Bike Theft Insurance Claim Settlement Process

The bike theft insurance claim settlement process refers to the series of steps that you need to follow to file a claim for your bike’s theft.

From informing the required officials to gathering the necessary documents, it involves a series of crucial steps. By following the steps diligently, you can get compensated for the financial loss of your bike up to the maximum coverage limit.

Here is everything you need to k​now about the bike insurance theft claim and the bike theft insurance claim amount.

What Is Theft Cover In Bike Insurance?

Theft cover in bike insurance provides financial protection for your bike if it is stolen, covering the losses you incur from the theft. It ensures you are compensated for the value of your bike if it cannot be recovered.

A bike insurance policy protects your bike against a wide range of potential risks, including accidents, man-made disasters, natural calamities and theft.

By raising a bike theft insurance claim, you will receive a compensation of up to the Insured Declared Value (IDV) of your bike minus any applicable deductibles. However, this claim is valid only if you follow the claim settlement process and submit all required documents.

We will discuss what IDV in insurance means and how to determine it in the following sections. But, before that, let us understand the bike theft insurance claim process.

What Is The Bike Theft Insurance Claim Settlement Process?

• Step 1:​ File an FIR (First Information Report)

  The first and most important step is to file an FIR for your bike theft with the nearest police station. Ensure to provide the location, date, and a detailed description of the incident. Keep a copy of the FIR, as it is an essential document required to initiate a bike theft insurance claim.

• Step 2: Claim Intimation

  The next important step is to inform us about the incident within 24 hours of its occurrence. You can contact us in any of the following ways to inform us of the bike theft.

  • Call us on our paid helpline number - +91 22 48903009
  • Log in to our Reliance Self-i App

  Ensure that this bike insurance theft claim intimation is not delayed, as it can lead to the rejection of your claim request.

  Upon receiving your claim intimation, we will assign a surveyor to investigate the case. Cooperate with the surveyor to complete their responsibilities.

• Step 3: Inform the RTO

  As the next step, contact the RTO (Regional Transport Office) where your bike was registered and notify them about the bike theft incident. It is mandatory by law to inform the RTO (Regional Transport Office) about the theft.

• Step 4: Receive the Non-Traceable Report from the Police

  After informing the police, they will take the necessary steps to search for your bike. If they are not able to find your bike for over a month, they will provide the Non-Traceable Report. Receive this document and secure it for the bike theft insurance claim process.

• Step 5: Submit the Required Documents

  Submit the documents required (listed in the next section) to process your bike theft insurance claim with us. It includes your claim form, FIR, Non Traceable Report and other specific documents.

• Step 6: Surveyor’s Inspection

  Upon receiving the required documents, we will send the surveyor to investigate the case. The surveyor will inspect the incident, gather the necessary details and verify your documents. The surveyor will submit their report to us.

• Step 7: Claim Settlement

  Based on the surveyor’s report, we will process your insurance claim for bike theft. If it is approved, you will receive the applicable compensation in your bank account.

Documents Required For Bike Theft Insurance Claim

Once you have done the aforementioned, you should focus on gathering the required documents to substantiate the claim.

Why Should You Have Theft Cover In Bike Insurance?

• Increase in the Number of Vehicle Theft Cases - India has always had a high number of vehicle theft cases, especially in metropolitan cities.
• Financial Security - Bike theft can lead to a significant financial loss, especially if your bike is new or of high value.
• Helps in Quick Recovery - A bike insurance theft claim can be processed quickly to help you cover your loss and purchase a new bike.
• Peace of Mind - If you live in an area with a high rate of vehicle theft, having bike insurance with theft cover provides peace of mind.

How Much Can I Claim For Bike Theft?

The maximum bike theft insurance claim amount you can receive is equal to the Insured Declared Value (IDV) of your bike minus any applicable deductibles.

The Insured Declared Value of your bike refers to its current market value, taking into account its depreciation. It is the maximum amount you will receive in case of a bike insurance claim for accidental total loss and theft.

You can decide the IDV for your bike at the time of purchasing or renewing your bike insurance policy. Remember, the higher the IDV, the higher the premium.

Here is a sample illustration. Let us assume the current market value of your bike is ₹1,20,000, the depreciation applicable is 15%, and the deductible is ₹5,000. The IDV of your bike and the compensation that you will receive are as follows:

In case your vehicle was under a loan, we will reimburse the payout amount to the financier of your vehicle and you shall pay the difference amount.

What Happens If Your Stolen Bike Is Recovered?

If your stolen bike is recovered, you will not be eligible to receive the bike stolen insurance claim settlement amount. Instead –

• If your bike is damaged due to theft, ​we will settle the claims for the repair expenses as per the terms and conditions stated in your bike insurance policy.
• If your bike is recovered after the bike theft insurance claim amount is settled, you have to inform us immediately. We will direct you towards the next steps.

Consequences Of Not Having Theft Cover In Bike Insurance  

Coverage for theft is applicable only to own-damage and comprehensive bike insurance plans. It does not apply to third-party bike insurance​ policies.

Without bike insurance coverage for theft, you may have to face the following consequences:

• Financial Loss - Theft cover in bike insurance compensates for the financial loss if your bike is stolen. Without theft cover, you may have to pay for the replacement or repair out of your pocket. It can be a significant loss if it is a new bike or of high value.
• Transportation Difficulties - If you don’t have theft cover, you cannot raise a bike theft insurance claim. Losing your bike can create significant transportation challenges. This is especially true when you are using your bike for daily commutes.
• Increased Stress - When you lack a theft cover, you need to go through the financial loss of your stolen bike and find ways to purchase a new bike. It can lead to increased stress and loss of peace of mind.

How Comprehensive Bike Insurance Helps In Dealing With Bike Theft?

Comprehensive bike insurance plans provide financial coverage for both theft and damages resulting from theft.

• For Theft - In case of theft, you will be eligible to file a two-wheeler theft insurance claim for up to the IDV of your bike.
• For Damages Resulting from Theft - If your bike is damaged during a theft, you can claim compensation for the repair expenses based on your policy conditions.

What To Do In Case Your Bike Insurance Theft Claim Gets Rejected?

If your insurance claim for stolen bike gets rejected, you can contact us and discuss your concerns by:

• Calling us at our Paid Number: +91 22 4890 3009,
• Emailing to us at rgicl.services@relianceada.com,
• Visiting any of our nearest branch offices ​or
• Writing to us at (Correspondence Only)
  Reliance General Insurance, Correspondence Unit, 2nd & 3rd Floor, Winway Building, 11/12, Block No-4, Old No-67, South Tukoganj, Near Madhumilan Square, Indore, Madhya Pradesh, India – 452001.

If you are still not convinced, you can send an email to our Nodal Officer for Grievance Redressal at rgicl.grievances@relianceada.com.

Visit our Grievance Redressal page for more information.

Wrapping Up

Theft cover in the bike insurance policy protects your bike against the loss of your bike due to theft. It provides a compensation of up to the IDV of your bike minus the applicable deductibles for a bike theft insurance claim.

A bike insurance theft claim is applicable only to own damage and comprehensive bike insurance plans. It does not apply to third-party bike insurance plans.

Further, as an important step, file an FIR with the police and inform us about the incident within 24 hours.

To prevent bike theft, park your bike in a safe place, ensure it is locked, and install an anti-theft device!

Relevant Links for Two Wheeler Insurance

Bike Insurance | Third Party Bike Insurance | Scooter Insurance | Electric Bike Insurance | Bike Insurance Claim | Own Damage Bike Insurance | Electric Scooter Insurance | Old Bike Insurance |​ ​ Bike Insurance Premium Calculator | Long Term Bike Insurance

Two Wheeler Insurance for Top Two Wheeler Brands

​ TVS Bike Insurance | Yamaha Bike Insurance | Royal Enfield Bike Insurance

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Two Wheeler Insurance for Locations

Bike Insurance Chennai | Bike Insurance Mumbai | Bike Insurance Pune

FAQs About Bike Theft Insurance Claim

1. Can I claim bike insurance for theft?

   Yes, you can claim your own damage and comprehensive bike insurance policies for theft. Bike theft insurance claims do not apply to third-party bike insurance plans.

2. How is a bike insurance theft claim settled?

   A bike insurance theft claim is settled after you follow the claim settlement process. Firstly, you need to file an FIR with the nearest police station and inform us of the incident. Next, report the incident to the RTO.

   Further, get the Non-Traceable Report from the police and submit all the necessary documents to us. We will send a surveyor to investigate the case and verify your documents.

   After the investigation is complete, we will examine your claim and settle the applicable bike theft insurance claim amount.

3. How long does it take for the police to provide the Non-Traceable Report?

   The police generally provide the Non-Traceable Report within one month

4. How much coverage is applicable to a bike insurance theft claim?

   In case of bike theft, you are eligible to file a bike insurance theft claim up to the IDV (Insured Declared Value) of your bike.

5. What happens to my two-wheeler insurance loan in case of bike theft?

   If you have availed of a bike loan, the bike theft insurance claim amount will be used to settle the outstanding amount with your bank, and the remaining amount will be paid to you.

   If the claim amount is insufficient to fully settle the bike loan, you will need to cover the remaining balance.

6. Which type of bike insurance plan covers the theft of electric bikes or scooters?

   Own-damage and comprehensive bike insurance plans cover theft of electric bikes and scooters, It is highly recommended to purchase comprehensive bike insurance plans because they cover own damages and third-party liabilities.

7. What is the role of the surveyor in case of bike insurance theft claims?

   The surveyor will be responsible for investigating the bike theft incident, assessing the circumstances surrounding the incident, verifying your documents and validating your claim.

8. How long does it take to process a bike theft insurance claim?

   After you have submitted all your documents, your bike insurance theft claim can be settled within 15-30 days or two to three months, depending on the specific case and circumstances.

9. What are the common reasons for bike theft insurance claim rejections?

   Some of the major reasons for bike insurance theft claim rejections are as follows:

   1. Failing to file an FIR with the police regarding the theft case
   2. Delaying the claim notification to the insurer
   3. Providing inaccurate or incomplete information
   4. Raising a bike insurance claim after the policy has expired
10. Can I claim for the theft of bike parts or accessories?

No, bike insurance theft cover is applicable to the entire bike and cannot be used to claim theft of specific accessories or parts.

Disclaimers:

*T&C Apply. For more details on risk factors, terms conditions, brochure, and exclusions, please read the policy wording and CIS carefully before concluding a sale.