One of the most convenient modes of transportation is a two-wheeler vehicle. It is inexpensive, allows you to navigate through traffic, and can be parked quickly. It’s convenient to park anywhere, so it’s vulnerable to theft. Unfortunately, bike theft is very common. As a result, you must invest in a 2 wheeler insurance policy that includes theft coverage. As a result, we’ve created a step-by-step guide to assist you in claiming insurance after a bike theft.
Comprehensive Insurance is a Must!
Comprehensive bike insurance provides extensive coverage for third-party liabilities as well as personal damage. It is the preferred option for many car owners due to its enhanced coverage. If your two-wheeler is not covered by comprehensive motorcycle insurance, your policy will not cover theft. Without a comprehensive plan, a two-wheeler insurance policy only covers third-party damage or loss. Such a policy will not compensate you for vehicle damage or loss.
Steps to Claim Bike Insurance
1. File an FIR
You begin the claim process by registering the FIR. After learning about the bike theft, go to your nearest police station and file an FIR. You must provide the police with basic information about your bike, such as its registration number, model, and color, as well as the last time you saw it. As a precaution, it’s a good idea to keep handy duplicates of your bike’s registration card (RC book) and insurance documents. Before you can file an insurance claim, you must first file an FIR.
2. File an insurance claim
After filing an FIR, contact your motor insurance company’s helpline and follow the instructions to file a claim for bike theft. To download the claim form, enter your policy details including your bike’s registration number, and agree to the terms.
3. Inform the RTO
According to the law, you must notify the Regional Transport Office (RTO) of the theft of your vehicle. Complete the necessary formalities with them to obtain RTO transfer papers and other pertinent documents.
4. Submit your documents
When filing a claim with your insurance company, you will need to make sure your documents are in order and that you are being honest. This requires making sure you include the legal requirements for submitting such documents. Your paperwork should include all original copies of the FIR, RC, policy document, driver’s license, and transfer papers from the RTO as well as a copy of the original keys.
5. Submit an untraceable report
The police issued a no-trace report, also known as an untraced vehicle report, after conducting their investigation. According to the report, they were unable to locate your bike. It normally takes about a month after an FIR is registered to finalize a preliminary report. This document is required because the chances of your claim being rejected increase dramatically if you do not have it. Always remember that if your bike is recovered, you will not receive any compensation. However, if it is not recovered and you purchased the bike with a loan, the insurance provider will reimburse the amount owed to your loan provider and pay you the remaining sum assured.
Now that you know how to claim insurance after a bike theft, make sure you follow the steps exactly if your bike is ever stolen. All you have to do is be patient and wait for either your old vehicle or the claim to be approved. Don’t get discouraged; the entire procedure may take months to complete, but that’s the way it is.
Smriti Gala works as a Digital Marketing Manager with Coverfox. As her life turned upside down when COVID severely afflicted her family members, Smriti decided to dedicate her expertise to informing and educating the masses about the importance of health insurance. When she is not actively writing enlightening content, our ‘monk marketer’ likes to meditate, meet new people and explore less traveled territories.