The response to a Right to Information (RTI) query made by a leading media outlet in India revealed that a total of 2801 vehicle theft cases were reported in Mumbai in 2020, of which 2019 cases were of two-wheeler theft. Meanwhile, the situation is much worse in Delhi. As per another media report, Delhi reported 25153 cases of two-wheeler theft in 2020. In 2021, as of 30 November, 25078 were reported stolen in Delhi.

On any given day, you can be in for a shock knowing that your dream vehicle is not there in the place you parked it. Studies suggest that the possibility of recovering a stolen two-wheeler is lesser when compared with a car since it is easier to hide and dismantle it.

What to Do if Your Insured Two Wheeler is Stolen?

A comprehensive two-wheeler insurance plan can protect your bike against such unforeseen events apart from providing mandatory third-party coverage for your vehicle. You can breathe easily even if your bike insured with a theft cover is stolen. When you purchase insurance online, the insurance company will pay you an amount equal to the monetary value of your stolen bike. Just follow these steps to register the insurance claim against the theft of your bike.

1. Register an FIR

The moment you come to know about the theft of your bike, lodge the First Information Report (FIR) for the same at the nearest police station. When you report the theft, inform the concerned police officer of your chassis number, serial number, details of RTO where you have registered your bike, and more. Sharing the details is an important part of the claim process. It helps you to trace reports at regular intervals.

2. File the insurance claim

After filing an FIR, call the motor insurance company helpline and follow the instructions to file the claim against the theft of your bike. Fill in the claim form and provide all the required information, such as policy details, your bike’s registration number, etc.

3. Inform the RTO

It is mandatory to inform the Regional Transport Office (RTO) about the theft of your vehicle as per the law. Complete the formalities with them to obtain RTO transfer papers and other relevant documents.

4. Submit the documents

Once the aforementioned formalities are completed, you must send the duly filled insurance claim form and the respective documents to the insurance company. Generally, you may be required to send the following documents for bike theft.

• Insurance policy documents
• Duly filled claim settlement form
• Copy of registration certificate of the vehicle
• Copy of driving license
• Original FIR copy
• Letter to the RTO
• RTO transfer papers

5. Approval of claim

After the police submit a ‘non-traceable report’ stating that your bike could not be found, the insurance company initiates the process for approval of your claim. The stolen vehicle needs to be transferred in favour of the insurance company, and you will be reimbursed with an insured declared value (IDV) of your bike. The reimbursed amount might assist you in exploring the bike shops and purchasing the same bike model that you have recently lost.

How to Prevent Bike Theft?

Here are some tips for two-wheeler owners to prevent bike theft:

• Use a high-quality lock for added security.
• Install an anti-theft system.
• Whenever possible, park your two-wheeler in a well-lit area.
• Try anchoring your bike to a heavy object nearby.

How To Claim Insurance For Bike Theft?

You must follow the given steps to claim two-wheeler insurance after the mishap occurs:

1. Lodge an FIR (First Information Report) at a nearby police station.
2. Inform the insurance company about the issue and submit the following documents.

• A copy of the FIR
• Copy of bike’s insurance policy
• Registration Certificate (RC) and driving licence
• RTO forms 28, 29, 30, and 35
• The bike’s original key

4. Notify the RTO (Regional Transport Office) and complete the necessary paperwork.
5. Obtain the NTC (Non-Traceable Certificate) from the police department. This document acts as proof that your two-wheeler could not be traced. The insurer uses this document to settle the claim.

How Much Will Be the Insurance Payout For a Stolen Bike?

The insurance payout for a stolen bike depends on the chosen insurance. The policy contains an IDV (Insured Declared Value). It is essentially the current market value of the bike. Deductibles, liabilities, and depreciation are subtracted from the IDV to calculate the final claim settlement.

FAQs

1. How much money will I get if my bike is stolen?

You must submit all relevant documents to your insurer for the claim settlement. Its value depends on the IDV  (Insured Declared Value) listed in the insurance policy.

2. What should I do when my bike is stolen?

You must file an FIR at your local police station and inform your insurer of the same.

3. How to inform RTO about the theft of the vehicle?

You must submit forms 28,29, and 30 at the RTO where you registered your vehicle to inform them of the theft.

Conclusion

If your insured two-wheeler is stolen, acting promptly and responsibly is important. While the loss can be stressful, having insurance ensures financial protection. Staying vigilant and maintaining proper documentation can help minimise risks. Remember, you must remain calm in such unfortunate situations and follow proper procedures.

Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the Insurance industry and products. 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.

There are many components of your insurance policy that may seem difficult to understand at first. One such aspect of two-wheeler insurance is the relation between the insured declared value or IDV and the rate of depreciation. Knowing these components of your bike insurance will help you modify the policy and better communicate your needs to your insurance provider. Read on to educate yourself on different aspects of IDV and depreciation and become an aware policyholder.  

What is Depreciation in a Two-Wheeler?

Depreciation is the decrease in the value of an asset over time. Depreciation refers to the loss in the value of your bike due to regular wear and tear over time. In the context of two-wheeler insurance, it helps the insurer determine your bike's current market worth. Like all machines, Two-wheelers undergo wear and tear during their lifetime, which reduces their market value over time. For insured two-wheelers, policy providers offer a complete list of depreciation rates (as per the Indian Motor Tariff) for different stages during the two-wheeler’s lifetime.

In simple terms, depreciation is the key factor that assists in determining Insured Declared Value (IDV) while also assisting in determining the policy premium.

What is IDV?

IDV plays a key role in chalking out the maximum sum assured in case of theft or damage to your two-wheeler. The maximum value payable by the insurer in case of an accident, theft or damage of a two-wheeler is called the Insured Declared Value or IDV. Simply put, IDV is the current market value of your two-wheeler. If your two-wheeler meets with an accident, then you will be given the IDV as compensation by the two-wheeler insurance company. This compensation gets reduced as the age of your two-wheeler increases. The premium you pay for your vehicle insurance is directly proportional to the IDV.

How is IDV Calculated?

A very important point to remember here is that IDV is not calculated on the price you have paid for purchasing the vehicle. Instead, it is calculated considering the market value of the two-wheeler on the commencement of the policy. This value varies largely with time.

Ideally, you should get your vehicle insured within six months of the purchase to get the maximum IDV. The older your vehicle, the lesser will be the IDV and the premium.

Scroll down to understand the insured declared value (IDV) calculation through a formula.

Insured declared value (IDV) = {Bike's current market value - depreciation costs} + {Accessories cost - depreciation value of accessories}

To fully comprehend the insured declared value (IDV), you must first understand the influence of depreciation in percentage on the age of a two-wheeler.

What Factors Affect the IDV of a Bike?

Several factors influence the IDV of a two-wheeler:

• Age of the Vehicle: Older bikes have higher depreciation, leading to a lower IDV.
• Make and Model: Premium models may retain value longer than standard models, hence a higher IDV.
• City of Registration: Market values can vary based on location.
• Accessories: Additional fittings can increase the IDV if they are insured.

Is IDV Directly Related to the Premium Rate of Bike Insurance Plans?

Yes, IDV directly impacts the premium of two-wheeler insurance. A higher IDV results in a higher premium since the insurer's liability increases. Conversely, a lower IDV reduces the premium but may lead to inadequate coverage. It's essential to balance between sufficient coverage and affordable premiums.

How Depreciation Affects the IDV of Two-Wheeler Insurance

Depreciation results in the reduction of the IDV of a two-wheeler. Ideally, it is adjusted on the vehicle’s selling price listed by the manufacturer. If a vehicle is not more than six months old, the deprecation value is 5%. This goes up periodically and reaches a value of 50% of the market price in 4-5 years. If the two-wheeler is more than five years old, the insured declared value (IDV) is calculated by an agreement between the insurance company and the policyholder. While insuring your two-wheeler, the right amount of IDV is the first step towards ensuring an infallible financial backup. So, get your ride insured and ride without the fear of any financial roadblocks.

Depreciation Rates for Your Bike

As per the Indian Motor Tariff Act, the depreciation on the bike will be such:  

FAQs

1. Why is it important to choose the correct IDV?

Choosing the right IDV ensures you get the maximum price for your vehicle in case of an accident.

2. How to check the IDV of my vehicle?

You can calculate the IDV of your bike by finding its market value and subtracting the depreciation from that price. Additionally, you can use online calculators to do so.

3. Can I choose a higher IDV than the market value?

While you can opt for a higher IDV, it will increase your premium. However, insurers may not accept an IDV significantly higher than the market value.

4.  How often should I review my bike's IDV?

It's advisable to review and adjust the IDV at each policy renewal to reflect the current market value accurately.

5. Does IDV affect third-party liability premiums?

No, IDV impacts only the damage component of the premium. Third-party liability premiums are fixed by the regulatory authority and are independent of the vehicle's IDV.

6. What happens if I understate my bike's IDV?

Understating the IDV can lower your premium but may result in insufficient compensation in case of total loss or theft.

7.  Is IDV applicable for add-on covers?

Yes, certain add-ons like zero depreciation cover can influence the effective IDV by covering depreciation costs during claims.

Conclusion

Understanding the connection between IDV and depreciation is important for bike owners. It helps you choose the best two-wheeler insurance and balance premium costs over time. It is advisable to consult your insurance provider periodically and adjust the insured declared value according to your bike’s age and condition to make the most of your insurance policy.

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.

Insurance policy documents are among the important documents that we normally keep in a safe location. Losing some of your important documents is not very common, but sometimes it does happen. There could be a situation where you misplace your two-wheeler insurance policy document. You’ve made every attempt to find it, searched every nook and cranny of your house, but to no avail. Your two-wheeler insurance policy is an important document, without which you would be at risk while riding your two-wheeler.

How important are your bike insurance documents?

In India, possessing valid bike insurance is a legal requirement under the Motor Vehicles Act, 1988. Riding without it can lead to legal consequences, including fines and penalties. Beyond legal compliance, bike insurance documents serve several critical purposes:

• Proof of insurance: These documents confirm that your vehicle is insured, providing peace of mind and legal protection.
• Claims processing: In the unfortunate event of an accident or theft, the insurance papers are necessary to file a claim and receive compensation.
• Resale transactions: When selling your two-wheeler, potential buyers often request insurance documents to verify the vehicle's history and coverage.
• Traffic stops: During routine checks, traffic authorities may ask for your insurance papers. Not having them can result in fines or other legal issues.

How to get duplicate bike insurance documents offline?

The last and only solution for you now is to request your insurance company to issue a duplicate insurance policy document. But getting a duplicate policy document is not easy. There are certain pre-requisites that you need to perform before you can make an application for a duplicate policy document.

The prerequisites are:

• Filing a first information report (FIR) with the police

Not all insurance companies ask for a copy of an FIR filed with the police for your lost two-wheeler policy document. But it will certainly help in your seeking a duplicate two-wheeler insurance policy document.

• Issue an advertisement in a newspaper

You must publish an advertisement in a newspaper circulated in the region where the two-wheeler insurance policy document is lost. The advertisement will basically announce that you have lost your two-wheeler policy document and request that if someone finds the same, it be delivered or handed over to you. The advertisement will contain your address and/or your contact details.

• Execute an indemnity bond

An indemnity bond is the last of the documents you will need for submitting to your for submitting to your motor insurance company to apply for a duplicate insurance policy document. The indemnity bond should be executed in favour of your insurance company and also must be notarised. The indemnity bond has to be executed on a non-judicial stamp paper.

• Write an application to the insurer

After getting hold of these three documents, you are now ready to apply for a duplicate of your two-wheeler insurance policy. Write an application addressed to your general insurance company requesting them to issue you a duplicate two-wheeler insurance policy.

Please ensure you write the correct policyholder name, policy number, date of issuance, and type of insurance cover opted in the application. Attach the FIR, a copy of the advertisement issued in a newspaper, and the indemnity bond with the application. Remember to keep copies of the application and the documents safe with you for future reference.

If the two-wheeler insurance policy is in a joint name, please remember the application will have to be signed by both the joint policyholders.

• Pay applicable fees

There might be a nominal fee associated with issuing duplicate documents. Ensure you inquire about any charges and make the necessary payment.

How to get duplicate bike insurance documents online?

With the advent of digital services, many insurance companies offer the convenience of obtaining duplicate insurance documents online. Here's how you can do it:

1. Visit the official website: Go to your insurance provider's website and navigate to the customer service or policy management section.
2. Log in to your account: Use your registered credentials to access your account. If you haven't registered yet, you'll need to create an account using your policy details and personal information.
3. Request duplicate documents: Once logged in, look for the option to request duplicate policy documents. Depending on the insurer, this might be labelled "Download Policy," "Duplicate Policy," or "Policy Copy."
4. Verify your identity: You may be required to verify your identity through an OTP sent to your registered mobile number or email.
5. Download or receive via email: After verification, you can download the duplicate policy document directly from the website. Alternatively, some insurers may email the document to your registered email address.

Tips to follow if you have lost bike insurance documents

Losing your bike insurance documents can be unsettling, but following these tips can help mitigate potential issues:

• Check for digital copies – Look for an email or soft copy of your policy sent by your insurance company.
• Contact your insurance provider – Inform your insurer about the lost documents and request a duplicate copy.
• Download from the insurance website – Log in to the insurer’s website or app to download a copy of your policy.
• Use the DigiLocker app – If your policy is linked to DigiLocker, you can retrieve a legally valid digital copy.

FAQs

1. What should I do immediately after realising I've lost my two-wheeler insurance documents?

Check for policy documents in the email sent to you by the insurer during the insurance purchase. Contact the insurance provider to request a hard copy if you can't find it. You can also download a digital insurance copy from the insurer’s website or app.

2. Can I apply for duplicate insurance documents online?

Yes, many insurance companies offer online services where you can request duplicate documents through their official website or mobile app.

3. What information is required to request duplicate insurance documents?

You will need to provide details such as your policy number, vehicle registration number, and personal identification.

4. How long does it take to receive the duplicate documents?

The processing time varies by insurer. Online requests are typically processed faster, often within a few hours to a couple of days, while the offline method may take longer.

5. Can digital copies of insurance documents serve as valid proof?

Yes, digital copies stored in government-approved apps like DigiLocker or mParivahan are considered valid proof of insurance and can be presented during traffic inspections.

6. What preventive measures can I take to avoid losing my insurance documents?

Store digital copies in secure cloud storage or government-approved digital lockers, and keep physical copies in a safe place.

Conclusion

Losing your bike insurance documents can be inconvenient. However, by promptly informing your insurer and following the necessary steps, you can obtain a duplicate copy without much hassle. Embracing digital solutions and maintaining organised records can help prevent such issues.

Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the Insurance industry and products. 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. 

Updated on 27-03-2025

The Road and Transport Ministry of India decided to amend the motor vehicle rules in order to provide a valid driving licence to youths between 16 to 18 years of age to drive e-scooters with a maximum speed of 70 km per hour. The government also notified that vehicle registration would be mandatory for these electric scooters and they will have a green number plate.

This blog will detail the rules and regulations regarding e-scooter operations in India. 

RTO Rules for Electric Bikes in India 

Under the current regulations, people between the ages of 16 to 18 can obtain a licence for driving two-wheelers with an engine capacity of less than 50 cc. However, while the legislation exists, no such vehicle is being manufactured in the country.

However, each applicant for the license to drive a ‘light 2-wheeled power vehicle’ will have to be aware of the traffic laws, road signs, and signals, apart from the general road safety regulations. He or she will have to undergo a requisite test as per the law to obtain a driving licence.

Law and Age Limit for Electric Scooters in India 

With the government bringing all-electric vehicles with motor power up to 4 kWh under the preview of law, teenagers between the ages of 16 to 18 years can ride them on roads with a valid driving licence. The move will also boost the sale of electric scooters, adhering to the government’s initiative to increase electric mobility in the country.

Benefits of Electric Scooters for Teenagers 

Electric scooters are beneficial on several levels-

1. There are eco-friendly and environmentally sustainable options for travelling. 
2. Electric scooters are cost-effective and have low maintenance. 
3. They are lightweight and have a compact design, perfect for smaller parking spaces. 

Do You Need a Driver’s Licence to Ride an EV Bike? 

No driver’s licence is needed for low-speed EVs. You also do not require registration or bike insurance for riding this type of electric bike. However, high-speed EVs require a licence and other legal requirements like registration and insurance. 

FAQs 

• Can a 16-year-old ride any electric scooter in India?

No, only low-speed EVs that run at 25 km/h or below are allowed for individuals of 16 years of age. 

• Are helmets mandatory for teenagers driving electric vehicles? 

Yes, wearing a helmet is recommended for safety, even if not legally mandated for low-speed vehicles. 

• What documents are required for driving a low-speed electric scooter?

No documents are needed for low-speed EVs. 

• What happens if a 16-year-old drives a high-speed electric scooter?

It is considered against the law and leads to penalties, fines, or, in some cases, seizure of the vehicle by authorities. 

Conclusion 

Electric scooters are a modern solution to issues like the cost of owning a vehicle, maintenance, and environmental worries caused by pollution from regular two-wheelers. In addition to allowing low-speed EVs for teenagers, the government is also trying to build an ecosystem for electric vehicles. This includes approving distinctive green number plates for all-electric vehicles with white fonts for private cars and yellow fonts for taxis. This will allow the electric vehicles to be easily identified for preferential treatment and proposed benefits. Also, don't forget to secure your ride with a suitable two-wheeler insurance policy.