What Is Insurance Against Bike Theft?
If your two-wheeler is stolen, bike theft insurance will protect your finances. However, you can only use the coverage with a Comprehensive Policy, which includes an Own Damage cover. Without this comprehensive policy, you would have to bear the loss of your bike without any financial compensation. According to the policy terms, your bike theft claim will be resolved using the two-wheeler’s approximate market value or Insured Declared Value (IDV).*
How To Claim Bike Insurance For Theft
1. A First Information Report (FIR) Should Be Filed.
As soon as you realise your bike has been stolen, you must file an FIR at the nearest police station. It is one of the necessary documents to support your insurance claim for bike theft.
2. Inform Your Insurance Provider.
Get in touch with your insurance provider and start a claim process for your bike theft if it is covered under your policy.
3. Inform Each RTO (Regional Transport Office) In Question.
Report the theft of the vehicle to the relevant RTO (where the bike was registered). You must submit the required RTO paperwork and documents to finish the process. The RTO will issue the necessary paperwork when it becomes essential.
4. Complete The Paperwork Process.
After obtaining the necessary documents, such as the FIR and RTO-related documents, you must submit the following.
- Your driving licence (DL), your bike’s registration certificate (RC), and a copy of your insurance policy
- Original keys for the bike
- Transfer documents for RTOs (Forms 28, 29, 30, and 35)
5. Obtain The Non-Traceable Certificate (NTC)
Obtain the NTC or Untraceable Report from the neighbourhood police department where you initially reported the theft of a vehicle. This will be accepted as evidence by the insurer that the bike cannot be located, and the terms and conditions will be followed in the settlement of your bike insurance claims under your two-wheeler theft insurance policy.*
Claims are subject to terms and conditions set forth under two-wheeler insurance policy.
6. Claim Approval & Settlement
The insurer settles the claim based on the bike’s IDV by the terms and conditions of the policy after receiving the necessary documentation and approving the claim.
What Will Happen If Your Stolen Two-Wheeler Is Found?
If the police find your stolen two-wheeler, you won’t be compensated with insurance. According to the terms and conditions of the insurance for bike theft, the insurer will settle claims for damages if your bike is damaged as a result of the robbery. After a claim has been settled under your bike theft insurance and the police have located your stolen bike, you must notify your insurer of the recovery and follow their instructions for filing a claim.
How Much Will An Insurance Payout Be For A Bike That Has Been Stolen?
Insurance compensation for a stolen bike is determined based on the IDV specified in the policy. IDV in bike insurance is the vehicle’s current market value. You can always utilise a bike insurance premium calculator to understand the appropriate level of coverage for your needs and those of your family.
Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.