Bike Theft Insurance Claim

Bike Theft Insurance Claim

Table of Contents

For many riders, bike theft is a terrible reality. The financial and psychological costs can be extreme, but having the appropriate insurance can help. In this guide, we’ll make it easy for you to navigate the process by taking you through each step of making an insurance claim for bike theft.

The Chance of Bike Theft is Extremely High:

According to Delhi police, only 4% of stolen vehicles—including cars and bikes—are found. A vehicle is stolen every 13 minutes. On the other hand, there is a greater likelihood that the number of stolen motorcycles will exceed the number of stolen cars. Scooters and motorbikes are easy to seize since they may be unlocked and driven rapidly. The recovery rate of these vehicles is also poor because thieves break them down into their parts and sell them. Your daily commuting schedule is disrupted, and you suffer a significant financial loss if your two-wheeler is stolen. Protecting your two-wheeler would help lessen the impact of theft or burglary.

Repercussions of not having a bike theft cover:

Imagine that your bike vanishes from the parking lot out of nowhere, leaving you in a panic and unsure of what to do. It would be a nightmare in such circumstances not to have bike insurance.

  • Financial Loss: To pay for a new car, you must take money out of your savings.
  • Public transport dependency: Until you decide to buy a new car, you will attempt to use public transport.
  • Mental stress: You constantly regret not purchasing bike insurance with theft coverage, which throws a wrench in your peace of mind.
  • Choose an inferior model: if you can’t afford the same one now. If this is the case, you may choose an inferior model.

Several types of insurance claims for two-wheelers:

Accident Claim:

Among the most prevalent kinds of claims is this one. You can file a claim to get the cost of repairs paid for if your two-wheeler is damaged in an accident and requires repairs. Remember to include the specifics of the incident, such as the date, time, and place, as well as any relevant police report.

Theft Claims:

You can file a theft claim to get paid if your two-wheeler is taken. Like a bike theft claim, you must provide the police record, your thorough incident report, and any supporting paperwork, including the original purchase receipt.

Claim for Third-Party Liability:

A third-party responsibility claim is made if you are at fault in an accident that harms another person or damages their property. This coverage contributes to the payment of the third party’s losses and medical costs.

Claim for own damage:

The costs paid due to damage to your two-wheeler are covered under your damage claims. This can include mishaps, natural catastrophes, or other occurrences that physically damage your car. When submitting this claim, fully record the damage and have all required supporting documentation.

Claim for Personal Accident Coverage:

Personal accident coverage, which pays out if an insured rider is killed or becomes disabled accidentally, is frequently included in two-wheeler insurance policies. In these circumstances, a claim may be made by the nominee or the insured party to obtain the appropriate compensation.

Claim for No Claim Bonus (NCB):

You can be qualified for a No Claim Bonus if you haven’t filed any claims during the duration of the policy. When you renew your coverage, you will receive this discount on the premium. To receive this benefit, submit an NCB claim.

Claim for Medical Expenses:

Medical costs resulting from injuries received during an event covered by an insurance policy may be substituted. To get paid for your hospital stay, medical care, and associated expenses, submit a medical expenses claim.

You can be more empowered as a rider if you know the many kinds of two-wheeler insurance claims and when and how to file a claim, depending on your circumstances. To comprehend the coverage and claim procedures that apply to your insurance plan, always study the terms of your policy.

What is Indian bike process insurance?

Purchasing the policy, renewing it, and filing claims as necessary are the usual stages of getting bike insurance in India. This is a quick rundown of the Indian bike insurance procedure:

Selecting the Right Policy:

Start by contrasting the numerous bike insurance plans that different insurance companies provide. In India, there are two primary categories of bike insurance:

Insurance for Third-Party Liability: 

This is required by law and protects against property damage, injury, and death to third parties caused by your bike.

All-inclusive Insurance: 

This includes coverage for damage to your bike from theft, accidents, natural disasters, other events, and third-party liability.

Purchasing Policy:

You can buy the coverage online or through an insurance agent after deciding on the type of insurance. Online shopping is practical and frequently makes it simple to compare policies.

Submission of Documents:

You will need to present specific documents while acquiring the coverage, like:

  • Details of a vehicle’s registration.
  • Details of prior insurance policies (if relevant).
  • Documentation proving one’s identity.

Premium Payment: 

For your coverage to become active, pay the insurance premium. It is expected to pay premiums online, and several insurance companies even give incentives.

Policy Updating:

Policies for bike insurance typically have a one-year validity period. To guarantee continued coverage, renewing your policy before its expiration is essential. There’s a grace period for renewal offered by many insurance companies.

Filing a Claim:

You can submit a claim to your insurance company in case of an accident, theft, or other covered incident. The following steps are usually involved in the process:

Give the Insurer Notice: 

Inform your insurance company as soon as possible about the incident.

Make a Police Report: 

Report the theft or severe accidents to the local police and get a copy of the report.

Keep a record of the incident: 

Obtain witness statements, snap pictures of the damage, and preserve all pertinent paperwork if feasible.

Complete the Claim Form: 

Fill out the claim form the insurance gave you, including all relevant incident facts.

Analyze and Check: 

An insurance surveyor may evaluate the damages before the claim is approved.

Settlement of Claims:

The insurance provider will either pay the repair facility directly or refund you for the price of the repairs if the claim is accepted. They might reimburse you for the bike’s insurance value in the event of theft.

Bonus for No Claim (NCB):

You can be qualified for a No Claim Bonus (NCB) if you haven’t filed any claims during the policy’s duration. This could result in a premium reduction at the time of the subsequent renewal.

It’s critical to comprehend every aspect of your bike insurance policy, including the limitations, coverage specifics, and claim processing. Examine and renew your coverage regularly to guarantee that your bike is always protected.

Making a Claim for a Two-Wheeler That Was Stolen:

The following is the procedure to follow if your motorbike is reported stolen:

First Information Reports (FIRs) should be filed at the closest police station. You must take these steps as soon as you discover the two-wheeler has been taken.

Notify the Insurance Company:

It is necessary to notify the insurance company as soon as feasible. Call the company at their designated helpline with information on the occurrence, the vehicle’s number, and your insurance details, including the policy number and the policyholder’s name. If you are going to describe what happened before the theft, try to be as detailed as you can.

Notify the Road Transport Authority (RTO):

The RTO must be notified of the location of the transfer papers’ pickup in all theft situations.

Document Submission:

For the insurance company to lodge a claim, you must provide them with a list of documents after alerting the appropriate police and authorities. The following is a list of the papers:

  • A copy of the certificate of registration for the car.
  • A duplicate of the policy text.
  • A duplicate driver’s licence belonging to the policyholder.
  • An original file containing the FIR.
  • Complete and sign the Claim Settlement Form.
  • RTO paperwork for transfers.
  • Original keys for the vehicle.
  • Following submission, the insurance provider will process and validate the documents.
  • A “no trace report” certifying that the stolen car could not be located will be issued by the police. The insurance company will begin processing the claim once the police provide this document.

Based on the documentation, the insurance company may send an investigator to locate the stolen car.

When the investigator concludes that the car cannot be found, the insurance provider will evaluate the claim and decide whether to refund the loan (if any) or reimburse the IDV (insured Declared Value) amount.

The amount of the premium would determine the IDV. The car’s IDV will decrease in proportion to the premium amount. But, if you live or work where theft is common, it is wise to pay a slightly higher premium and keep an IDV that will pay for the cost of your two-wheeler if it is stolen.

People Also Ask:

Does insurance cover theft of bikes?

It covers losses or damages to your bike and third-party liabilities (including the Third-party Liability Cover). Bike theft is one of Comprehensive Insurance’s major coverage areas.

How do I claim my bike theft?

Contact your insurance provider right once after filing an FIR at the closest police station and provide them with all the details regarding the bike theft, including the location, the bike’s specifications, any paperwork, and a copy of the FIR.

How do you prove a stolen bike is yours?

Repair receipts can be used as proof of ownership if you don’t already have one for a bike. Save all of the bike’s receipts in the file. Take pictures of the bike, be sure to capture any distinguishing features, and keep those pictures in the file.

How do I claim total loss of bike insurance?

Notify the insurance provider: As soon as your bike is lost or seriously damaged, you should notify your insurance provider. You can accomplish this by going to the branch office, calling the insurance company’s customer service hotline, or working with your insurance agent.

How many times can I claim bike insurance?

Your bike insurance policy has no cap on how many claims you can make. To ensure that it has no impact on your other benefits, it is generally advisable to refrain from filing numerous claims in a single year.

Is it worth claiming stolen bike?

Theft is a covered claim, and a bike is protected under the personal property part of your homeowners’ or renters’ policy. But, filing a claim might not be worthwhile for you, given your bike’s value and deductible.

Is theft covered under insurance?

Auto insurance companies cover third-party damages up to a certain amount. Complete coverage also extends to losses resulting from automobile theft and personal accidents. The plan also offers add-on depreciation coverage, protection against no-claim bonuses (NCBs), etc.

What is not covered in bike insurance?

Your insurance does not cover loss or damage resulting from exceeding the speed limit on your scooter or bike. Your insurance company will not pay for any losses or damages you sustain if you are involved in an accident while riding your friend’s two-wheeler.

What are the new rules for two-wheeler insurance?

A 5-year bike insurance policy, which combines a 1-year own-damage cover and a 5-year third-party plan, is required when purchasing a new two-wheeler.

Can we claim bike insurance without DL?

By purchasing the loss of license/registration certificate add-on coverage in addition to your comprehensive or stand-alone own-damage bike insurance policy, you can file RC insurance claims for the damages even if you have lost your driving license or bike certificate.

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