Everything You Need to Know About Theft Cover of Two Wheeler Insurance Policy

Not only are bikes extremely suitable for those who require easy commutes in their surroundings, they are in fact small and easy to move around. This makes them especially vulnerable to theft. Under the standard comprehensive bike insurance policy and standalone own damage policy, you receive theft coverage for your bike. If you do not purchase own-damage insurance for your two-wheeler insurance, you will be at a risk for a huge loss if your bike is stolen. Let’s read all about what to do in case of theft of your bike and how to avail of theft cover in your two wheeler insurance policy.

How to Avail of Theft Cover if Your Bike is Stolen?

Follow these steps if your bike is stolen in order to have a hassle-free Bike insurance claim settlement with your Bike insurance company.

File an FIR with the Police

The first step to do is be calm and file an FIR (First Information Report) with the police. You should approach the nearest police station and file the FIR. It is necessary in order to claim insurance for the theft of your bike. A copy of the FIR would be required to be submitted to the insurance company for raising the claim so that the insurance company can verify the veracity of your claim. Up to 90 days, the police will attempt to investigate and locate your vehicle, and if after 90 days it is not found it will issue a non-traceable report. Following this, a court of law will take over the matter and issue a Non-Objection Certificate (NOC).

Inform Your Insurance Company

You need to inform your insurance at the earliest possible time after the theft takes place. It is best not to delay the contact with your insurance as this will negatively impact your ability to have the claim settled in your favor. You would need to provide them with as many details about the theft as possible. This would include the registration number of your bike, the location of the theft, as well as any details of evidence that you have such as CCTV footage. Following the issuance of a NOC from the court, the insurance company will then conduct its own investigation. The claim settlement process will get initiated if the insurance company is also unable to locate the vehicle.

Submission of Documents

Your insurance company will require the submission of the following documents:

• The form for claim settlement request, duly signed
• The vehicle’s keys
• A copy of the FIR
• Registration papers from the RTO
• A copy of the bike’s RC (registration certificate)
• A drivers’ license copy
• A copy of the policy documents

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Conclusion

Theft is a common problem as well as a common fear for many bike owners. It is important to be informed about the different steps to be taken after the theft of your vehicle, so as to avail of the coverage available to you as part of your comprehensive insurance policy.

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.