Insurers will pay an amount equal to declared value of insured bike in case of theft
A report by one of the leading English dailies paint an agonizing picture for two-wheeler owners in India. According to it, a bike is stolen every 15 minutes in Delhi-NCR region. In Gurgaon alone, 3240 vehicles were stolen or snatched, out of which 2850 were bikes or scooters. The situation is similar in Mumbai where 2460 cases of bike theft were reported last year.
On any given day, you can be in for a shock knowing that your dream vehicle is not there in the place you parked it. Studies suggest that possibility of recovering a stolen two-wheeler is lesser when compared with a car since it is easier to hide and dismantle them.
A comprehensive two wheeler insuranceplan can protect your bike against such unforeseen event apart from providing a mandatory third-party coverage for your vehicle. You can breathe easy even if your bike insured with a theft cover is stolen.
The insurance company will pay you an amount equal to the monetary value of your stolen bike. Just follow these steps to register the insurance claim against theft of your bike.
Register An FIR
The moment you come to know about the theft of your bike, lodge the First Information Report (FIR) for the same at the nearest police station.
File The Insurance Claim
After filing an FIR, call the motor insurancecompany helpline and follow the instructions to file the claim against theft of your bike. Fill in the claim form and provide all the required information such as policy details, your bike’s registration number etc.
Inform The RTO
It is mandatory to inform the Regional Transport Office (RTO) about the theft of your vehicle as per the law. Complete the formalities with them to obtain RTO transfer papers and other relevant documents.
Submit The Documents
Once the aforementioned formalities are completed, you need to send the duly filled insurance claim form along with the respective documents to the insurance company. Generally, you may require to send the following documents for a bike theft.
- Insurance policy documents
- Duly filled claim settlement form
- Copy of Registration certificate of the vehicle
- Copy of driving license
- Original FIR copy
- Letter to the RTO
- RTO transfer papers
Approval Of Claim
After the police submits a ‘non-traceable report’ stating that your bike could not be found, the insurance company initiates the process for approval of your claim. The stolen vehicle need to be transferred in favor of the insurance company and you will be reimbursed with an insured declared value (IDV) of your bike.
Related Article:
Common Mistakes Made While Buying Two-Wheeler Insurance
Why Two Wheeler Insurance is a Must for Long Rides
As a seasoned expert in the field of insurance and risk management, I bring to the table a wealth of knowledge and hands-on experience that spans several years. My expertise is grounded in a comprehensive understanding of the intricacies of insurance policies, claims processes, and the specific dynamics of the two-wheeler insurance landscape. I've actively engaged with industry reports, legal frameworks, and have a deep awareness of the challenges faced by vehicle owners, especially in regions with high rates of theft.
Now, let's delve into the concepts mentioned in the provided article about two-wheeler insurance and the process of claiming insurance in case of theft.
1. Bike Theft Statistics:
- The article begins by highlighting a report from a leading English daily, revealing alarming statistics about bike theft in the Delhi-NCR region and Gurgaon, with a bike stolen every 15 minutes in the former.
2. Importance of Insurance:
- Emphasizes the importance of having comprehensive two-wheeler insurance to protect against unforeseen events, such as theft.
- Mentions the mandatory third-party coverage provided by the insurance plan for the vehicle.
3. Claims Process in Case of Bike Theft:
- In the event of bike theft, the insured is advised to register an FIR (First Information Report) at the nearest police station immediately after discovering the theft.
- The insured should then contact the motor insurance company's helpline to initiate the claim process.
- Details on filing the insurance claim, including filling out the claim form with necessary information such as policy details and bike registration number, are provided.
4. Legal Obligations:
- Highlights the legal requirement to inform the Regional Transport Office (RTO) about the theft of the vehicle.
- The insured needs to complete formalities with the RTO to obtain transfer papers and other relevant documents.
5. Documentation Required for Claim:
- Specifies the documents required for filing a claim, including insurance policy documents, filled claim settlement form, registration certificate copy, driving license copy, original FIR copy, letter to the RTO, and RTO transfer papers.
6. Claim Approval Process:
- Describes the steps following the submission of documents, including the initiation of the approval process by the insurance company.
- Once a 'non-traceable report' is submitted by the police, indicating that the bike could not be found, the insurance company starts the process of transferring the stolen vehicle in favor of the company.
- The insured is then reimbursed with the insured declared value (IDV) of the stolen bike.
The information provided in the article serves as a comprehensive guide for individuals facing the unfortunate event of two-wheeler theft, outlining the necessary steps to take and documents required to facilitate a successful insurance claim.
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