Getting your new bike insured soon as you purchase it can be very beneficial as doing so would cover your liabilities in the case of an accident and protect your vehicle from theft.
Now, let us have a glance at how vehicle insurance provides utmost protection in situations like theft:
The possibility of bike theft is higher.
Compared to other vehicles, the chances of a bike being stolen are higher. Moreover, finding stolen bikes is difficult, and the possibilities are even lower when compared to finding stolen cars as it is easier for thieves to hide or dismantle stolen bikes. Hence, protecting your bike with insurance coverage would be beneficial in the event of a theft.
Secure your bike with two-wheeler insurance
Government-mandated third party insurance for bikes only provides you coverage against liability claimed by the other party in the case of an injury or death and/or property damage arising from an accident. However, it does not cover damages sustained by your vehicle. On the other hand, a comprehensive policy not only offers extensive protection to your vehicle, including your own damage, but it also takes care of the expenses incurred to repair the damages caused by human-made events as well as natural calamities.
Let us now understand the claim procedure in the event of bike theft.
How to file a claim for bike theft
As soon as you realize that your two-wheeler has been stolen, immediately lodge an FIR at your nearest police station. The next step would be to contact your insurance company and register a claim for your loss. Follow the instructions and provide all the necessary insurance policy details, including the policy number and the vehicle registration details, before filing the claim form.
The next step would be to inform the Regional Transport Office (RTO) of the incident. The RTO would then provide you with the transfer papers and other relevant documents.
Once you have collected the necessary paperwork and informed the relevant authorities, you would need to send the duly signed claim form along with the respective documents to your insurer.
The list of the relevant documents is as follows:
- Duly signed claim form.
- Original copy of the FIR
- Copy of the vehicle RC (registration certificate)
- Insurance policy documents
- Copy of your driving license
- Duly signed RTO transfer documents.
- Original keys of the bike
It takes about a month to receive a ‘no-trace report’ from the police, one of the most important documents in the claim process. This official document attests to the fact that your stolen vehicle could not be recovered. Hence, make sure that you provide your two wheeler insurance providers with this document, or your claim could be rejected.
After it has been proved that your stolen vehicle could not be located, the insurer might appoint a surveyor to investigate the case and trace the stolen vehicle. You would need to be patient as this process also takes anywhere between 60-90 days.
Once the insurance company completes its investigation, it starts with the reimbursement procedure. It pays an amount up to the pre-defined Insured Declared Value (IDV) that was decided at the time of purchasing your policy. Although you can save money by selecting a lower IDV, it is wiser to pay a higher premium and go with the optimum IDV. Weigh the pros and cons and select the IDV after considering certain aspects such as the vehicle’s make and model, engine capacity (cc), etc. If you live in a theft-prone region, then always opt for a higher IDV.
By now, you would have realized the good reasons behind purchasing a comprehensive cover for your automobile. With the right protection, theft-related mishaps can also be covered. Make sure to compare plans and getting quotes using the two wheeler insurance premium calculator while purchasing your policy so that you get a deal that meets your needs in the best way.