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Bike Theft Claim Settlement Process in India

In India, Delhi-NCR reports more than 56% of vehicle theft cases, and Hero Splendor stands in first place among the most stolen two-wheelers. The main reason why theft happens in India is due to the parking issues and growing second-hand markets for two-wheeler. This article sheds light on the theft claim settlement process for two-wheelers in India.

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What is Theft Cover in Two Wheeler Insurance?

As the name suggests, theft cover in two wheeler insurance protects your bike in case of burglary or theft. In such situations, your insurance provider will compensate you with the full IDV (Insured Declared Value) amount.

What more does it offer?

Well, in case the loan on the bike is still pending, your insurance provider will pay the amount, with the due difference that you bore.

Is it hard to believe? However, this is what your theft cover offers under comprehensive bike insurance.

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)

Filing an FIR is the first and foremost step. The moment you know about bike theft, you must go to the nearest police station to register an FIR.

Step 2: Call your Insurance Provider

Next, inform your insurance provider about the theft as the earliest. The insurers will begin their own claim settlement process. Under this, an insurer will designate a claim inspector or surveyor to handle your issue. You must cooperate with the assigned inspector to answer their questions with utmost honesty.

Step 3: Intimate the Road Transport Office (RTO)

After intimating your insurer, informing the Road Transport Office (RTO) about the theft is a mandate. You will have to follow the process of documentation basis the RTO rules.

Step 4: Collect the Required Documents

After you have done informing the relevant authorities and the police, keep your documents handy to submit them to the insurer based on which you can ask for compensation.

Here is a list of documents required-

  • Bike insurance policy
  • Copy of the registration certificate of your bike
  • Copy of your driving license
  • FIR document (original copy)
  • Transfer papers fromRTO
  • 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 untraceable report. For your insurer, this untraceable report works as valid proof that the police department did not trace your bike. Hence, now the insurer can settle the raised claims.

The 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. You must pay more amount premium and opt for the most favourable IDV at the time of buying bike insurance online. 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).

If You Recover your Stolen Bike?

If you find your stolen bike, you will not get any amount of claim from your bike insuranceprovider. If your bike was under a loan, your insurance provider will reimburse the payout amount from the financer of your bike, and you must pay the remaining amount.

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.

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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