Bike Theft Claim Settlement Process

If your bike gets stolen someday, the bike insurance theft cover can come to your rescue. It is a policy designed to protect your bike in cases of theft or burglary. Even if there is some loan on the bike which has to be paid, your insurance company will pay the amount with the difference you bore. Such is the benefit of a comprehensive bike insurance plan. However, no matter how much a policy offers, you can get the benefits by following the claim settlement process in the right manner.

Bike Theft Claim Settlement Process

Here is the process you should follow to get your claim settled for the theft of your bike:

Step 1: File An FIR

Filing an FIR is an important step after the bike theft. Once you get to know about the theft of your bike, you should rush to your nearest police station and register an FIR. A copy of the FIR is crucial for claim settlement.

Step 2: Call Your Insurer

Inform your bike insurance company about the bike theft at the earliest. Your insurer might have its own claim process to be carried out and can assign a claim inspector to handle your issue. You should cooperate with the inspector and must respond to all queries with utmost honesty.

You may also like to read:- Purchasing A Used Bike From A Different State? Keep These Things in Mind!

Step 3: Inform the Road Transport Office (RTO)

It is mandatory to inform the Road Transport Office (RTO) about the theft of the bike. In addition to this, you also will have to follow the process of documentation based on the rules of RTO.

Step 4: Gather the Required Documents

Once you have conveyed to all the authorities about the incident, you should gather all the required and relevant documents based on which the claim is to be settled. Here is the list of documents:

• FIR Document (Original Copy)
• Original keys of your bike
• Copy of your policy document
• Copy of bike’s registration certificate
• Copy of driving license
• Duly filled and signed claim settlement form
• Transfer papers from RTO

Step 5: Submit an Untraceable Report

If your bike could not be traced by the police for more than a month, the police will issue you an untraceable report. Your insurer will see this report document as valid proof to confirm your bike is stolen and could not be found, then they will settle the claim against it. 

However, if the stolen bike is recovered then you will not be eligible for any claim amount. If your bike was under any loan, your insurance company will reimburse the payout amount to your financier and the remaining party will have to be paid by you.

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.