Imagine you’ve parked your dream bike in front of your house, and wake up to see that it’s not there anymore. You must’ve heard of a lot of cases of bike thefts from different people. The reason being bikes are easy to hide and dismantle, whereas hiding a car could be a task. Therefore, the possibility of recovering a stolen bike is less.
But, if you purchase a comprehensive bike insurance policy, your vehicle will be protected against unforeseen events like these, and also offer you with third-party liability coverage. Note that, having a third-party policy is mandatory as per the Motor Vehicles Act, 1988. However, it provides coverage only for third-party damages and not own damage. With the more extensive bike insurance plan, you need not worry, the insurer offers you with a theft cover, which means you don’t have to panic even if your two-wheeler gets stolen. If something like this happens with you and someone steals your bike, you will receive an amount equal to the monetary value of your stolen bike termed as the IDV, by the insurer.
However, you must follow these steps if you wish to register an insurance claim against your stolen bike:
- File an FIR
The first thing you must do when your two-wheeler gets stolen is to lodge the First Information Report (FIR) at the nearest police station.
- Make the Insurance Claim
Once you’re done filing the FIR, contact your insurance provider and follow the instructions provided to you to register the claim against theft of your two-wheeler. While filling the claim form, providing vital information such as the registration number of your bike, policy details, etc. is necessary.
- Notify the RTO
Informing the Regional Transport Office (RTO) regarding the theft of your two-wheeler is mandatory according to the law. Complete this formality, and receive the RTO transfer papers as well as other important documents.
- Provide your insurer with the Documents
Once you’ve completed the formalities, you must send the duly filled claim for your vehicle insurance, and respective documents to the insurer. The following documents are sent in case of bike theft:
- Two-wheeler insurance policy documents
- Properly filled form of claim settlement
- Registration certificate copy of the bike
- Driving license copy
- The original copy of FIR
- Letter to the RTO
- Transfer papers from RTO
Once the police have generated a non-traceable report about your stolen bike, the insurance company will initiate the process for claim approval. Your stolen two-wheeler needs to be transferred in your insurance company’s favor and reimbursement will be done with the Insured Declared Value (IDV) of your bike.
When you purchase a two-wheeler, you don’t think of the worst possible things to happen to it, like your bike getting stolen. But anything is possible, hence you must always stay secure no matter what. If you insure your bike with a motor insurance policy today, you will save a lot for the future.
The process of purchasing an insurance policy has become easy, as you can do it online, sitting at home. But before you choose the policy, or if you want to enhance your existing plan with add-on covers, you can calculate how much premium amount you are supposed to pay, using the two-wheeler insurance premium calculator available online.