Bike Theft Claim Settlement Process in India

What is Theft Cover in Two Wheeler Insurance?

As the name suggests, theft cover is one of the crucial component in bike insurance policy that protects your bike in case of burglary or theft. If your bike is stolen, the insurance company will compensate you with the Insured Declared Value (IDV), which is essentially the current market value of your bike.

What are the Key Benefits of Bike Theft Insurance Cover?

The two main reasons why bike theft insurance cover is important are explained below:

• Financial Compensation: Receive the IDV of your bike in case of theft.
• Loan Repayment: If you have an outstanding loan on your bike, the insurance company will settle the loan amount with the financer.

How to Raise Claims for Bike Theft?

The theft of your precious possessions can break you both financially and emotionally. In case of theft, your insurer will pay an amount equal to the IDV (Insured Declared Value) under the comprehensive bike insurance.

Here is how you can go about the bike insurance claim process for theft:

Step 1: File FIR (First Information Report)

The first and most crucial step is to file an FIR at the nearest police station as soon as you discover your bike is stolen. This is essential for initiating the bike theft complaint process and for insurance purposes.

Step 2: Call your Insurance Provider

Inform your insurance company about the theft immediately. They will guide you through their specific bike theft claim process and assign a surveyor to assess your case.

Step 3: Intimate the Road Transport Office (RTO)

You must also inform the RTO about the theft and follow their documentation process. This step is necessary for transferring the ownership of the vehicle and completing the bike stolen complaint procedure.

Step 4: Collect the Required Documents

To file a bike lost insurance claim, you will need to submit several documents to your insurer. These typically include:

• Bike insurance policy documents
• Copy of the registration certificate of your bike
• Copy of your driving license
• FIR document (original copy)
• Transfer papers from RTO
• Form of Claim Settlement duly filed and with your signature on it
• Original keys of your bike

Step 5: Submit an Untraceable Report

If your two-wheeler is not traceable for over a month, the police will give you an If the police are unable to locate your bike after a month, they will issue an "untraceable report". Submit this report to your insurer as proof that your bike is indeed lost. This is a critical step in the bike missing complaint process and is necessary for the insurer to settle your claim.

Understanding Compensation for Bike Theft

As discussed above, in case of theft, your insurance provider will compensate you with the full IDV (Insured Declared Value) amount under bike theft claim. Choosing the right IDV will help you in case your prized possession is stolen in the future. You have to weigh all the odds and select IDV basis certain factors like (the CC of the bike's engine, the make and model of the bike, and the age of the bike).

What If You Recover Your Stolen Bike?

If your stolen bike is recovered after you've received the insurance claim for bike theft, you won't be entitled to the claim amount. If you had a loan on the bike, the insurance company will recover the payout from the financer, and you'll need to repay the remaining loan amount.

Making the Claim Process Easier

The bike theft claim settlement process can be complex, but choosing the right insurance provider can make a difference. If you have purchased your comprehensive bike insurance from a reputable insurance company, their dedicated claim settlement team can assist you throughout the process.

In a Nutshell

You can take a breath of relief, as the theft cover will protect your bike. If you have bought comprehensive bike insurance from Policybazaar.com, the bike theft claim settlement process is quite simple. Just call at 1800-258-5881 to get in touch with the claim settlement team.