Your bike is more than just a vehicle you use to zip through traffic. It is a reflection of your style and your passion for riding. Like many bikers, you too probably grew up dreaming of the day when you would own your very own two-wheeler. And, you most likely spent hours scouting for the perfect vehicle before settling on one.
It can be a devastating blow to find out your bike has been stolen. The impact of theft is both, emotional and financial. In such a situation, your bike insurance policy can come to the rescue by helping to bear the financial losses you face due to theft.
A comprehensive bike insurance policy will compensate you for the IDV (insured declared value) of your vehicle if it gets stolen. However, you need to go about claiming your compensation the right way. This article will give you an overview of what you need to know about filing a claim for bike theft.
Steps to follow when making a claim for a stolen bike
Here are the steps that you must follow as soon as you become aware that your bike has been stolen.
1. File an FIR at the police station
This is the most important step that you must take to be able to make a claim for theft on your bike insurance. File an FIR at the nearest police station as soon as you get to know your bike has been stolen.
2. Call up the insurer
Next, you need to call up your insurance company and follow their steps for filing a claim. Make sure to keep your policy details ready when you speak to your insurer. They will instruct you on the form that you need to fill to file the claim.
3. Inform the RTO
You have to also inform the RTO of your situation. You will be instructed on certain formalities that you need to complete with the RTO.
4. Gather and submit documents
You need to submit a set of documents to the insurance company. These will usually include the completed bike insurance claim form, RTO transfer papers, copy of driving licence, FIR, copy of bike insurance policy, and copy of bike registration certificate. Do make sure to ask you insurance provider if any other documents are required.
5. Sanction of claim
Once the police provide the ‘non-traceable report,’ your claim starts to get processed. It will be paid out as per the IDV mentioned in your bike insurance policy. Do note that it may take the police up to a month to provide the non-traceable report. You would have to be patient and follow the due process.
Now, if your bike was taken under a loan that has not yet been paid off, the IDV payout amount goes to the lender. If there is any shortfall in the amount, you would need to bear this cost.
We hope this article has proved helpful for you. Make sure to always wear your helmet, keep your insurance renewed, and ride safely!