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Imagine yourself in this situation-
The parking area was packed, so you decided to park your two-wheeler by the roadside, on your way back from office. You were looking forward to a delightful evening, as one of your friends had come over to your place. You were meeting him after a long time, as your friend had shifted to the USA, a few years ago. So, the evening proceeded with endless talks on various topics. After finishing the delicious food, your friend insisted on going for a walk. You both stepped out and then you noticed...
“No, somebody has taken her”! Your prized possession, your bike, was not there. Now, you’re clueless about whether it was stolen or pulled away by the police. You don’t know where to look for it and whom to ask!
While this is an imaginary situation, it could happen to you. But you can avoid some anxiety with a comprehensive two wheeler insurance policy.
Let’s have a glance at how this plan provides utmost protection during a situation like theft-
Chances of Bike Theft are higher:
As compared to other vehicles, the likelihood of a bike being stolen is much higher. Also, recovering these stolen vehicles is very difficult, and chances are lower when compared to stolen cars. The robbers find it easy to hide or dismantle stolen bikes, owing to their size and how convenient they are to tow away.
Safeguard Your Prized Asset with Two-wheeler Insurance!
While Third-Party Insurance covers you against liability expenses claimed by the other party, in case of an injury or death and property damage arising out of an accident. This doesn’t cover your own-damage, while a Comprehensive policy offers extensive protection to your vehicle. It takes care of your expenses incurred in repairing the damages to the bike due to man-made and natural calamities.
Now, you can breathe a sigh of relief, knowing that theft is covered by your comprehensive insurance plan. On payment of a small premium, you can save your money big time during a crisis like theft.
How to File a Claim, In Case You Lose Your Bike?
The minute you realise your two-wheeler is stolen, immediately lodge an FIR with your nearest police station.
Next, contact your insurance company and register a claim for your loss. Provide the essential details of your policy including details of the vehicle and policy number. After that, give a brief on the incident explaining the time, date and the place.
The Motor law requires you need to inform the Nearest RTO Office (Regional Transport Office) about the incident. After that, you have to collect the RTO transfer papers from the office.
After intimating all the associated departments, the next step is to complete the documentation. Ensure you have attached all the relevant documents and send them to the office of your insurer. The documents include:
- Claim form duly signed by the claimant
- Original copy of the FIR
- Copy of the RC (Registration Certificate) of your two-wheeler
- Policy document copy
- Driving License
- Duly signed RTO transfer documents
- Original bike keys
- Obtain the no-trace report
Importance of No-trace Letter
A no-trace report or letter is given by the police, which states that your bike that had been stolen a few days back and could not be traced. Without this no-trace report, the insurer will not process your claim. So it is important to obtain this beforehand. This may be generated within one month from the date of the occurrence. Have patience and cooperate. All the while, ensure that you inform your insurer about all updates.
Once it is proved that your vehicle was stolen and can’t be located, the two-wheeler insurance company appoints a surveyor to investigate the case or to trace it. It may take 2 to 3 months. So, hold on to your horses and go with the flow.
Finally, the insurance company will pay only up to the pre-defined Insured Declared Value (IDV), which was decided at the time of your purchase the bike insurance.
Bear in mind that, one can save more by choosing a lower IDV. It is wise to pay a higher premium and go for an optimum IDV. You must weigh the pros and cons, and select the IDV considering certain aspects like make and model, bike engine CC etc. For instance, if you live in a theft-prone location, then choosing a higher Insured Declared Value is a good idea.
Again, in case you took a loan while purchasing the bike, the insurer will compensate the pay out money to the respective bank. However, you’ll have to foot the difference amount.
Remember, if your stolen bike is recovered, the insurance company pays nothing.
In a Nutshell!
When considering the probability of theft and dealing with its aftermath, consider it mandatory to buy two wheeler insurance with a comprehensive cover. Moreover, with the right amount of cover, theft-related mishaps can be covered as well. Make sure you compare plans at the time of purchasing so that you land the best deal that meets all your requirements. Drive safe, stay protected!
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