Find your suitable insurance plan
1511
5 min read
So, you have made up your mind to buy your favorite bike this weekend? Well, your dream machine will be there to take you places, but what if it gets stolen one day? Whether you like it or not, inspite and despite all the precautions you take, there is no guarantee that it won’t get stolen. Events of bike and two-wheeler robbery are pretty common. So, how to ensure that the money you are putting into this two-wheeler will not go in vain? For this, we suggest you buy a bike or two-wheeler insurance with a theft cover. In the unlikely event of a bike theft, such a plan will help you recover your financial losses.
So, how to claim insurance for bike theft? We are going to talk about this particular topic in this post. So, stay tuned and learn about salient points of a two-wheeler theft insurance claim.
As the name suggests, a bike or two-wheeler theft insurance aims to provide you with a financial shield in case of a two-wheeler theft. Go for an insurance company that offers a good bike insurance claim settlement ratioto get comprehensive coverage in case your two-wheeler gets stolen. With a bike insurance policy under your belt, you can expect to get compensation for the loss without having to bear the financial loss all by yourself.
Before proceeding with how to claim insurance for bike theft, we want you to know the reasons for buying one such insurance policy, especially a comprehensive two-wheeler insurance policy. Here are the benefits of buying a bike or two-wheeler insurance plan:
How to claim insurance for bike theft? Here is a complete step-by-step guide to the two-wheeler theft claim settlement process:
Ideally, your first step after not just a bike theft but after any theft or robbery should be to register an FIR. For this go to the nearest police station and file an FIR for your bike or two-wheeler robbery.
Once you have filed an FIR, it is time to inform the insurer about the bike or two-wheeler theft. Do so at the earliest to initiate the claiming procedure. After you inform the insurance company, a claim inspector will come for an inquiry and ask you certain questions related to the theft.
Up next, it is important to inform the RTO about the two-wheeler theft. This is a mandatory step when filing for a bike theft claim settlement. To inform the RTO, you will need proper documents.
No matter, how high is an insurance claim settlement ratio, unless you possess the right documents, you will fail to get bike theft insurance coverage. So, have a look at the documents required for claim settlement for a bike or two-wheeler theft:
Besides, these documents ensure to carry along the original keys of your bike when filing a claim for your stolen bike or two-wheeler.
Your next step will be to receive an untraceable report from the police. Submit the same report to the bike insurer. This report declares that the bike is untraceable and after receiving this report, the insurance company will initiate your claim process.
Your bike insurance company will now act on the claim request and check for the required documents. Once all your documents are verified, the insurer will release the claim amount in your bank account linked with your bike insurance. The bike theft claim amount is the IDV or Insured Declared Value of your lost bike or two-wheeler.
Also Read: What steps to be taken if the vehicle is stolen.
| Two-Wheeler Insurance Company | Claim Settlement Ratio (FY19-20) |
| IFFCO Tokio General Insurance | 95.30% |
| Royal Sundaram General Insurance | 92.66% |
| HDFC ERGO General Insurance | 91.23% |
| TATA AIG General Insurance | 90.49% |
| SBI General Insurance | 89.51% |
| Bajaj Allianz General Insurance | 88.83% |
| Bharti AXA General Insurance | 87.99% |
| ICICI Lombard General Insurance | 87.71% |
| Cholamandalam MS General Insurance | 85.89% |
| Acko General Insurance | 83.91% |
Conclusion
Since there is no guarantee that the bike you purchased will never be stolen, why take the risk? Why not secure your bike even if it is stolen in the future by buying a comprehensive bike or two-wheeler theft insurance? But, before you buy any such insurance, make sure to go through the claim settlement ratio of two-wheeler insurance companiesand take the final call.
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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