My Bike Is Stolen Will My Two Wheeler Insurance Pay My Claim?

Chethan had parked his pulsar at the roadside just to pick up his Sunday breakfast from a nearby restaurant. When he comes out of the restaurant he finds his beloved bike missing! He immediately starts enquiring people over there and starts hunting. Such a disastrous Sunday morning for him! Isn’t it?

My Bike Is Stolen Will My Two Wheeler Insurance Pay My Claim?

This can happen to anyone! You can also be a victim of such bike theft or robbery. In most of the big cities in India, bike theft cases are on rise. And recovery of stolen bikes is quite rare. Maybe because it’s easy to dismantle and sell them in parts. Increasing number of bikes and lack of proper parking places are also the reason for the rising trend of bike theft. But, choosing a right two wheeler insurance plan can take care of such disasters too!

Protect your Valued Possession!

A comprehensive two wheeler insurance plan provides coverage for your vehicle theft, damage and loss. Comprehensive two wheeler insurance policy is a complete package that provides coverage for yourself and your bike along with third party liability coverage. When the risk of robbery and accidents are on the rise, it’s better to shell out a little more and opt for the right insurance coverage. Comprehensive policy pays out the compensation equal to the cash value of your bike that was stolen and not traceable. When you have the comprehensive two wheeler insurance plan, here is what you need to do in case your bike gets stolen.

Claim process for a stolen Bike

When you have the comprehensive two wheeler insurance plan, you don’t need to panic in the situation of theft. You just need to follow below process for claiming the insurance

  • Report it to the Police immediately and get the F.I.R (First Information report) lodged.
  • Ensure to inform your insurance company about the theft within 24 hours of such loss.
  • Keep your Regional Transport Office informed about the vehicle theft via letter communication
  • Place a request for filing an insurance claim. Fill up the claim form carefully by providing all the important information such as details of your vehicle, Policy number and the clear description of the theft incident mentioning the date, time and other details.
  • Submit the duly signed claim settlement form to your insurer along with below mentioned documents
  • First Information report lodged with the local police (in original)
  • Insurance policy document
  • Pollution under Control Certificate in original
  • Original registration certificate
  • Original keys of your bike
  • If there is a bank hypothecation/ bike loan, no objection certificate obtained from bank/financier needs to be enclosed
  • Your statement to the police officer inspecting your bike theft case
  • Obtain non-traceable report from the police. This is the most important document to process your two wheeler insurance claim. Vehicle non-traceable report states that the particular bike could not be traced. This final report is only provided by police post investigation, which will take few days’ time.
  • You need to also obtain approval from police to get the insurance claim basis non-traceable report. Approval so obtained will state that the bike will be handed over to the insurance company in case it is found on a later date.
  • Next step is to submit the RC transfer documents to transfer the bike registration certificate in the name of the insurance company.
  • After the documentation is process is over, insurance companies will process the claim. Compensation will be paid based on the Insured declared value (IDV) of your vehicle. Insured declared value is the current market value of your vehicle, after factoring in depreciation.
  • In case of bank hypothecation, the insurance company will directly compensate your financing bank. Difference in the outstanding loan amount and the compensation has to be borne by you.

Bottom Line

With the comprehensive two wheeler insurance plan, you can secure your beloved vehicle against all the uncertainties. You can secure your finances from bike theft just by insuring it adequately. Remember, it’s important to declare the right insured declared value of your vehicle. Choose the right two wheeler insurance plan to get an extensive coverage.

So, be smart and secure your bike with the right insurance!

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