It is late in the evening. You are behind schedule to visit your friend’s house and the weekend football game has already started. To make matters worse, the bike parking spot in our friend’s building is taken! You search around but are unable to find a spot. Thus, you ride your bike in the adjoining street in search of a vacant spot. You find it but the area is a bit secluded. Your mobile buzzes for the umpteenth time. A message pops up – what a wonderful goal! You park your bike and run to the friend’s home. You enjoy the game followed by dinner, and then you leave feeling happy. However, you are in for a shocker as your bike is not in its place. It hasn’t been picked up by the RTO either as it wasn’t a No Parking slot. Nevertheless, you contact them but they don’t have your bike. After a few hours, your nightmare comes true. Your beloved bike has been STOLEN!
Anyone can find themselves in the above-mentioned situation. Bike thefts are common. A bike is easy to steal as compared to a car as precautionary measures cannot ensure total safety. This is where a Comprehensive bike insurance policy comes in handy. While a bike insurance policy might not be able to prevent theft but it can certainly minimize the financial losses in case of a theft. Your bike insurance company will reimburse you with the bike’s Insured Declared Value (IDV) in case of a bike theft. Note that bike theft is not covered under a basic Third-party Liability Insurance policy; it is covered under a Comprehensive plan. Read ahead to know how to go about a bike insurance claim process for theft.
1. File a First Information Report (FIR)
As soon as you realize that your bike is stolen, you need to file an FIR with the nearest police station. This step is a must as your insurance company will need the FIR to file the bike insurance claim.
2. Inform the insurance company
Inform your insurance company at the earliest. They might have their own process that needs to be carried out. They might assign a Claims Inspector to look into your issue. Cooperate with the inspector and answer all the questions with utmost honesty.
3. Inform the RTO
Make it a point to inform your nearest Regional Transport Office (RTO) about the bike theft as well. You will need to follow the documentation process as per the rules of your RTO.
4. Complete the documentation process
Once you gather the reports from the police and the RTO, you will have to submit some additional documents to the insurance company. The insurance company might ask for other documents like:
– Your driving license
– Registration certificate of the vehicle
– Insurance policy
5. Submit Untraceable report
If the bike is untraceable for more than a month, the police will provide an untraceable report. The insurance company will see this as a proof that the vehicle cannot be traced and the claim shall be settled.
Also, read: Third Party Two Wheeler Insurance
Renew Bike Insurance
An expired vehicle insurance policy is of no use. You need to renew it to keep the policy active. The ideal way to renew bike insurance is to go online. Bike/car insurance online can be purchased quickly and easily. Opting for bike/car insurance online is a convenient way of renewing the policy and ensuring that you stay covered against bike theft. Your bike is precious and you need to protect your asset with a Comprehensive bike insurance plan.
- NCB in Two-Wheeler Insurance
- List of Add-on Covers In Bike Insurance
- Two Wheeler Insurance Premium Calculator
Read informative Two Wheeler Insurance Articles at Acko.
Read all our insurance & non insurance related articles here.