. These documents may vary across different insurance companies but more or less are the same –

  • Copy of insurance policy.
  • Photocopy of the registration certificate of your vehicle.
  • Photocopy of your driving license.
  • Copy of FIR filed with the police authorities.
  • Duly filled claim form.
  • Relevant RTO forms that were submitted earlier.

#5 Submit untraceable report

The last step is to submit an untraceable report. If your bike is not found for more than a month, the police officials will provide an untraceable report. This document is an evidence that your vehicle can no longer be traced and the insurance company shall pay-out the IDV based on this report.

Thus, using a comprehensive policy, you can ensure that even in case of theft, you are financially covered. Other benefits of using a comprehensive policy include cashless two-wheeler insurance, additional coverage in the form of add-on riders and more. Make the best use of comprehensive policy, set reminders for timely two wheeler insurance renewal online, and ensure all-round protection for your vehicle.

Daisey Bell

I am Daisy Bell and a pro-level blogger with years of experience in writing for multiple industries. I have extensive knowledge of Food, Fitness, Healthcare, business, fashion, and many other popular niches. I have post graduated in arts and have keen interest in traveling.

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