All About Theft Cover In Bike Insurance
Updated On Jul 28, 2021
Read this article to find out what theft cover is and why it is important for your bike insurance.
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Two-wheelers are the most convenient mode of transport in India. They are not only the easiest vehicles to ride, but are also efficient in escaping traffic. They are easy to park and very handy when it comes to commuting in the city. The best part about two-wheelers is that they are affordable when compared to cars and also economical to maintain. Owing to the rise in the number of vehicles on the road, accidents and thefts have become extremely common.
Investing in bike insurance is your best option if you want to save yourself from these burdening expenses of repairing your bike or arranging money to buy a new one in case of theft or extensive damage. Third-party Bike insurance is mandatory for you to ride your two-wheeler legally in India. On the other hand, it is highly crucial to have an insurance policy that offers maximum coverage.
Which Type of Bike Insurance Policy Provides Coverage For Theft?
Although standard insurance policies offer the basic coverage, it is very crucial to have a policy that offers you the maximum coverage. This is mainly because misfortune events are unpredictable. Therefore, it is best to be on the safer side and save yourself from unnecessary expenses. Purchasing the necessary insurance covers will help you get the required coverage and keep you insured for most situations.
Theft of two-wheelers has become extremely common. Thus the need for you to protect yourself from the possible financial loss is very crucial. If you have a comprehensive bike insurance policy or a standalone own damage bike insurance policy, you can get compensation for the loss. But, a third-party bike insurance policy does not cover this aspect since it provides compensation only for the loss of the third-party.
You may also like to read:- Two Wheeler Theft Claim Settlement Process Online
What Should You Do If Your Bike Is Stolen?
In case of theft of your bike, you are required to file a claim with your bike insurance company as early as you can. The claim process is usually hassle-free. The following are the steps you must follow if your bike has been stolen-
File An FIR
The first step you should take in case your bike is stolen is to file an FIR at the nearest police station. Make sure to take a copy of your FIR as you will be required to submit the same at the time of claiming your insurance.
Inform Your Insurance Provider
Inform your insurance company at the earliest. In case of a theft, most insurance companies have a deadline after which you cannot file a claim. So, it is in the best interest that you file your claim at the earliest. Contact your insurance provider and narrate the incident.
Submit The Details And Documents
You will be required to fill a claim form which contains all the details of your bike and the event. You will also need to produce documents like the copy of the FIR, RC, policy document, driver’s license, transfer papers from the RTO and the original keys. These documents will be used to verify your statements based on which the claim will be settled.
No Trace Report
This document or certificate is the statement from the Police that your bike could not be traced. This certificate is usually generated after a month from the date of theft. It is the most important document for the processing of your bike insurance claim settlement. Most insurance companies wait for this certificate to settle your insurance claim. Thus, make sure to produce this certificate in order to receive your claim amount.
Also Read:- Tips for Two Wheeler Theft Prevention
With the development of technology, theft has become extremely common. Make sure to invest in a bike insurance policy that offers you maximum coverage in order to save yourself from unwanted expenses and stay safe.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.