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

What is Theft Insurance in Two Wheeler Insurance?

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 because bike parts are easy to dismantle and the market is very dilute due to which the parts are sold or resold quite easily and quickly.

If you want to safeguard yourself from incurring the loss of a bike theft, you must buy a comprehensive bike insurance policy that covers the theft of your bike. If you only have third party two-wheeler insurance, then you will face a huge loss if your bike is stolen.

Although losing your bike can be a hard blow to take, you can at least get it insured to help you cover the financial losses. 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?

If you have a bike insurance that covers theft, you must file a claim for a stolen bike using a step by step process. You can check the detailed steps mentioned below in case your bike gets stolen..

1. Step 1: File an FIR

   The first step for any accidental claim or a theft claim, is to file a First Information Report (FIR) at the nearest police station. The report copy is a mandatory proof of the credibility that your bike has been stolen and this theft is a staged one or not.

2. Step 2: 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 all the required 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. You must also inform the insurer about the location, the time and place of the theft and if there were any CCTV cameras in the vicinity as this information will be helpful for them.

3. Step 3: Submit Your Documents

   Once you have filed the FIR and intimated your insurer about the theft, you must submit the following documents 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

4. Step 4: Get the No Trace Report From the Police

   You can only get an approval regarding the claim of your lost bike if the police gives you a Non-traceable Certificate (NTC).

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

   Once this has been done, your insurer may choose to hire a private investigator to examine the theft which can take some time. Once the paperwork and inspection is complete, your claim will be processed and you will be reimbursed the IDV.

   You must note that in case your bike is on a loan, the reimbursement will be issued to your respective bank. You will have to coordinate with your bank in such a scenario.