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How to Claim Two Wheeler Insurance for Bike Theft

In India, having motor insurance​ is mandatory. However, today, almost everyone who buys motor insurance does so more by choice than by coercion. And why not, after all the right kind of motor insurance provides the protection in the event of an unforeseen accident or loss/damage of the vehicle. But what does your motor insurance policy offer if your vehicle is stolen?

How much will be the payout?

Insurance will pay out an amount equal to the monetary value of a motorcycle if it is stolen and not recovered. Your comprehensive coverage is the portion of the policy that applies in this situation. Without comprehensive coverage, your insurer will not pay a dime.

Comprehensive insurance is a must

Any given day, the probability of a two wheeler being stolen is more than that of a car. Studies suggest that compared to stolen cars, very few stolen two wheelers are recovered. This may be because it is easier to hide and dismantle two wheelers. Thus, it is important to have a comprehensive two wh​eeler insurance.
If your two wheeler is not covered under comprehensive motorcycle insurance, then your policy won’t cover theft of your vehicle. A two wheeler insurance without comprehensive plan covers only third party damage/loss. Such a policy won’t pay you anything towards damage and/or loss of your vehicle.

Here are the steps that you need to follow to register a successful claim. Please keep in mind that time is of the essence in this scenario.

  • Register an FIR
This is very critical. The moment you come to know about the theft, you should go to a police station and register an FIR. Remember, this step is a must.

  • Call your insurance company
Next thing after filing an FIR is to inform your bike insurance provider about the theft. The insurer has its own set of formalities and processes that need to be followed during a claim. Again, ensure there is no delay here.
  • Intimate the Transport Office
It is mandatory by law to inform the RTO (Regional Transport Office) about the theft.  Later on, you would be needing transfer papers and other documents from them. Thus, take care that you don’t forget to get this done.

  • Gather the documents
Once you have done the aforementioned, you should focus on gathering the required documents to substantiate the claim. Once gathered, you should fill the claim form provided by the insurance provider (often available on the website) and attach the requisite documents.

Note that each claim requires a different set of documents. Largely speaking, for bike theft you would need: 
1. Insurance policy documentation
2. Photocopy of driving license
3. Photocopy of RC book
4. FIR copy in original
5. Duly filled claim form
6. Relevant RTO papers with required forms such as form 28, 29, 30 and 35

Additionally, you also need to have the original keys.

  • Apply for no-trace report
No-trace report, also known as untraced vehicle report, is a report you get from the police that states that the bike is untraceable.

Do note that it takes around a month for the police to give this report. This document is vital. Chances are high that your claim will be unsuccessful without it. 

What if your two wheeler is recovered?

If your two wheeler is recovered, you won’t get any claim amount from your scooter insurance company. In case your vehicle was under a loan, your motor insurance company will reimburse the payout amount to the financer of your vehicle and the difference amount shall be paid by you.

For a deeper understanding, read more articles on two wheeler insurance​