Two-wheelers are one of the few convenient mediums to navigate through traffic in today’s day and age. With increasing congestion on the streets, the probability of you getting stuck in traffic snarls is lowered when riding a two-wheeler. Affordability is another factor that makes it a popular choice and has seen the sales figures of two-wheeler being higher than cars. With the rising number of vehicles, it might not be rare to witness an accident. Preparedness for these unprecedented situations are the only way to avoid a financial loss. A bike insurance policy is one of the effective ways to stay on top of such events.

When buying a bike insurance policy, it might often be a perplexing situation to choose one among the myriad alternatives available. For starters, you need to make a choice between third-party and comprehensive policy. A third-party policy is the minimum requirement as per the law and protects you, the insured individual, from third-party liabilities and legal complications. The scope of comprehensive policy includes a whole range of events like protection against fires, damages to your vehicle and even theft.

Two-Wheeler Insurance Cover Theft

Theft is a common occurrence, not limited to homes and objects; two-wheelers are no exception to it. Since a couple of people are enough to move a bike, the recovery rate for two-wheelers is far less as compared to cars. A theft of your bike can not only be stressful but also have an impact on your finances. Only a comprehensive vehicle insurance plan can help you avoid a financial loss in such times.

Here’s how you can report the theft of your bike to raise a claim–

Step 1: File an FIR

First Information Report (FIR) is the starting point to record the theft of your bike. Be it an accident or theft, an FIR is required to be filed at the local police station providing complete details of the event. To submit a claim, you shall require a copy of this FIR and thus is the first step.

Step 2: Contact your insurance company

Once you have registered an FIR for theft, you must contact your insurer to elaborate the event. Every insurance company has a specified number of days within which this needs to be reported after which no claim shall be entertained. So, informing your insurance company as soon as the FIR is filed is advisable.

Step 3: Submission of documents

Once you have contacted the insurance company reporting the theft, you will be required to provide details of your bike insurance policy. Along with this, documents like copy of FIR, registration certificate, PUC certificate, original keys, and driving license are to be submitted.

Step 4: No trace report

Finally, to receive the claim amount, you will require a no trace report from the policy that states your bike cannot be traced. It is generally received within one month of registering your FIR and is a critical document for the claim pay-out.

These are some advantages of a bike insurance policy and how it helps avoid a financial loss for theft of your bike. If you have a liability only plan, make sure to upgrade it to a comprehensive policy during your next two wheeler insurance renewal. Comprehensive policy provides an all-round coverage from various perils to your bike. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.