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What To Do If Your Insured Bike Is Stolen?

Insurers will pay an amount equal to declared value of insured bike in case of theft. A report by one of the leading English dailies paint an agonizing picture for two-wheeler owners in India.

  • 05 Feb 2021
  • min read

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 possibility of recovering a stolen two-wheeler is lesser when compared with a car since it is easier to hide and dismantle them.

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 easy 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 theft of your bike.

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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 report at regular intervals.

File the insurance claim

After filing an FIR, call the motor insurance company helpline and follow the instructions to file the claim against 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.

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.

Submit the documents

Once the aforementioned formalities are completed, you need to send the duly filled insurance claim form along with the respective documents to the insurance company. Generally, you may require 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

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 need 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.

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