What to Do if Your Insured Bike is Stolen?

  • Author :
  • TATA AIG Team
  • Published on :
  • 24/11/2022

Vehicle thieves mostly target two-wheelers, and in a country like ours, where most individuals own a two-wheeler, this can come as a shock. Indians are known to love their bikes. In bustling hours of traffic, two-wheelers can be a sought-after relief. However, with bike theft on the rise, two-wheeler owners will have to exercise caution. And one way to protect your pocket from the financial burden of bike theft is by investing in comprehensive insurance for 2-wheelers.

A bike insurance policy will ensure that the policyholder is compensated for the vehicle based on the insured declared value (IDV) of the vehicle. However, if your bike gets stolen, you can be in a very panicked state of mind, and not knowing the next steps can further increase anxiety. To prevent this from happening, let’s understand what to do if your bike got stolen: right from filing a bike missing complaint to raising a bike theft insurance claim.

What to Do if Your Insured Bike is Stolen?

With the glaring statistics concerning motorcycle theft in India, it is important to know what to do if your bike gets stolen. Unfortunately, recovering a stolen two-wheeler is a lot more challenging when compared to a car. This is because it is much easier to hide and even dismantle a two-wheeler. However, if you have invested in a bike insurance policy, you can rest assured since your insurance provider will take care of the financial liability associated with the theft of your bike. Here are the steps you can follow to raise a bike theft insurance claim:

Step 1 – File the First Information Report (FIR)

As the title suggests, the FIR is a document that is prepared by the police once they verify the facts about a complaint that you lodge with them. The first thing you will have to do when you realise that your bike has been stolen is intimate the police about your motorcycle theft. Reporting a stolen bike is absolutely crucial, and for that, the individual will have to go to the nearest police station. The concerned police officer will inquire about important vehicle details such as the bike chassis number, serial number, details of RTO where the bike was registered, etc. Therefore, before visiting the police station, ensure that all this information is handy. Contrarily, for reporting a stolen bike online, here are the steps:

Visit the official website of the regional police and head to the Lost and Found page

The page will open to a form, and the individual will have to fill out the information as indicated, such as name and contact information, details about the misplaced object (in this case, the bike)

Once you fill in the necessary information, you will have to click on the declaration box, input the captcha, and finally hit submit.

Step 2 – File the Bike Insurance Claim

Once you file the bike missing complaint with the police, the next step is to intimate your insurance provider about the theft. It is important to do this without delay, because usually, there is a timeframe within which the policyholder has to raise the claim. You will have to call your insurance company on their helpline number so they can initiate the claim settlement process. The insurance company will ask you to share your bike insurance policy details, vehicle registration number, etc.

Usually, insurance providers have their own procedures to follow to manage your issue. They might assign a claim inspector to verify the claim and look after your problem. It is important that the policyholder co-operates with the claim inspector and truthfully answers all the questions.

Step 3 – Inform the Regional Transport Office (RTO)

Intimating the RTO about the theft of your two-wheeler is an important part of the mandate. Based on the rules of the RTO, you will have to complete the documentation process. After completing the necessary formalities, you can obtain the transfer papers from the RTO and other relevant necessary paperwork.

Step 4 – Submit the Relevant Documents to the Insurance Company

After completing the formalities mentioned in the previous steps, the insured member will be expected to submit a duly filled insurance claim form. Along with this claim form, the insurance provider will also ask the policyholder to share relevant documents such as:

  • All the necessary documents of your insurance for 2-wheeler

  • Duly filled and signed claim settlement form

  • Your two-wheeler’s vehicle registration certificate

  • A copy of your driving licence

  • Original copy of the FIR

  • The letter shared with the RTO

  • Transfer papers from the RTO

  • Your two-wheeler keys

Step 5 – Insurance Claim Approval

If it has been over a month since your bike could not be traced, then the police provide an untraced report. Until you receive the no-trace report from the police, your insurer will not be able to sanction your claim. When the untraced report reaches the insurance company, they can initiate the process for the approval of the claim. As the stolen vehicle gets transferred in favour of the insurance provider, they reimburse the policyholder with the vehicle’s insured declared value (IDV). Once you receive the IDV, you are free to purchase another vehicle of your choice to replace what you lost.

How to Prevent Bike Theft?

Dealing with motorcycle theft is no easy matter. Aside from the anxiety of dealing with the theft, several formalities need to be completed to receive the insurance claim. Right from FIR and claim form to the no-trace report from the police and claim settlement, a lot of time is lost. However, despite a rise in motorcycle theft, there are some tips for vehicle owners that will help keep their vehicle safe from thieves:

  • Ensure that your steering is properly locked

  • Secure your vehicle by anchoring it to something heavy nearby

  • Invest in a high-quality external lock

  • Always ensure that your bike is parked in a well-lit area

  • Buy comprehensive insurance for 2-wheeler

The Bottom Line

A bike insurance policy is designed to take care of all the unpleasant scenarios that you may encounter, so you don’t have to worry about your vehicle. Without adequate insurance coverage, the vehicle owner will have to take care of all the damages from their own pocket. This is why it is essential to properly analyse your insurance needs and compare two-wheeler insurance policies to make an informed insurance decision. Tata AIG offers insurance seekers a range of bike insurance plans to choose from, along with seven unique add-ons to strengthen the cover.

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Disclaimer / TnC

Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.

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