Theft Cover in Two-Wheeler Insurance: What You Should Know
Two-wheelers are today considered to one the easiest means to move around on our congested roads. When you’re riding a bike, there is a much less chance of you getting stuck during traffic hours, and of course, let’s not forget that two-wheelers are quite the affordable option when compared to cars. Apart from this, a lot of enthusiasts have also started buying superbikes as a hobby. With the number of two-wheelers on a rise on the Indian roads, unexpected situations such as accidents and theft are also becoming quite common. Therefore, the importance of bike insurance policies is more evident than ever, especially as stolen two-wheelers are quite hard to track.
When you search for bike insurance online, finding an insurance cover that suits your requirements will not be difficult. You will also be able to compare different bike insurance policies before you have to come to any decision regarding the same. While most people just buy the first two-wheeler insurance policy they see, it is quite important to first look around before choosing a policy that you know will suit your needs perfectly. Apart from the initial research, one also needs to read cover to cover after they have bought the policy to be sure of all the terms and conditions, and to be well aware of the claim process as well.
The Benefits of Comprehensive Bike Insurance
Comprehensive bike insurance policies take care of any damages that are incurred by your bike in case of an accident, and also if any damage is incurred by a third party or third party property. This benefit proves to be of great use, especially as it offers some form of financial assistance to the owner-driver where finance may be a constraint. When you opt to buy your bike insurance online, you can also take advantage of features like the quick issue of policy, quick claim registration, coverage selection, easy no claim bonus transfer, online discounts, and so on.
Coverage of Theft under Bike Insurance Policies
One of the most important advantages that are offered by bike insurance is the fact that you are covered in case your bike is stolen. Even when it comes to locked homes, theft and burglaries are quite common, and bikes do tend to get stolen quite often. The recovery rate for stolen bikes is much less than that of stolen cars. According to a report, in a city like Delhi, a two-wheeler is stolen every fifteen minutes. Losing your bike can end up costing you a lot if you do not have proper bike insurance in place, as a comprehensive insurance policy for your bike offers you coverage against the theft of your bike.
Losing your bike will, of course, be quite a blow, but at least you will be covered financially in such cases.
Steps to Follow in Case of a Theft
If your bike is stolen, you would need to put in a claim with your insurance provider as early as possible. If you have gone through the claim process at the time you bought the policy, it shouldn’t be that hard for you. Here is a general idea of the claim process you will have to follow:
1. File an FIR: Whether it is an accident or a theft, you are required to file a First Information Report (FIR) at the relevant police station before you put in the claim. For that, you will need to submit a copy of this FIR with the claim form to establish the credibility of the claim.
2. Get in Touch With Your Insurance Provider: In case of a theft, there are a maximum number of days after which you will not be able to file a claim. So, it is always a good idea to get in touch with your bike insurance provider as soon as you have filed the FIR. Report the theft and inform the insurer of your upcoming claim. Give them the necessary details like policy number, bike registration details, and details about what happened.
3. Submit the Documents: Generally, you need to submit a duly signed and attested claim form, an original copy of the FIR, a copy of the RC, policy document copy, driver license copy, transfer papers from the RTO, and the original keys while making the claim.
4. No Trace Report: The last thing you need to wait for is a certificate from the police stating that the bike cannot be traced. This certificate is generated after a month of the date of the incident and is very important for the processing of your claim.
After the claim process has been followed, it is at your insurer’s discretion whether or not they want to investigate the theft via a private investigator. It might take a certain time-frame (60 – 90 days in most cases) for your claim to be processed and disbursed to you. IFFCO Tokio is one of the top insurance companies when it comes to settlement of claims, with 24x7 claim settlement assistance online and a claim settlement ratio of 92%. To learn more about our two-wheeler insurance.
**To understand exactly about the policy coverage, exclusions etc read the Policy Wordings carefully.**