Everything You Need to Know About Theft Cover of Two Wheeler Insurance Plans

A bike is the easiest means to commute to places with lesser chances of getting stuck in traffic for hours. A two-wheeler, unlike a car, won’t take up much space and hence, it is a lot easier to navigate a bike in the traffic. The number of two-wheelers on the roads is also on a rapid rise and the number of superbikes on the roads for daily commute is also on a gradual rise in India.

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With increasing traffic on the roads, unexpected situations like accidents, theft, damages are also on a rise. Talking about superbikes, both theft and accidents are extremely expensive and stolen bikes are difficult to trace back, as they get dismantled right away and their parts are sold within hours like hot cakes. There is an elaborate market running exclusively for this.

With incidents like this happening all over, an apt insurance cover is much needed to put up with the expenses, so that the cost won’t burn a deep big hole in your pocket. two wheeler insurance using the premium calculator to get the deal at an affordable premium.

Well, the process seems so detailed and boring that certain people won’t feel this much worthy to put in efforts to zone in on insurance and would end up choosing the first insurance policy they see online or their insurers put in front of them. The drawback of not comparing insurance plans and not reading through the fine print, rules and regulations often puts customers’ lives in jeopardy when filing a claim. If the claim was rejected, they wouldn’t know where they went wrong.

A two-wheeler insurances policy provides coverage for injuries to one or more individuals affected by the accident. This financial liability proves to be a huge advantage in situations where the finance is in a constraint. There are two types of motor insurance - comprehensive bike insurance, which cover all types of damages to the bike and the rider and liability-only policy, which basically covers costs against injuries caused to a third party due to an accident.

While renewing or buying bike insurance online, it is the right way to compare the various options available and choose the best plan. A few features of online bike insurance are included quick policy issue and claim registration, optional coverage, easy transfer of no claim bonus, discounts, quick registration etc. A few renowned two-wheeler insurance providers in India are, Bharti AXA two wheeler insurance, HDFC Ergo two wheeler insurance, Bajaj Allianz two wheeler insurance etc. They all have online portals through which a policy can be quickly purchased or renewed.

Theft Insurance in Two Wheeler Insurance:

When someone can break into a locked house or office and steal things, what chance would a bike stand when it is parked outside the house? When you don’t see your bike in the parking area, there can be only two reasons for that. One reason is that either the traffic police would have towed it away or has been stolen. Any day, the chances of a bike getting stolen are higher than that of a car. In contrast, the recovery rate of stolen bikes is less than that of cars. This is just because the bike parts are easy to dismantle and the market is very dilute that the parts are sold or resold quite easily within a day or two.

A comprehensive bike insurance policy covers the theft of your bike. If you don’t have comprehensive two-wheeler insurance, then you will face a huge loss if your bike is stolen.

A report released by a major newspaper states that a two-wheeler is stolen in Delhi every fifteen minutes. Being an over-crowded country, the lack of parking place in India is becoming a difficulty and people have to park their vehicles on roadsides, making it easier for the thieves to do their jobs.

Although losing your bike can be a hard blow to take, you can at the least be content that the insurance will cover the mishap. If you bought bike insurance online, you must have a list of features that your policy offers. Even if the policy is named comprehensive, it’s always better to go through the list of services offered before actually buying the policy.

What to Do When Your Bike is Stolen?

In order to file a claim for a stolen bike, you have to go through a step by step process for hassle-free claim settlement. Though panicking would be the first reflex naturally, it is important to compose yourself and follow all the steps to ensure trouble-free claim settlement.

FIR Should be Filed

For any accidental claim or a theft claim, you need to file a First Information Report (FIR) at the nearest police station. This report’s copy is mandatory proof of the credibility of the theft report and clears the doubts of your insurer whether this theft is a staged one or not.

Contact Your Insurer

After filing the FIR, call your insurer to report the theft and let them know that you would like to file a claim. Provide them with the vital information like the policy number and the registration details of the stolen vehicle and describe the details about the theft as much as you can. The time and place of the theft were there any CCTV cameras in the vicinity are some of the details that you would need to provide while filing a claim and lodging an FIR.

You may like to Read: How To Get Bike Insurance Details by Registration Number

Submit Your Documents

Once the concerned people and departments are informed about the theft, the following documents are needed to be submitted to the insurer as a part of claim requests:

  • The claim settlement request form duly signed or attested.
  • The original copy of the FIR
  • A copy of the vehicle’s registration certificate
  • A copy of the policy documents
  • A copy of your driver’s license
  • Duly signed transfer papers from the RTO office
  • The original keys of the vehicle

No Trace Report From the Police

With the chances of retrieving two-wheelers in India is less, the insurance policy providers have almost no reason to delay your claim request. At last, you have to receive a certificate from the police, which says that the vehicle could not be traced.

This certificate is so important that without submitting this to your insurer, the claim request cannot be processed. This document can be generated by the police after one month right from the date of the incident. Therefore, it is important for you to be patient and co-operate with the police.

After all, this has been done, your insurer may choose to hire a private investigator to examine the theft. Again, the investigator will take time, i.e. from 60-90 days. Be calm; don’t get tensed and make the case look bad upon yourselves. The claimed amount would be paid back to you eventually. You, at the most, can lock your bike up to keep it safe.

If it gets stolen even after that, only a comprehensive bike insurance policy can help you in this situation. The policies provided by Bharti AXA two wheeler insurance, HDFC ERGO two wheeler insurance, Star two wheeler insurance, Bajaj Allianz two wheeler insurance have a very well covered comprehensive plans which make theft claims processing much simpler.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.

^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.

#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.

*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)

#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.

*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis