4 min read
Losing your belongings to theft is a sad thing especially when the belonging lost was close to your heart. Take the case of your bike for instance. It is a prized possession for many of you who have bought one after many financial sacrifices. If your bike is stolen, don’t you feel a sense of dread?
You do. However, is preventing the theft of your bike in your hands? Partly it is. If you follow some precautionary measures you can prevent your bike from being stolen. Do you know how?
Don’t leave your key on your bike: This looks like something which is very simple and implied and yet most of you make the mistake of leaving your vehicle unattended with the key still in the ignition slot. It is a very unwise move. You are literally inviting thieves to steal your bike away. If you raise a claim in your two-wheeler insurance policy for this loss of your bike, sad to say but your insurance claim would be rejected. The insurance company believes that this claim is due to an act of gross negligence. Such acts are not covered under the policy and you wouldn’t get any money for your stolen bike. Sad, but true!
Don’t carry original insurance documents on your vehicle: Though the proof of insurance is necessary to be carried at all times, avoid carrying your original certificate. If it is lost, you would be in a soup. Carry a copy of your insurance certificate. In case of theft of your bike you could present the original certificate easily to the police for verification. Smart, isn’t it?
However, even when you maintain precautions and keep your keys with you, there are creative thieves who still find a way to steal your bike. Do you know how to raise an insurance claim for the loss?
It is, actually, quite easy. Let’s find out.
Step #1-File a FIR immediately: A simple and a necessary task is filing a FIR immediately once you realize that your bike has been stolen. The FIR records the details of the loss and is required by the insurance company in settling the company.
Step # 2-Inform the insurance company and fill up a claim form: Informing the insurance company is the next important thing which you are required to do. Call the helpline of the insurance company and report the claim. The insurance company usually sends an investigating officer to assess the authenticity of the theft claim. The company would also require the FIR to follow-up with the police authority regarding investigation into the theft.
Step # 3-Submit your RC book and the keys of your two-wheeler: After establishing your claim that the two-wheeler has been stolen, the insurance company asks you to submit your RC book to them along with the keys of your bike. In case of keys, almost all insurers insist on getting both the keys. This is to establish whether the theft was out of your control or was due to gross negligence. If you submit only one key the insurance company might find out that the theft happened because the key was left on the vehicle. They would, then, rule the theft as an act of gross negligence and cancel your claim. Weren’t you warned of not keeping your vehicle keys on the vehicle?
Step # 4- Acquire a No Objection Certificate in case of a loan: If you had bought your bike on a loan, the insurance company would ask you to obtain a No Objection Certificate from the lender. This certificate allows the insurance company to deposit the claim amount in a particular bank account which is linked to your loan account. This simplifies the repayment of loan for you.
Step # 5 – Prepare a stolen report for the police: The police are required to file a report with the National Bureau of Stolen Vehicles reporting the loss of your vehicle. You should help the police in preparing the form which is then scanned, signed by the police authority and sent. Help the police preparing and sending the report and try and obtain copies of the report yourself. It would be helpful if your vehicle is found later.
Step # 6 – Take the settlement of your claim: If your vehicle is not traced, the insurance company pays you the claim. The claim is the IDV of your vehicle less the compulsory excess. Moreover, you would have to give an undertaking to the insurance company that the company would be informed in case your vehicle is recovered.
Step # 7 – Inform the insurer in case your vehicle is found: If your bike is, luckily traced, you should inform the insurance company immediately. The insurance company would send a surveyor with you to find the traced vehicle. You can either get the vehicle inspected by the surveyor and repaired. You can, alternatively, decide to sell off the vehicle. The insurance company would then pay you the IDV less the scrap value at which the vehicle is sold.
Though losing your beloved bike is tough, you should know what should be done if you find yourself in one such situation. Your two-wheeler insurance policy would come to your rescue. Follow the steps mentioned and you can get your claim settled easily.
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