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How to Claim Insurance for Bike Theft

By Finserv MARKETS - Jun 3,2019
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Bike Theft Insurance

In India, we have been facing increasing traffic-like situations daily. Besides this, the road accident rate is on the rise as well. When it comes to bikes, both theft and involvement in an accident can burn a hole in your pocket.

To help you deal with these situations, a comprehensive bike insurance plan is all you need. With this, your bike will be financially safeguarded in case of damage or theft. Also, it covers losses incurred due to natural or man-made disasters.

In this article, we will discuss everything you need to know about bike theft insurance.

What is Bike Theft Insurance 

There could be only two reasons if you are unable to find your parked bike – either it has been towed by the traffic police or it is stolen. The chances of a bike being stolen are significantly more than that of a car. With the two-wheeler theft rate increasing by the day in India, it becomes all the more essential to buy bike insurance.

Although third party insurance is mandatory under the New Motor Vehicle Act, it only covers third-party liabilities. To ensure that your vehicle has all-around protection, buy comprehensive bike insurance.

This policy covers damage and loss incurred in an accident or natural/man-made disaster, and theft of the vehicle as well. Losing your bike can be pretty heartbreaking. But with comprehensive insurance under your name, you do not have to suffer a monetary loss because of it.

What To Do When Your Bike Is Stolen?

Follow the steps given below in case your bike is stolen –

  1. File an FIR – Soon after your bike is stolen, it is necessary to file a written FIR with the nearest police station.
  2. Inform Your Insurer – After the FIR is registered, inform your insurer about the incident as well. They will further help you with the claim process against theft of the bike.
  3. Inform The RTO – It is mandatory to inform the RTO regarding the theft incident. Complete the formalities related to bike theft and obtain RTO transfer paper and other relevant paperwork.
  4. Documents To Submit – Once you have obtained all the necessary documents to make a claim on your comprehensive bike insurance, proceed to fill the application form. Provide the necessary information such as policy and personal details along with the bike registration number. After this, you will be requested to submit documents such as –
    • Bike insurance policy paperwork
    • Duly filled insurance claim form
    • Copy of the registration certificate of the bike
    • Copy of the diver’s licence
    • Original FIR copy
    • Letter to the RTO
    • RTO transfer papers

After this, wait for the policy decision.

  1. Claim Approval – The insurer will initiate the claim approval process after the police submit a non-traceable report. This report states that they were unable to locate your stolen bike. Note that without the submission of this certificate, the insurer will not proceed with the claim. It usually takes a month to generate this certificate from the date of the incident. After this, the insurer will investigate the claim which might take up to 60-90 days.

The Bottom Line

If you are scared that your bike stays in an area that is a target for bike thefts and if your worries are overwhelming, consider buying comprehensive bike insurance.

You can buy two wheeler insurance plans online at Finserv MARKETS as it offers affordable premiums, swift claim settlements, bike roadside assistance, instant renewals, and so much more. In fact, the insurance inspections in case of policy renewal are quick and hassle-free as well.

So, don’t wait! Buy a comprehensive bike insurance plan from us today and keep your two wheeler safe, always!

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