Theft Cover in Bike Insurance Plan: What You Should Know?

Theft Cover in Bike Insurance

Imagine this scenario-

You take your bike out and drive to the market in order to buy some essentials. You reach your destination and there is no enough space in the parking area for your vehicle. So, you decide to park your vehicle a little away from the marketplace and park your vehicle by the road. After you have done with your shopping, you back to the place. And it’s gone – your vehicle is no longer where you parked it. You look around for it but you fail to find it.

Situations like these are very common now these days. In fact, chances of two wheelers getting stolen are higher as compared to four wheelers since it is quite easier for thieves to sell or dismantle two wheelers.

Keeping all this in mind, several bike insurance companies have designed two wheeler insurance policies to put up with expenses so that cost won’t burn a hole in your pocket. To choose an insurance cover at an affordable premium, you can use the two wheeler insurance premium calculator.

Well, finding an apt two wheeler insurance policy that meets your basic requirements will not be difficult at all as there are multiple insurance companies in the market that offers two insurance policies. Also, you will be able to compare with multiple bike insurance policies before finalizing the policy. While most people just end up finalizing the first bike insurance policy they see, it is quite essential to compare the insurance policies and choose the best one that meets your need perfectly. Besides this, one also needs to be sure of all terms and conditions before they have purchased the policy and to be well aware of the claim process as well.

Theft Cover In Bike Insurance Policy

According to the studies, the probability of two-wheeler being stolen is higher than that of a car. This may be because it is easier to hide or dismantle two wheelers. Therefore, it is imperative to opt for a comprehensive bike insurance policy. This type of insurance policy offers financial cover for two wheelers from instances such as theft, accidental damage, and third-party liability.

If you have not opted for the comprehensive bike insurance policy then your insurance policy won’t provide theft coverage. A bike insurance policy without comprehensive policy covers expenses against injuries caused to a third-party in an event of an accident. This type of insurance policies pays nothing in case of loss or damage of your vehicle. Hence, opting for a comprehensive bike insurance policy is must as it covers the theft of your bike.

Filing a Claim for a Stolen Bike

In order to file a claim for a stolen bike, you have to follow a few essential steps for a hassle-free settlement:

Lodge an FIR:

In an event of theft or accident, you need to file a First Information Report (FIR) at the nearest police station before initiating the claim. Keep in mind that you will need to submit a copy of this FIR with the claim form to establish the credibility of the claim.

Call Your Insurance Company:

Next step is to get in touch with your bike insurance provider about the theft and let them know that you would like to file a claim. Provide them with all the required details such as bike registration details, policy numbers, and details about what exactly happened with your vehicle. While filing a claim, you would also need to tell them the place and time of the theft.

Inform The Transport Office:

According to the law, it is compulsory to inform the Regional Transport Office about the theft. After that, you would need to transfer documents and papers from them. Make sure, you don’t skip this step.

Submit all the Required Documents:

Once the concerned departments are informed about the theft, you have to submit the following documents to initiate the claim:

  • Duly signed and attested claim settlement request form
  • FIR copy in original
  • A Copy of the vehicle’s registration certificate
  • Driving license copy
  • A relevant copy of the policy documents
  • Duly signed transfer papers from the RTO

In addition to all these documents, you are required to provide the original keys of the vehicle while making the claim.

Apply for No-Trace Report:

No-trace report also known as the untraced vehicle report is a report that you get from the police. It states that the bike is untraceable.

Keep in mind that it takes around one month for the police to give you this report. This certificate is vital that without submitting this to your bike insurance provider, the claim request can’t be further processed. Hence, it is very essential for you to be patient and co-operate with the police so that you give the insurance policy almost no reason to delay your claim request.

After you have done with all this insurance claiming process successfully, it is completely depend at your bike insurance provider’s circumspection whether or not they want to investigate the theft with the help of private investigator. This process might take 60-90 days for your claim to be processed and disbursed to you. Bharti AXA bike insurance, Bajaj Allianz two wheeler insurance, and HDFC ERGO bike insurance are some of the best insurance companies when it comes to settlement of claims in a hassle-free manner.

Bottom Line!

Through thick and thin, your two-wheeler gets you where you’re going. Losing it to theft can be very disheartening – we wish you never face this problem. If you do, just remember you do have a chance to get it back.

Hopefully, with all these useful tips and tricks, you can prevent bike theft from ever happening. And if in case it does, you know that what you need to do in that situation. So, buy apt bike insurance that provides theft cover to ride your bike without the fear of getting it lost.