In case your insured bike is stolen:
Claim Procedure In Case of Bike Theft the insurance company pays an amount equal to the declared value of the insured bike. A report by one of the leading British newspapers shows a painful picture for owners of two-wheeled vehicles in India. According to this, a bike is stolen every 15 minutes in the Delhi-NCR region. In Gurgaon alone, 3240 vehicles were stolen or abducted, including 2850 bikes or scooters. The situation is similar to Mumbai, where 2460 cases of bike theft were reported last year.
On a particular day, you may be shocked to find that your dream vehicle is not where you parked it. According to studies, the possibility of recovering a stolen bike is less than that of a car because it is easier to hide and disassemble.
A complete two wheeler insurance policy protects your bike from unforeseen events and provides mandatory liability insurance for your vehicle. You can breathe easily, even if your bike has been stolen with an anti-theft device.
Claim Procedure In Case of Bike Theft the insurance pays you an amount equal to the monetary value of your stolen bike. Follow these steps to register your bike theft insurance request.
Step By Step Claim Procedure:
Register an FIR:
If you learn of the theft of the bike, send the First Information Report (FIR) to the nearest police station.
Contact Insurance Company:
After sending an FIR, call the insurance company hotline and follow the instructions to file a lawsuit against the theft of your bike. Complete the application form and provide all the information requested, such as: For example, information on the policy, the bike registration number, etc.
The regional transport office (RTO) must be informed of vehicle theft in accordance with the law. Complete the documentation with them to receive the RTO transfer documents and other relevant documents.
Submit Required Documents:
After completing the above procedures, you must send the duly completed insurance claim form with the appropriate documents to the insurance company. In general, it may be necessary to send the following documents for the theft of a bike.
- Insurance policy documents
- Application form duly completed.
- Copy of vehicle registration.
- Copy of driving license.
- Original copy of the FIR
- Letter to the RTO
- RTO transfer cards
Wait For Approval:
After the police have sent an “untraceable report” indicating that your bike has not been found, the insurance company will start the procedure to approve your request. The stolen vehicle must be delivered to the insurance company and you will be reimbursed an insured declared value (IDV) of your bike.
Also Read: Exclusions for bike insurance claim
Answer: First Information Report (FIR) is a legal report you need to submit after you had witnessed a crime scene.
Answer: If you are still paying its Emi then first you have to file FIR then contact the insurance company after the claim is approved the loan lending company will get the amount and further it will deduct the balance amount and transfer the rest to you but till its done you have to continue to pay the EMI.
Answer: Yes, it’s mandatory to have third party insurance by law whereas comprehensive insurance is optional.
Answer: there are two types of insurance third party insurance and comprehensive insurance.