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How to Claim Bike Insurance for Bike Theft

By Finserv MARKETS - Mar 28,2019
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According to Indian laws, having two wheeler insurance is mandatory. However, nowadays, most two-wheeler owners purchase an insurance plan by choice rather than by compulsion. Having insurance is essential as it provides protection in the event of an unforeseen accident or loss/damage of the vehicle. But what does a bike insurance plan offer if the vehicle is stolen?

How much will be the payout?

In case, your two-wheeler is stolen and not recovered, the insurance company will pay out an amount equal to the monetary value of your motorcycle. Your comprehensive insurance coverage is the portion of the policy that is considered in such situations. Without comprehensive coverage, your insurer will not provide you with the reimbursement.

There is a difference between third party and comprehensive insurance, which clearly gives comprehensive insurance an upper hand. A comprehensive two-wheeler policy provides several benefits such as protecting the two-wheeler against theft, loss, and damage. It also provides accident cover to the owner/rider in case of an accident and also includes roadside assistance. Moreover, it also takes care of third-party liability, or the amount payable to the other party in case of an accident. Thus, it is important to have a comprehensive two wheeler insurance.

Given below is a guide to registering a successful claim in the event of theft of your two-wheeler:

  • Register an FIR

The first and foremost step is to register an FIR, the moment you come to know about the theft of your two-wheeler.

  • Contact the Insurance Company

After you register an FIR, the next step is to inform your bike insurance provider about the theft. Do not delay in contacting the insurance provider as the provider has his own set of formalities that need to be followed during a claim.

  • Intimate the Transport Office

It is mandatory as per the law to inform the RTO (Regional Transport Office) about the theft of your vehicle. Moreover, when you apply for a claim, the insurance provider would be needing transfer papers and other documents from you. Hence, make sure that you intimate the transport office without any delay.

  • Gather the Documents

You would have to fill the claim form provided by the insurance provider and attach the required documents. Therefore, it is essential that you gather the documents beforehand. Additionally, you also need to have a no-trace report and original keys of your vehicle.

  • What if Your Two wheeler is Recovered?

If your two-wheeler is recovered, you won’t get any claim amount from your insurance company.

With prominent Non-Banking Financial Companies (NBFCs), you can buy bike insurance online in a hassle-free manner. Apart from providing coverage for your vehicle in the event of road accidents, this policy also covers the loss of your vehicle due to theft. Additionally, you can also register for your claim online by following a few easy steps. So what are you waiting for? Avail your bike insurance plan with Finserv MARKETS, today.

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

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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