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How Much Bike Insurance Can I Claim For A Stolen Bike?

Updated On Sep 26, 2023

How Much Bike Insurance Can I Claim For A Stolen Bike?

In the event that your two-wheeler is stolen, bike theft insurance can safeguard your finances. However, you can get coverage  only if you have a comprehensive bike insurance policy. You would be responsible for paying for a replacement bike on your own absent this comprehensive protection. Your bike theft claim is handled by the insurance company in accordance with the Insured Declared Value (IDV). To know more about claiming bike insurance for stolen bikes, read on.

How Much Bike Insurance Can I Claim For A Stolen Bike?

What Is The Pay-Off Going To Be?

If a motorbike is stolen and not found, insurance will pay out an amount equivalent to the bike's market value. The part of the insurance which applies in this case is your comprehensive coverage. Your insurer will not pay anything if you don't have comprehensive coverage or if you only have third party coverage. 

What Is The Need For An Individual To Have  Bike Insurance?

If your bike is stolen, third party bike insurance will not cover the loss, leaving you without the funds to buy a new bike or replace the existing one.  However, having complete coverage might be quite beneficial since you can file a claim for bike theft and get reimbursement for it. You may breathe a sigh of relief if you have comprehensive coverage since you will be compensated if you simply complete a certain theft claim procedure. Thus, you may protect yourself against unforeseen financial difficulties by paying a small fee and purchasing comprehensive bike insurance.

How Can A Person Claim For Insurance If Their Bike Is Stolen?

Following are the things that a person needs to know while claiming for insurance if their bike is stolen -

  1. File an FIR - You should file a First Information Report (FIR) at the closest police station as soon as you learn that your bike has been stolen. When you report the theft, be sure to give the police officer your bike's chassis number, serial number, information about the RTO where it was registered, and more. Sharing the information is a crucial step in the claim procedure. Notify Your Insurance Company - Call the motor insurance company's after filing a FIR and follow the prompts to submit a claim against bike theft. Complete the claim form with all necessary information, including the policy's details and your bike's registration number, among other things.
  2. Inform Your Respective RTO - According to the legislation, you are required to notify the Regional Transport Office (RTO) of the theft of your bike. Get the RTO transfer papers and other necessary documentation by completing the necessary paperwork with them.
  3. Submission of Documents - After completing the aforementioned steps, you must give the insurance company the  claim form and the relevant supporting documentation.
  4. Obtain Your NTC - Obtain the non traceable reportfrom the police department where you initially reported the theft of the  bike. This will be accepted as evidence by the insurer that the bike cannot be located, and the terms and conditions will be followed in the settlement of your bike insurance claims under your two-wheeler theft insurance policy.
  5. Claim Approval - The insurer compensates the claim based on the bike's IDV in accordance with the terms and conditions of the policy after obtaining the necessary documentation and approving the claim.

What Happens If Your Two-Wheeler Is Found?

You won't receive any claim money from your bike  insurance provider if your two-wheeler is found. If your bike was financed, your motor insurance provider will refund the loan provider for the payout amount; the remaining balance is your responsibility.


Simply explained, the only financial safeguard against bike theft is Comprehensive Insurance. Make sure your two-wheeler is always locked, park it in a secure location, and think about putting an anti-theft device or a burglar alarm to avoid theft.

Also Read: Lost Your Two-Wheeler Insurance Policy? Learn What To Do Next


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.

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