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Theft Cover Of Two-Wheeler Insurance Plans Explained

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Travelling by bike is one of the easiest ways to commute, especially in traffic heavy areas. Unlike a car, a two-wheeler vehicle does not take much space and you can easily make your way through the other vehicles on the road. With an increase in the number of bikes in India, there is also a steady rise in the number of theft cases of the same. As hiding stolen bikes are easier than cars, bike theft has become common and insurance companies are fighting hard with investigating agencies to contain the same. Though it is easy to claim insurance for your bike, but you can certainly feel the pinch of losing your bike which you had purchased from your hard-earned money.

The need for purchasing comprehensive two wheeler insurance

In case your bike is stolen, third party bike insurance would not provide you coverage for the same and you would be left with no money to purchase a new/replacement bike. But, having a comprehensive cover could be of great help as you can initiate a bike theft claim to receive compensation for the same. Having a comprehensive cover can give you a sigh of relief as by just following a certain theft claim procedure, you will be compensated. Thus, by paying a little extra premium and getting comprehensive bike insurance, you can save yourself from unexpected financial expenses.

Process for registering bike insurance theft claim

File an FIR

The moment you realize your bike is stolen, immediately visit the nearest police station and file an FIR. Remember, filing an FIR is a must as you will have to present the copy of the same at the time of filing the bike insurance claim.

Inform the insurance company

The next thing you will have to do after filing the FIR is to inform the insurance company about the theft. When informing the company, you will have to explain the whole incident and also give them the policy number and registration details. Some insurance companies have a time limit of over 24 hours under which you have to inform them about the theft incident.

Inform the Local/Regional Transport Office

As per the law, it is mandatory you inform the Regional Transport Office about the theft. From the RTO, you will have to collect the transfer paper and other required documents.

Submit the required documents

• Original copy of the First Information Report

• Copy of the registration certificate

• Duly signed claim Intimation form

• RTO transfer documents along with form 28, 29, 30 and 35

• Copy of the driving license

• Insurance Policy Copy

• Original keys of the bike, if required

• Police Un-trace report stating that the bike cannot be traced. (This document will be issued to you by the police and without this, the insurance company won’t settle your claims. The report will be generated by the police within one month from the date of filing the FIR.

• No Objection from (NOC) from Hypothecator(Bank or Two Wheeler Loan Financer), in case vehicle purchase is financed.

How will the payout be made?

In case the bike is not recovered, the insurance company will pay you an amount equal to the insured declared value of your vehicle. Hence, it is imperative you always opt for a higher IDV. Also, in case if your bike is purchased on hypothecation, the insurance company would reimburse the payout amount to the bank and the difference in the amount would have to be paid by you.

In case the two-wheeler is recovered, the insurance company won’t pay any theft claim, but will reimburse you for the damage caused to the vehicle during theft or by thieves.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

This blog has been written by

S. Gopalakrishnan | Motor Insurance Expert | 40+ years of experience in insurance industry

A veteran in insurance industry. S. Gopalakrishnan is a name to reckon with in the field of reinsurance, he has headed the Reinsurance department and has rich experience in other fields of motor insurance. He loves to share his opinion on latest topics in the insurance industry and how he can help people in safeguarding their assets using insurance products.

S. Gopalakrishnan recommends "HDFC ERGO for your vehicle insurance needs, it has always put customer’s interest at the forefront, with round the clock assistance to deal with emergency breakdown issues and hassle free claims process. You can be assured of complete and reliable guidance through the whole process".

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