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Home / Two-wheeler Insurance / Bike Theft Insurance: How to Claim Insurance for Bike Theft?

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.

What is bike theft insurance?
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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).

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.

How to claim insurance for bike theft
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Registering a claim against your bike theft insurance policy requires you to follow a set of guidelines after the incident occurs. Here are the steps related to filing a bike theft insurance claim.

1. File a First Information Report (FIR)
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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.

2. Inform your insurance company
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Inform your insurer that your vehicle has been stolen and understand their process.

3. Notify the respective RTO (Regional Transport Office)
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Inform the respective RTO (where the bike was 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.

4. Complete the documentation procedure
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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 bike’s original keys

- RTO transfer papers (Form 28, 29, 30, and 35)

5. Obtain the Non-traceable Certificate (NTC)
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Obtain the NTC or Untraceable Report from the local police where you had filed the FIR for vehicle theft. The insurer shall accept this as proof that the bike can’t be traced, and settle your bike insurance claims against your two-wheeler theft insurance policy as per the terms and conditions.

6. Approval of claim
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Upon receiving the required documents and approving the claim, the insurer settles it based on the bike’s IDV based on the terms and conditions of the policy.

ACKO insurance claim process for bike theft
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You can register your bike theft claim through our online platforms, such as our website or mobile app. Here are the steps to register a claim against your bike theft insurance policy.

✅ 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.

What if your stolen two-wheeler is recovered?
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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 as per bike theft insurance, you must inform your insurer about the recovery and follow their instructions regarding the claim.

How much will be the insurance payout for a stolen bike?
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The insurance compensation for a stolen bike is based on the IDV stated in the policy. IDV in bike insurance can be understood as the current market cost of the vehicle.

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.

Consequences of not having a bike theft insurance plan
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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.

Financial loss
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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 dealing with the financial loss of a valuable asset.

Dependence on public transport
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You may have to depend on other modes of transport  such as train, metro, bus, cabs, etc., to travel instead of using personal transportation.

Unwanted stress
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You can lose your peace of mind in case of losing the bike you used for your daily commute, resulting in mental stress.

How does Comprehensive Bike Insurance help in tackling bike theft claims?
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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.

*The premium rates mentioned are for EV two-wheelers not exceeding 3KW

Key takeaways
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Here are some key points that you need to keep in mind about bike theft insurance.

Frequently asked questions
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Here are some commonly asked questions about bike theft insurance.


Is insurance applicable for theft?

Insurance is applicable for bike theft but claim settlement 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.

How is bike theft insurance different from Third-party Bike Insurance?

Bike theft insurance provides financial coverage in case your two-wheeler is stolen. 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.

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.

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