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Bike Theft Claim Settlement Process
- Author :
- TATA AIG Team
- Published on :
For the urban population, bikes or motorcycles are the primary modes of commute, mainly for office-goers. Now, imagine you have parked your bike and came back to find it gone after some time; how terrible would it feel? Many people go through this terrible feeling of loss in India every year. In case a person does not have the insurance for two-wheeler, the financial loss from the bike theft can not be recovered at all.
Bike theft is a very common crime in India. In most cases, even the police could not track the stolen bikes. As per a Times of India report, 8 out of 10 stolen bikes remain uncovered in India.
Therefore, to protect yourself from incurring financial losses in the case of theft of your bike, you must procure comprehensive insurance for a two-wheeler.
This article will give you information regarding bike theft claim settlement and how to claim bike insurance.
As per the Motor Vehicles Act of 1988, it is mandatory for every bike plying on Indian roads to have a valid two-wheeler insurance policy. It protects the bike owner from incurring financial losses in the case of an accident or mishap involving their bike.
While a third-party two-wheeler insurance policy protects them only from the third-party liabilities that may arise if their bikes inflict damages to an unknown third party, a comprehensive two-wheeler insurance policy protects them from the mandatory third-party liabilities as well as the damages or losses suffered by their bikes. It also covers the unforeseen theft of their bike.
If an insured bike gets stolen, and the policyholder cannot track it even after filing an FIR with the local police station, they can file a bike theft insurance claim on their bike insurance policy. Let’s find out more about the bike insurance claim process in India.
How to Claim Insurance for Bike Theft?
The theft of your precious bike can give you a lot of emotional as well as financial pain. While we can do little about the emotional pain that you can feel, we can help you out as far as your financial pain is concerned. You can file a bike insurance claim, and we will compensate you with the full Insured Declared Value (IDV) of your bike. Let us understand the bike insurance claim process in India.
Below is the step-by-step guide to completing your bike insurance claim process in India:
- Step 1 – File an FIR with the nearest police station
After you notice that your bike has been stolen, the first thing that you need to do is file a First Information Report or FIR with your nearest police station. Mention the entire incident in detail in your report. It must contain the time and place of the theft and how the incident unfolded. Keep the FIR copy with you as it will be required to complete your bike theft insurance claim process.
- Step 2 – Inform your insurance provider
The next thing that you need to do is inform your bike insurance provider about the incident. You can do this by dialling the helpline number of your bike insurance provider or by writing an email to them. Any delay in informing your insurer about your bike theft may lead to the rejection of your claim.
Hence, you should complete this step as soon as possible. Some insurers even have a deadline of 24 to 48 hours, within which you must inform them about the bike theft to get the claim.
- Step 3 – Inform the local RTO
You should also inform the Regional Transport Office (RTO) with which you have registered your bike. It is mandatory by the law to inform the RTO about bike theft cases.
- Step 4 – Submit the untraceable report to the insurer
You need to get an untraceable report from the police and submit it to your bike insurance provider to complete your bike theft insurance claim process. This is a crucial document that proves that the police are unable to trace your bike even after trying their best.
- Step 5 – Wait for the surveyor’s report
After getting the claim request and the required documents from you, your bike insurance provider will appoint a surveyor to inspect the case. They will verify if all the documents and the incident are real. Based on the surveyor’s findings, your bike insurance provider will release the compensation amount, which will be equal to the Insured Declared Value (IDV) of your bike. This is an important step in the bike theft insurance claim process.
- Step 6 – Get the money in your savings bank account
After verifying all the documents submitted by you, your bike insurance provider will transfer the claim amount directly to your savings bank account. It may take three to four working days to reflect the money in your bank account.
Now that you know the basic steps of how to claim bike insurance let’s talk about the necessary documents.
Documents Required for Bike Insurance Claim
Submitting the required documents is necessary to complete your bike theft insurance claim process. If you’re unable to submit these documents, your bike insurance provider might reject your claim. Below are the documents that you need to submit to file your bike theft insurance claim:
- Bike insurance policy certificate
- Your driving licence
- Registration Certificate of your bike
- A copy of the FIR filed by you
- RTO transfer papers
- Non-traceable report from the police
- Duly filled claim form with your signature
- Original keys of your bike
A valid two-wheeler insurance policy is mandatory to ride a two-wheeler in India. Although a third-party two-wheeler insurance policy is enough to save you from getting fined by the traffic cops, you should procure a comprehensive two-wheeler insurance policy for your bike to protect yourself from incurring financial losses in the case of theft, loss, or damage to your bike.
You can purchase an online two-wheeler insurance policy with Tata AIG from the convenience of your home. Our bike insurance policy is easy to purchase and comes with several added advantages. You can use our bike insurance calculator to know your insurance premium. Our bike insurance claim settlement process is easy, quick, and hassle-free. Just ensure that you have the required documents with you.