What To Do If Your Insured Bike Is Stolen?

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.