Apart from providing cover against accidental damages, a bike insurance policy also offers cover against theft. In this article, we will explain how two-wheeler insurance can protect you against an unforeseen event such as theft.
Most people in India park their bikes away outside the house/home. Therefore, the likelihood of our vehicle getting stolen increases. Furthermore, most bikes don’t have an alarm system to inform us in case of theft.
There is one way to protect yourself from such an event. By purchasing a two-wheeler insurance plan, you can get protection against theft. Without bike insurance, you will have to face a severe loss if your vehicle gets stolen.
What is Theft Cover?
In case of theft, the insurer will compensate you based on the insured declared value (IDV) amount of your bike. The cover amount will be equal to the IDV amount. The IDV amount depends on the premium you pay. In order to lower your premium amount, you can choose a lower insured declared value amount. However, one thing you need to keep in mind is that if your IDV amount is low, then you might not get adequate cover. Therefore, it is recommended to pay a higher premium amount in order to get sufficient cover in case your bike gets stolen.
How to File a Claim In case of Theft?
File a First Information Report (FIR)
The first thing you need to do as soon as you find out your bike is stolen is file an FIR.
Inform Your Insurance Provider
Once you file an FIR, inform your insurance provider. You will have to provide information like policy number, your bike’s registration details, etc.
Inform the RTO
As per the law, it is necessary to inform the RTO if a vehicle is stolen. The RTO will provide you with the transfer papers.
Submit the Required Documents
Once you inform the concerned authorities, you need to submit the below documents to the insurer-
- A copy of the policy documents
- The original copy of the FIR
- A copy of your bike’s registration certificate
- Duly filled claim settlement form
- RTO transfer papers
- A copy of your driving license
- Your bike’s original keys
Submit the Non-Traceable Report
If your bike can’t be traced, then the police will submit a non-traceable report. This report informs the insurer that the bike can’t be found. Once the non-traceable report is submitted, the insurer will initiate the claim settlement process.
Purchasing Two-Wheeler Insurance Online
With the number of thefts being on the rise, it is necessary for every bike owner to purchase two-wheeler insurance. Many insurance companies have their online portals via which a plan can be easily purchased. Online insurance of two-wheeler doesn’t require a lot of effort. However, it is important to compare various two-wheeler insurance online before purchasing one to get the best deal suitable to your requirements.