Bike Theft Claim Process: Step-by-Step Guide

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 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:

• 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.

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%