Imagine you’ve parked your dream bike in front of your house and waking up to find it gone. You’ve probably heard numerous stories of bike theft from various people. The reason behind this is that bikes are simple to conceal and dismantle, whereas concealing a car might be difficult. As a result, the likelihood of retrieving a stolen bike is reduced. Bike theft is very common, and it becomes important to insure yourself against theft with comprehensive bike insurance.
However, if you acquire a complete bike insurance policy, your vehicle will be insured against such unanticipated accidents, as well as third-party liability coverage. It should be noted that having a third-party policy is required by the Motor Vehicles Act of 1988. However, it only covers third-party harm and not personal injury. You don’t have to worry about a more comprehensive bike insurance plan because the insurer includes theft coverage, so you won’t have to fret if your two-wheeler is stolen. If this happens to you and someone steals your bike, the insurer will pay you a sum equal to the monetary worth of your stolen bike, known as the IDV. Make sure you have saved an online copy of your insurance in your email or in your digital locker. *
How to claim insurance for a bike? However, if you want to file an insurance claim for your stolen bike, you must do the following:
- Submit an FIR
When your two-wheeler is stolen, the first thing you must do is file a First Information Report (FIR) at the nearest police station of the incident.
- File an Insurance Claim
Once you’ve completed the FIR, contact your insurance carrier and follow the guidelines to file a claim for theft of your two-wheeler. Filling out the claim form requires crucial information such as your bike’s registration number, policy details, and so on. An FIR is also important to ensure your stolen vehicle isn’t misused, and wrongful blame is assigned to you.
- Inform the RTO
The law requires you to notify the Regional Transport Office (RTO) of the theft of your two-wheeler. Completing this formality will result in the receipt of the RTO transfer papers as well as other essential documentation.
- Deliver the Documents to your insurance.
Once the requirements are finished, you must send the correctly completed claim for your vehicle insurance, as well as the necessary papers, to the insurer. In the event of bike theft, the following documentation is sent:
- Insurance policies for two-wheelers
- Properly completed claim settlement form
- A copy of the bike’s registration certificate
- A copy of your driver’s licence
- The original FIR copy
- Request to the RTO
- Paperwork transfer from RTO
- Claim Acceptance
Once the police have issued an untraceable report about your stolen bike, the insurance company will begin the claim acceptance process. Your stolen two-wheeler must be transferred to your insurance carrier, and payment will be made based on the bike’s Insured Declared Value (IDV). *
When you buy a two-wheeler, you don’t consider the worst-case scenario, such as your bike being stolen. However, anything is conceivable, so you must constantly be cautious. If you protect your bike today with a vehicle insurance policy, you will save a lot of money in the future. ##
Purchasing insurance coverage has become simple since you may do so online while sitting at home. However, before you choose the policy, or if you want to supplement your existing plan with add-on covers, you may use the motor bike insurance premium calculator available online to figure out how much premium you are required to pay.
* Standard T&C Apply
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.