Theft Recovery: What To Do After A Motorcycle Theft

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Two-wheelers, due to their keyless operation, are vulnerable to theft. However, comprehensive bike insurance provides coverage against theft, ensuring financial protection. With comprehensive coverage, reimbursement for bike theft is possible. The Insured Declared Value (IDV), representing the two-wheeler’s market value, dictates the settlement, factoring in deductibles and depreciation.

Steps To Follow When Your Bike Is Stolen

  1. File A Police Report: When theft is discovered, visit the nearest police station to file a First Information Report (FIR). This is a crucial step.
  1. Inform Insurance Company: Contact your insurance provider promptly, informing them of the theft and understanding the necessary procedures.
  1. Report To Regional Transport Office (RTO): Report the theft to the local RTO where your bike is registered. Provide necessary documents and complete required forms.
  1. Document Gathering: Collect essential documents like a two-wheeler registration certificate, ID card, bike insurance, genuine keys, and RTO transfer documentation.
  1. Non-Traceable Report: Obtain a non-traceable statement from the police confirming the bike’s untraceable status. This statement is crucial for the insurance claim.
  1. Claim Acceptance: Submit all documentation to the insurance company, including the non-traceable statement and FIR copy. The claim is processed upon verification, and the insured declared value is the maximum amount awarded.

Consequences Of Not Having Theft Insurance

  • Financial Loss: Lack of adequate theft insurance leads to significant financial losses. Replacing a stolen bike becomes an additional expense, adding to the financial burden.
  • Increased Anxiety: Losing a daily mode of transportation can cause stress, especially for those relying on two-wheelers for commuting to work or college.
  • Dependence On Public Transport: Without a bike, reliance on public transportation increases, resulting in financial and scheduling

Advantages Of Comprehensive Bike Insurance

Comprehensive coverage offers various benefits beyond theft protection:

  • Natural Disaster Coverage: Protection against losses from natural disasters like typhoons, floods, earthquakes, etc. *
  • Man-Made Event Protection: Coverage for damages due to riots, terrorism, strikes, and accidents during transportation. *
  • Own Damage Coverage: Safeguarding against losses caused by fire, explosion, natural or man-made disasters. *
  • Third-Party Liability: Third-party bike insurance coverage for harm or loss to a third party or their property from an accident involving the insured two-wheeler.
  • Theft Coverage: Reimbursement in case of bike theft is crucial for urban areas with a higher risk of theft.
  • Fire And Explosion Protection: Coverage for losses due to fire, explosion, or self-ignition.

Claims are subject to terms and conditions set forth under the motor insurance policy.

Preventive Measures And Choosing Insurance Wisely

To Minimise Theft Risks:

  • Never leave your bike unattended.
  • Park in well-trafficked areas, close to other bike owners.
  • Ensure your comprehensive insurance covers bike theft adequately.
  • Make sure you carry out the process of bike insurance renewal on time.

To find out the status of your bike insurance, you can check it online by visiting your insurance provider’s official website or contacting their customer service.

Research thoroughly before choosing insurance, considering providers’ market value and coverage differences. Prioritise security and comprehensive coverage for financial protection in unforeseen circumstances.

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