bike insurance

What To Do After Bike Lost Or Stolen?

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In response to a leading Indian media outlet’s Right to Information (RTI) request, Mumbai reported 2801 vehicle theft cases in 2020, with two-wheeler theft accounting for most cases in 2019. In the meantime, things in Delhi are considerably worse. Another media report states that in 2020, Delhi recorded 25153 incidents of two-wheeler theft. As of November 30, 2021, 25078 thefts were reported in Delhi.

You could be shocked to discover that your bike isn’t where you parked it on any given day. Research indicates that the likelihood of finding a stolen motorbike is lower than that of a stolen car because motorcycles are simpler to conceal and disassemble.

A comprehensive bike insurance online policy can shield your bike from unanticipated circumstances and offer your bike the required third-party coverage. You can relax even if your insured bike with theft cover is taken. The insurance provider will reimburse you for the total cost of your stolen bike when you buy insurance online. To register an insurance claim for bike theft, follow these steps.

Register A First Information Report (FIR)

File a First Information Report (FIR) at the closest police station as soon as you know that your bike has been stolen. Give the concerned police officer your chassis number, serial number, RTO registration details, and other information when you report the theft. Giving the information is a crucial step in the claim procedure. You can use it to track reports regularly.

File The Insurance Claim

Once you’ve filed a FIR, call the helpline of your motor insurance provider and follow the instructions to report bike theft. Complete the claim form and include all necessary details, including the policy and bike registration numbers. After your bike has been lost or stolen, it’s crucial to utilise a two-wheeler insurance calculatorto accurately determine the Insured Declared Value (IDV) for your insurance claim, helping you minimise the financial impact of the loss.

Notify The RTO

According to the law, you must report your bike’s theft to the Regional Transport Office (RTO) to obtain an RTO transfer and other pertinent documents and fulfil the formalities.

Submit The Documents

After completing the procedures, you must mail the bike insurance online company the completed insurance bike insurance claim form and the relevant paperwork. In cases of bike theft, you should submit the following paperwork.

  • Insurance policy documents
  • Duly filled claim settlement form
  • Original FIR copy
  • Copy of the registration certificate of the vehicle
  • Letter to the RTO
  • Copy of driver’s license
  • RTO transfer papers

Your insurance company starts approving your claim once the police file a “non-traceable report” indicating your bike is lost. You will receive payment for your bike’s insured declared value (IDV) upon transfer of the stolen vehicle to the insurance company. You could use the reimbursed amount to visit bike shops and buy the same model of bike that you recently misplaced. After experiencing the unfortunate loss or theft of your bike, it’s crucial to renew your bike insurance on time to ensure you stay protected in the future. Claims are subject to terms and conditions set forth under the motor insurance policy. *

*Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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