Steps To Follow If A Motorcycle Is Lost Or Stolen

Since two-wheelers are very simple to manoeuvre without a key, they might be an easy target for thieves. However, if you have enough insurance coverage, you'll be able to cover any losses should the worst happen. In the event that your two-wheeler is stolen, bike insurance can safeguard your finances and help you stay protected against theft. However, you may only use the coverage if you have a comprehensive bike insurance policy.
You will not be eligible to receive coverage for bike theft in case you do not have comprehensive insurance coverage. In accordance with the policy, your bike theft claim is resolved using the IDV (the two-approximative wheeler's market value), minus the  deductibles and depreciation. 

Immediate Steps to Take If Your Bike Is Stolen

Following are some of the things that an individual can do in case their bike is stolen:

File an FIR at the Nearest Police Station

Upon discovering the theft of your bike, the first thing you must do is file an FIR at the nearest police station. An FIR is the first official record of the events that describe how the crime took place. Insurance companies treat this as proof that the event actually occured.

Inform Your Bike Insurance Provider

The next step is to get in touch with your bike insurance provider and get your appeal for a claim, registered. Provide the following information about your stolen bike to them.

1. Bike insurance policy document.
2. Bike registration certificate.
3. Driving licence.
4. Duly-filled claim form.
5. A copy of the First Information Report (FIR).
6. Proof of identity and address.

Insurers issue a reference number to beneficiaries in this step. This number indicates that your appeal has been registered for further processing by the insurance company. 

Notify the Regional Transport Office (RTO)

In most cases, insurance companies constantly maintain contact with your local RTO to collect important details about your claim, specifically about your bike. When you inform your RTO, they make note of the same and work closely with the police to track your bike which, sometimes may even lead to your bike’s recovery.\

Obtain a Non-Traceable Certificate from Police

If the police fails to find your bike, they issue a non-traceable certificate. This can be provided to your insurer so they process your claim request well.

Claim Processing and Settlement

Claim processing begins once your insurer assesses the damage and verifies your claim. If you own any add-ons, they are verified. However, remember to turn in relevant documents before registering your claim to avail the best of these add-on benefits. Upon completing important formalities and paperwork, insurers approve your claim and pay the Insured Declared Value (IDV) within the promised time period.

What Happens When Someone Doesn’t Have A Insurance Plan For Theft?

Following are the consequences that an individual might have to face for not having a insurance plan for theft:

• Loss of Funds - The loss of your funds is the biggest drawback of not having bike theft insurance. A replacement bike or scooter may need to be purchased with it, in addition to the financial loss of a valued item.
• Unnecessary Stress - If you misplace the bike you use for your daily commute, you can get anxious.
• Relying on Public Transportation - If you don't have a bike, you might have to rely on the public transit system or taxis to get you where you need to go. 

Bike theft is one of the important coverages of Comprehensive Insurance. Therefore, only this kind of bike insurance plan will pay you if your covered bike is stolen and the authorities are unable to find it. It also covers the following losses or damages to your covered bike in addition to bike theft.

It is awful to have your bike stolen. And regrettably, there are chances of it happening undoubtedly. The best thing we can do is be prepared for anything. Do everything we can to increase the likelihood of finding our bikes when it happens.

Also Read: Factors Affecting Bike Insurance Premium