Bike Theft Claim Process – Step-by-Step Guide


5 min read

Updated on Aug 02, 2022

Complete Guide: Bike Theft Claim Settlement Process in India 

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.

What is a Bike or Two-Wheeler Theft Insurance?

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.

Why Buy a Bike Theft Insurance Claim Policy – Importance and Benefits?

Before proceeding with how to claim insurance for bike theftwe 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:

  • It is Compulsory: First of all, buying a bike or two-wheeler insurance plan, specifically a third-party insurance is compulsory. There is no way to opt-out, as you have to buy one such insurance when buying a two-wheeler, otherwise, be ready to get penalized.
  • Covers Against Natural or Man-Made Calamities: With two-wheeler insurance, you can expect compensation for your bike or two-wheeler damage owing to a natural or man-made calamity.
  • Third-Party Compensation: A two-wheeler or bike insurance helps to pay for the third-party compensation. It compensates a third person, who is neither the insurer nor the insured, who gets injured in a bike or two-wheeler accident.
  • Covers Repair Bills: Buying a bike or two-wheeler insurance plan makes you worry-free in case your bike suffers damage in an accident. As all the repair bills will be cleared through the bike insurance claim.
  • Offers Market Value of the Bike: Another advantage of bike theft insurance is that it allows you to receive the market value of the bike at the time when it was stolen.

A Complete Guide to Bike Theft Claim Settlement Process

How to claim insurance for bike theft? Here is a complete step-by-step guide to the two-wheeler theft claim settlement process:

  • Register an FIR
  • Inform Your Insurer
  • Inform the RTO
  • Arrange the Documents for Claim
  • Submit the Untraceable Report to the Insurance Company
  • Receive the Insurance Surveyor’s Report

Step 1: Register an FIR/ First Information Report

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.

Step 2: Inform Your Insurer

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.

Step 3: Inform the RTO/ Road Transport Office

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.

Step 4: Documents Required for Claim Settlement

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:

  • Copy of your Driving License
  • Bike’s Registration Certificate or RC’s Copy
  • Copy of your insurance policy
  • Tax Receipts
  • Insurance Claim Form
  • Copy of FIR
  • Repair Bills
  • Transfer Paper from the RTO

Besides, these documents ensure to carry along the original keys of your bike when filing a claim for your stolen bike or two-wheeler.

Step 5: Submit the Untraceable Report to the Insurance Company

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.

Step 6: Receive the Insurance Surveyor’s Report

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.

Claim Settlement Ratio for Two-Wheeler Insurance of Top Insurers

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%


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.

Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.


View this post on Instagram


A post shared by paybima (@paybima)

Jul 13, 2022
Author Bio
Author Image

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.

Related Blogs

Would love to hear from you

Share your candid feedback. Your email address won’t be published, we promise!

All fields are required

Find your suitable insurance plan

Speak to our advisor

Corporate Office : Mahindra Insurance Brokers Ltd ( A Mahindra Group Company ) Sadhana House, Ground Floor, 570 P. B. Marg, Behind Mahindra Towers, Worli, Mumbai 400018.

Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).

Insurance is the subject matter of solicitation.

For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.

Copyright © 2023 Mahindra Insurance Brokers. All Right Reserved.

Get A Call Back
Get A Call Back