Buying a bike is a practical solution for everyday commuting. However, it also comes with the risk of theft, a common concern in many Indian cities. One moment your bike is parked safely, and the next, it could be gone. In such situations, having bike insurance can offer much-needed peace of mind. Let’s take a closer look at how the bike theft insurance claim process works and what steps you need to take if your bike is stolen.
What should you do immediately after your bike is stolen?
If your bike gets stolen, act quickly to ensure your insurance claim is accepted. First, file an FIR at the nearest police station with complete details such as the bike’s registration number, make, model, colour, accessories and the time and location of the theft.
Inform your insurer within 24-48 hours through their helpline, website or app. Notify the RTO so they can update their records and mark the vehicle as stolen.
Collect all necessary documents, including the FIR copy, insurance policy, registration certificate (RC), driving licence, valid ID proof and the non-traceable report from the police. Delays in completing these steps can lead to claim rejection or processing delays.
How to file a bike theft insurance claim?
This part mainly involves submitting documents and communicating with your insurer for updates. Let’s understand what you need to do:
- Report the theft to your insurer: Call the customer support number, use the mobile app or log in to the insurer’s website.
- Submit the required documents: Provide a copy of the FIR, your insurance policy and self-attested copies of your Registration Certificate (RC). You should also submit your driving licence and RTO forms, such as Form 28, 29, 30 and 35 if your bike was financed.
- Submit the original keys if asked: Some insurers or police departments may ask for both keys for verification, so keep them handy.
- Note your claim reference number: Your insurer will give you a claim number once you submit your claim.
- Apply for a non-traceable report: Request a non-traceable certificate from the police station after 30 days or as instructed by your local police.
- Coordinate with the insurance investigator: Your insurer may assign someone to verify the details of your case. They may contact the police station or check the documents you submitted.
Claim approval and settlement process
The insurer will review your claim once you submit all required documents. They will check your file and calculate the settlement based on the Insured Declared Value (IDV) mentioned in your policy.
The approved amount will be transferred to your bank account if everything is in order. The insurer may coordinate with the lender to settle dues if the bike was under a loan. If you had no depreciation coverage, your payout could be higher since depreciation would not be deducted. The entire process usually takes between 45-90 days, and it depends on how quickly the police issue the report and how complete your documents are.
How to avoid claim rejection?
To avoid claim rejection, ensure your bike insurance policy is active and renewed on time. Opt for comprehensive coverage rather than just third-party insurance. Report the theft immediately to both the police and your insurer, and submit accurate, complete documents without any discrepancies.
How to make your policy stronger and save money?
Enhancing your bike theft insurance doesn't always require spending more. Smart add-ons and precautions can offer better protection while potentially lowering your premium. Useful options include zero depreciation cover for full claim settlement without value deductions, and return-to-invoice cover, which reimburses the bike’s original invoice value, ideal for bikes under three years old.
A personal accident cover offers compensation for injury, disability or death during theft-related incidents, while an NCB protector preserves your No Claim Bonus even after filing a claim. Additionally, installing ARAI-approved anti-theft devices can reduce both the theft risk and insurance premiums.
Conclusion
Comprehensive bike insurance can help you recover the value of your bike if it is stolen. Just follow the claim steps, get the FIR and non-traceable report on time and keep all required documents ready for a smoother settlement. Also, check how the claim amount will be adjusted with your lender if your bike is under a loan.
FAQs
What is a bike theft insurance claim?
It is a formal request to your insurer for compensation if your insured bike is stolen.
How does the bike theft insurance claim process work?
You file an FIR, inform your insurer, submit documents and wait for claim approval after the non-traceable report is issued.
What is included in the motorcycle theft insurance claim process?
It includes FIR filing, document submission, investigation and final settlement based on the insured value of your bike.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the topic featured in the article. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.