Protect your bike and avoid penalties
Bike insurance starting at ₹555*
Enter your bike number
Looking to insure your new bike?
Save big with our zero commission insurance
Two-wheelers can be easy targets for thieves since these vehicles are relatively easy to move without having a key. However, with adequate insurance, you will have financial support in case of such an unfortunate event. Read ahead to know about bike theft insurance and how it can be beneficial for you.
Bike theft insurance is an insurance plan that provides financial protection to you if your two-wheeler is stolen. But the coverage is applicable only if you have a Comprehensive Policy. Without this wide-ranging policy, you are on your own to bear the cost of a replacement bike. With the policy, your bike theft claim is settled based on the Insured Declared Value (IDV) (the approximate market value of the two-wheeler) minus deductibles and depreciation.
Therefore, if you’re yet to purchase Comprehensive Bike Insurance, then scroll up to the top of the page, provide a few details about your bike or scooter, and make the payment to insure it instantly.
Registering a claim against your insurance for bike theft requires you to follow a set of guidelines after the incident occurs. Here are the steps of the bike theft insurance claim process to ensure your claim against your two wheeler theft insurance is registered successfully.
You must first file an FIR at the local police station when you realise your bike has been stolen. It is one of the mandatory documents to raise your bike theft insurance claim.
Inform your insurer that your vehicle has been stolen and understand their process for a successful claim against the insurance for bike theft.
Inform the respective RTO (where the bike is registered) about the theft of the vehicle. You have to submit the required RTO documents and paperwork to complete the process. The RTO shall issue the required documents needed at a later stage.
Once you have acquired the required documents, such as the FIR and RTO-related documents, you must submit the following.
- Your bike’s Registration Certificate (RC)
- Your Driving Licence (DL)
- A copy of your bike’s insurance policy
- The original bike keys
- RTO transfer papers (Form 28, 29, 30, and 35)
Obtain the NTC or Untraceable Report from the local police where you had filed the FIR for vehicle theft. The insurer shall accept this proof that the bike can’t be traced and settle your bike insurance claims against your two-wheeler theft insurance as per the terms and conditions.
Upon receiving the required documents and approving the claim, the insurer settles it based on the bike’s IDV after deducting the depreciation and deductibles based on the terms and conditions of the insurance for bike theft.
You can register your bike theft claim through our online platforms, such as our website or mobile app. Online bike insurance offers ease of registering a claim against your bike theft insurance.
✅ Step 1: Log in to ACKO your account through our mobile app or website.
✅ Step 2: Choose your two-wheeler policy and select the “Claim” option.
✅ Step 3: Answer a few questions about the theft of your bike and submit the required documents to raise your claim.
If the police recover your stolen two-wheeler, you will not receive any insurance coverage. In case your bike is damaged due to the theft, the insurer shall settle claims for the damages as per the terms and conditions of the insurance for bike theft.
If the police have recovered your stolen bike after claim settlement, you must inform your insurer about the recovery and follow their instructions regarding the claim.
The insurance compensation for a stolen bike is based on the IDV in bike insurance stated in the policy. The payout shall be the IDV minus depreciation and any deductibles.
For example, if the IDV of your stolen bike is Rs. 1,50,000, the deductible is Rs. 5,000, and depreciation is Rs. 10,000, the claim settlement for your stolen bike could be approximately Rs. 1,35,000.
Not having the optional Comprehensive Insurance (which covers bike theft) for your two-wheeler has its consequences. Here are some of the shortcomings of not having such a bike theft insurance plan.
The most significant disadvantage of not having insurance for bike theft is the loss of your savings. You may have to spend it on buying a new bike or scooter apart from the financial loss of a valuable asset.
You may have to depend on public transport or taxis to travel to different places without personal transportation.
You can lose your peace of mind in case of losing the bike you use for your daily commute, resulting in mental stress.
Comprehensive Two-wheeler Insurance has wide-ranging benefits. Apart from covering you for third-party liabilities (it includes the Third-party Liability Cover), it also covers damages or losses to your bike. One of the significant coverages of Comprehensive Insurance is bike theft. So, if your insured bike is stolen and is untraceable by the police, only this type of bike insurance plan shall provide compensation for the same. Apart from bike theft, it also covers the below mentioned damages or losses to your insured bike.
Natural or manmade calamities (Floods, cyclones, riots, vandalism, etc.)
Total loss (damages that are beyond repair)
Third-party liabilities (injuries, death or damages to their property or vehicle)
Here are some key points that you need to keep in mind about bike theft insurance.
Inform the local police station and your insurer about the theft of your vehicle.
Only Comprehensive Insurance can provide financial protection against bike theft.
You have to pay the required deductible during the claim settlement process.
To prevent theft, ensure you lock your two-wheeler at all times, park your bike in a safe place, and consider installing an anti-theft device or a burglar alarm.
Here are some commonly asked questions about bike theft insurance.
Insurance is applicable for bike theft but It depends on the type of two-wheeler insurance plan that you have opted for. Only the Comprehensive Bike Insurance Policy covers bike theft.Is theft covered under the Third-party Bike Insurance?
No, the Third-party Insurance does not cover bike theft.How does the insurer settle a claim for bike theft insurance?
If the police cannot locate your bike, they issue a no-trace report. You need to submit the same to your insurer. After the report is submitted, the insurer shall proceed with the claim settlement of the bike theft insurance claim.How much coverage will I get under bike theft insurance?
The coverage for bike theft insurance is based on the IDV of your vehicle. Once your bike is reported untraceable by the police, the insurer shall pay the IDV after considering depreciation and any deductibles.Which type of bike insurance covers theft of electric bikes or scooters?
Comprehensive Insurance is the ideal bike insurance policy against theft of Electric Vehicles (EVs) since it also covers damages to the insured vehicle apart from coverage for third-party liabilities.How long does it take to get the Non-traceable Certificate or Untraceable Report from the police?
Typically, the police issue the Non-traceable Certificate 30 days after the FIR. But, it is prudent to check with the respective police station for accurate information.How long does it take to get the compensation for a bike theft insurance claim?
The timeframe to get the money for a bike theft insurance claim depends on your insurance company. Usually, it takes about 2 to 3 months before the insurer completes the payout.What happens to the two-wheeler loan in case of bike theft?
If your bike is declared untraceable by the police, the insurer shall pay the loan amount to the loan provider, and the rest of the amount shall be paid by the insurer to you as per the policy’s terms and conditions.What happens if my bike is stolen without insurance?
Unfortunately, the losses have to be borne by you if you have not opted for bike theft insurance. It is important to buy the Comprehensive Bike Insurance Policy for coverage against bike theft apart from other wide-ranging benefits.How is bike theft insurance different from Third-party Bike Insurance?
Bike theft insurance provides financial coverage in case your two-wheeler is stolen based on the terms and conditions of the policy. Third-party Bike Insurance does not provide coverage for stolen bikes.What’s cheaper, Comprehensive Bike Insurance or Third-party Bike Insurance for bike theft?
Third-party Bike Insurance is cheaper compared to Comprehensive Bike Insurance; however, it does not cover bike theft or damages to your bike. It is the Comprehensive Insurance that offers such wide-ranging coverage for your two-wheeler. Thus, even though Third-party Policy is cheaper, it might not be ideal to only opt for it.Can I personalise my insurance policy to include only fire and theft bike insurance?
No, you can’t specifically customise the Own Damage (OD) component of the Comprehensive Insurance Plan. Rest assured, the OD component offers coverage for fire damage and bike theft apart from damages due to accidents and natural and manmade calamities.
|Benefits of Bike Insurance Renewal||Second Hand Bike/Two-Wheeler Insurance||How to Check Bike Insurance Expiry Date Online?||How to Check Bike Insurance Status Online?|
|Electric Bike Insurance||How to Change Owner Name in Bike Insurance?||How to Get Duplicate Bike Insurance Copy Online?||How to Change Address in Bike Insurance Policy Online?|
|Bike Insurance Claim Settlement Ratio||How to Check Bike Insurance Validity?||Two Wheeler Insurance Renewal Online After Expiry||Re-registration of Bike After 15 Years|
|Benefits of Two Wheeler Insurance||How to Change Third-party Insurance to Comprehensive for Two Wheeler||Scooter Insurance Claim||How to Cancel Bike Insurance Policy|
|Ampere Two Wheeler Insurance||Aprilia Two Wheeler Insurance||Ather Two Wheeler Insurance||Avon Two Wheeler Insurance||Bajaj Two Wheeler Insurance|
|Benelli Two Wheeler Insurance||BMW Two Wheeler Insurance||CFMOTO Two Wheeler Insurance||Ducati Two Wheeler Insurance||Harley Davidson Two Wheeler Insurance|
|Hero Electric Bike Insurance||Hero Motocorp Two Wheeler Insurance||Honda Two wheeler Insurance||Husqvarna Two wheeler Insurance||Indian Motorcycle Two wheeler Insurance|
|Jawa Two-wheeler Insurance||Kabira Mobility Electric Bike Insurance||Kawasaki Two Wheeler Insurance||KTM Two Wheeler Insurance||LML Two Wheeler Insurance|
|Lohia Two Wheeler Insurance||Mahindra Two Wheeler Insurance||Moto Guzzi Two Wheeler Insurance||MV Agusta Two Wheeler Insurance||Okinawa Two Wheeler Insurance|
|Ola Electric Scooter Insurance||Palatino Two Wheeler Insurance||Revolt Bike Insurance||Royal Enfield Two Wheeler Insurance||Suzuki Two Wheeler Insurance|
|Triumph Two wheeler Insurance||TVS Two-wheeler Insurance||Vespa Two Wheeler Insurance||Yamaha Two Wheeler Insurance||22Kymco Two Wheeler Insurance|
|PURE EV Bike Insurance|
IRDAI Registration No: 157
Category: Non-Life Insurance
The use of images and brands are only for the purpose of indication and illustration. ACKO claims no rights on the IP rights of any third parties. The ratings are derived from reviews and feedback received from Google and Facebook users on their respective platforms. | *Savings of upto Rs. 50,000 have been calculated on the IDV of Rs. 18,00,000 and 0% NCB. Amount saved is in comparison to tariff rates. Product name: Private Car Policy - Bundled | UIN: IRDAN157RP0014V01201819 |
Trade logo displayed above belongs to ACKO Technology & Services Pvt Ltd and used by ACKO General insurance Limited under License. For more details on risk factors, terms, conditions and exclusions, please read the policy wordings carefully before concluding a sale.