Theft Cover Claim For Two Wheeler Insurance

There are so many new launches in motorcycle market today and it is just not possible that you are not bowled over by one eye candy at least. Walking into your favorite two-wheeler manufacturer showroom in like walking into a candy bar store with endless choices. But the universe rule is you cannot have it all. So we spend hours searching on internet, doing test drives and finally you decide to buy your dream bike and the wait until it arrives at your doorstep in the most difficult time to spend. But never the less you know it’s worth your wait.

Once the bike arrives and your wait is over, the thrill and excitement is indescribable. Riding a bike on log drives and off-road adventures, bike trips, etc. is a relaxing feeling for which one longs for especially after a busy week. Make sure that you have registered your vehicle with proper documents and also carry a copy of those documents in the bike all the time for emergency purposes. One such document which you should have a copy of on the phone and a hard copy in your phone is two wheeler insurance.

two wheeler insurance is mandatory to all the vehicle, especially at least third-party liability insurance must be purchased by the vehicle owners. By now you must know that there are two types of two wheeler insurance one is third-party liability insurance and other is comprehensive insurance. All dealers and insurers recommend comprehensive insurance because it provides huge coverage for a very nominal premium. But there are few add-on covers you can opt for extra premium along with comprehensive insurance. One such add-on benefit is theft cover.

While you are enjoying a long ride on your dream bike which you bought from your hard earned money, and you stop near a hotel to rest for a while or for a night. The next day morning, it’s not there where you parked. The panicking, worry, anger and all emotions just pours out of you. But maybe you would not panic so much if you had anti-theft cover.

What Is Theft Cover?

As evident in its name, theft cover is an optional add-on benefit cover which can be purchased along with comprehensive cover. This insurance cover will cover the cost of the bike in case of theft or burglary. This basically provides protection in case there was a burglary or theft by mischief. If the bike was purchased through a financier and the loan repayment is still pending, the insurer will repay the loan that is the cost of the bike, but the interest rate or any sort of difference amount will have to be paid by you. Yes, it is true this is the benefit of buying a comprehensive policy which also covers theft loss and the add-on just is an icing on the cake.

Claim Process For Stolen Bike:

• Immediately file an FIR at the nearest police station and obtain multiple copies of the same.
• Inform the insurer about the incident on their helpline and make sure you have a record of it too. Mention your vehicle number, policy details, your name, and pin to pin details about the robbery.
• Inform the RTO where the vehicle was registered through a written application and obtain transfer certificate papers at the earliest.
• Submit all the necessary documents as described by the insurance company to process the claim.
• On submission of the documents, the insurer will verify them and investigate the incident and with the police. Follow up with the insurer for progress.
• If the vehicle is traced then the claim will be cancelled. If the vehicle is not traceable after a 30 days or more, the police will issue ‘non-traceable report’ which mentions that the vehicle is not to be traced. Collect this report and submit to the insurer.
• Please note that only after submitting the ‘non-traceable report’ the claim amount will be released.
• The insurance company will also investigate privately to make sure that the report is true to the best of its knowledge. Once it is confirmed by the investigator of the insurance company the process will speed up.
• On confirmation, the insurance company will reimburse the claim amount based on the IDV value of the vehicle to you or the financier if required.

Documents Required To Submit Theft Claim:

• Copy of registration certificate of the vehicle
• Copy of two wheeler insurance policy
• Driver License
• ID proof
• Original FIR
• RTO transfer papers
• Claim settlement form duly filled and signed by the policyholder
• Chassis imprint of the vehicle
• Loan pending papers (if the vehicle was purchased on loan)