Home Discover Journals Does Bike Insurance Protect You Against Theft?

Does Bike Insurance Protect You Against Theft?

By Finserv MARKETS - Sep 4,2019
Views Icon288 Views 0 0 Comments

All About Theft Cover In Two-wheeler Insurance.

We all know it is important to buy two wheeler insurance in order to provide a financial cover for your two-wheeler in case of damage or a natural disaster caused by fire outbreaks, lightning strikes, earthquakes, floods, typhoons, hurricanes and landslides and other such natural calamities. But did you know you can also get coverage for man-made events like burglary/theft and damages caused to your two-wheeler due to communal riots and other such malicious acts?

We ride and drive our bikes into various public spaces and the incidences of theft are nothing new. Stolen bikes are difficult to trace back and no one has the time and resources to try to get to the root of such organised crime. Stolen vehicles often get dismantled or disintegrated right away and their parts are sold across the market – the stream of buyers and sellers has evolved. What is the way out for an unassuming person, who toiled hard to get himself a bike?

The statistics related to motor vehicle thefts are heart-breaking: In Delhi, the figure hovers between 55 and 70 a day, and Mumbai recorded an average of more than seven a day during the months from January to May in 2018. It has also been reported that inadequate parking space in residential areas is contributing to this growing problem. Some urban areas see over 100 vehicles stolen every day, and the figures aren’t much better for those living in rural regions. Because of the paucity of parking space, drivers are forced to park on the road rather than in designated parking spots, and many criminals are taking advantage of the situation.

If you are wondering whether it is wise and/or effective to buy bike insurance to protect against incidences of theft, the answer is an emphatic yes. But remember, this inclusion is made in the comprehensive insurance plans available on Finserv MARKETS. As the name suggests, a comprehensive two-wheeler insurance policy offers complete financial protection against your own damages in addition to any third party loss or damages. When you buy two-wheeler insurance that has this wider coverage, it comes with a higher premium but it is an investment worth making.

In the unfortunate event of the theft of your bike, you should first of all, register an FIR. This should be done immediately and all the details about the place you saw your bike last should be furnished. Once the FIR is filed, a copy of the same can be produced to the insurer. You need to intimate your insurance provider about the theft and look after all the formalities and processes needed. Again, it is important not to delay this. You would need to register a claim as soon as possible following the theft of your car. You can register a claim under your Bike Insurance policy online by visiting the website or over the phone on the Toll-free number provided by your insurer.

You need to keep information handy while filing a claim. This includes the engine and Chassis Number, the accident date and time, the description and location of the accident, the two-wheeler inspection address and most importantly, the police complaint, in case of theft.

Post this you are also legally required to inform the Regional Transport Office about the theft. Even though the loss of your bike is a huge financial and emotional blow, when you buy bike insurance online.

You ensure that you can at least be compensated for the loss in monetary terms.

Thus, it is important that you choose a robust bike insurance policy that can serve you quickly in times of crisis.


With Finserv MARKETS, you can buy bike Insurance and even get an insurance renewal online through an absolutely hassle-free process. You also get discounts on premium if you are a member of a recognized automotive association, if you have an anti-theft device installed or if you have a good rider history. With Finserv MARKETS, Insurance Inspections are quick and hassle-free. If you are scared that your bike stays in an area that is a target for bike thefts and if your worries are overwhelming, buy two wheeler insurance to get a back-up. The claim settlement processes are quick as well, for all bike insurance policies available on the Finserv MARKETS platform.

Read our top blogs to know more about two wheeler insurance in India:

Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!


Connect with Us
Connect with Us

Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522