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When it comes to buying bike insurance, you have two choices – you can either purchase a third-party liability cover or a comprehensive insurance cover. While the former is a low-cost insurance policy, it only covers you against damages and injuries sustained by a third party in an accident. Third party liability insurance is compulsory under the law. Comprehensive insurance, however, is an all-round policy which covers you against various incidents such damage to vehicle due to natural calamities and man-made disasters. You can purchase bike insurance online or offline. Here’s how you can file an insurance claim if you are a victim of bike theft.

Insurance Claim

Filing a two-wheeler insurance claim in case of bike theft – the steps to follow

Step 1 – Head to the police station to file an FIR

The first thing you need to do when you notice that your bike is missing is to look for it in nearby areas; sometimes vehicles are moved around by people or the police. If you still can’t find it, you must waste no time and visit your nearest police station to report the theft. You need to ask the police to lodge a First Information Report or FIR. The police will ask you basic questions such as the make, model, colour and registration number of your bike, the last time you saw it and so on. Filing the FIR is crucial since you need to submit a copy of the report while filing your 2-wheeler insurance claim.

Step 2 – Inform your insurance provide about the theft

As soon as you are done lodging the FIR, you need to inform your insurance provider about the theft and your intention to file a claim. You must inform the insurance company within 24 hours of the theft, failing which your claim may be rejected. Informing the insurance company on time allows it to begin the claim procedure. The insurance company typically assigns a claims inspector to handle your case and you need to correspond with the assigned bike insurance representative regularly – getting and receiving updates, answering their questions truthfully, etc.

Step 3 – Inform the RTO regarding the theft

Apart from the police and the insurance provider, you also need to inform the Regional Transport Office (RTO) where your bike is registered about the theft. The RTO will ask you fill out a form and submit certain documents after which it will provide you the transfer papers. The RTO records the theft in its database so that the bike may be traced through its internal system.

Step 4 – Gather all the necessary documents to be submitted to file the claim

After all the relevant authorities are informed about the incident, you can start gathering all the necessary documents needed to file a two-wheeler insurance claim. The documents you need to submit include:

  • Duly filed claim settlement form
  • Original copy of filed FIR
  • Photocopy of your insurance policy
  • Photocopy of your bike’s registration documents (RC book)
  • Photocopy of your driving licence
  • Transfer paper provided by RTO
  • Original keys of your two-wheeler

Step 5 – Ask the police to provide the untraceable report

The police will try to trace your bike and if they are unable to find it within a month, you need to ask them to provide an untraceable report, which you must submit to the 2-wheeler insurance company. The insurance company uses the untraceable report as a valid proof, after which your claim is settled.

The compensation you get against your insurance depends upon the insured declared value (IDV) of your vehicle. If you want to get your claims settled on time, make sure all the necessary paperwork is ready at hand at all times. Thefts are common; don’t think it won’t happen to you!

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April 2024