So, you bought a new bike and also bought
bike insurance online, that’s great. But, after some days, you come out of the supermarket, and your bike is not in the parking lot. This is a scenario that some of you might have faced, and if you are reading this, maybe you don’t have your favourite bike anymore.
So, what to do now? Must you think will insurance cover stolen bike? Will you be able to get your favourite bike back?
If you take all the necessary steps as soon as possible, you definitely will. But, how to claim insurance for bike theft? Let’s read ahead and find out!
What is bike theft insurance?
Bike theft insurance is a specific type of coverage included in comprehensive two-wheeler insurance policies. It provides financial protection to the policyholder in case their bike is stolen. If the insured bike cannot be recovered after a theft, the insurance company compensates the policyholder with the bike's Insured Declared Value (IDV), which is its market value after accounting for depreciation.
This coverage ensures that the financial loss due to theft is minimized, offering peace of mind to bike owners. To claim the benefit, a First Information Report (FIR) and proper documentation are mandatory.
Will insurance cover a stolen bike?
The answer varies based on the type of insurance you have. As there are two types of insurance policies, namely:
You are only entitled to get an insurance cover for a stolen bike if you have a comprehensive policy. A third party policy will not compensate for any damage to your bike and definitely not for theft.
Claim Process for Bike Theft Insurance
If this unfortunate thing has happened to you, don’t panic. You just need to make sure that you follow all the policy claiming steps carefully and timely. Trust the process and be patient; you will get your bike back.
Here is a detailed look at the
insurance claim process & all steps you need to follow:
1. Register a First Investigation Report (FIR)
So, you found out that your bike is stolen. The first thing that you need to do is locate the nearest police station and file an FIR. Why? An FIR is an essential document that you need for your claim file. Moreover, it will also help the police in locating your bike. You need to inform them about your bike’s colour, number, model and other aspects. On top of all, you need to tell them the location from where it was stolen. To be on a safe side, do carry the copies of your bike documents like insurance and RC.
2. Inform the Insurer
After you are done with the FIR part, make sure you visit the insurer’s office and intimate them about the incident. This needs to be done within a particular time frame which is 24 hours. It is essential because the insurer has to undertake some processes and formalities for making a claim.
3. Make sure the Regional Transport Office knows about this.
Third and the mandatory step is that you need to inform the RTO. As the regional transport office is the prime entity, you must keep them informed about your bike’s theft.
4. Gather all the essential documents
When you have informed all the required authorities, it is time to collect all the necessary documents to prepare your claim. You need to fill a claim form to which you have to attach all the necessary documents. You can either get the claim form your insurer or download it from the insurer’s official website. Here are the essential documents that you need to affix with the bike theft claim form:
- Original FIR copy
- Documents catered by the RTO such as forms 28, 29, 30, & 35
- The original insurance policy documents
- A self-attested copy of the RC
- A self-attested copy of driver’s license
- Original keys of the bike
All these things need to be attached to the form for the further claim processing.
5. No trace report
After you have submitted all the documents to the insurer, a no-trace report must be submitted by the police stating that your vehicle was not located. After this report is submitted to the insurer, the claim approval process begins. You need to be patient here as the claim approval process may take a few months to process.
How does Comprehensive Bike Insurance help in tackling bike theft claims?
Comprehensive bike insurance offers protection against the financial loss incurred due to bike theft. Here's how it helps:
1. Theft Coverage
It covers the cost of your stolen bike, reimbursing you based on the bike’s Insured Declared Value (IDV).
2. Peace of Mind
Ensures you don’t face the financial burden of replacing a stolen bike.
3. Easy Claim Process
Provides a structured procedure for claim filing, including submitting an FIR and other documents.
4. Flexible Add-Ons
Add-ons like Return to Invoice cover can provide the full invoice price of the bike instead of the depreciated value.
5. Comprehensive Protection
Along with theft, it protects against damages from accidents, natural disasters, or vandalism.
FAQs
What about the loan that I took for the bike?
If you took any loan for the bike and it is not recovered, the loan amount will be paid to the loan provider, and the balance amount will be given to you.
How much time does it take to generate a no-trace report?
Once you have filed an FIR of the stolen bike, the police will take at least one month to look for your bike. If not found, a no-trace report will be generated.
How much will be my reimbursement?
If your lost bike is not found, the insurance company will reimburse you with the IDV amount declared on your policy.
Is insurance applicable for theft?
Yes, comprehensive bike insurance covers theft. If your bike is stolen, you can claim the bike's
Insured Declared Value (IDV) from your insurer after filing a police report (FIR).
Does 3rd party bike insurance cover theft?
No, third-party bike insurance does not cover theft. It only covers damages caused to third-party property or injuries to others in case of an accident.
How much coverage will I get under bike theft insurance?
Under comprehensive insurance, the coverage for theft is based on the bike’s IDV (market value after depreciation). The insurer compensates up to the IDV amount.
What happens to the two-wheeler loan in case of bike theft?
If your bike is stolen and you have an outstanding loan, the insurance payout will go toward clearing the loan amount. However, if the payout is less than the remaining loan, you will need to pay the balance.
What happens if my bike is stolen without insurance?
If your bike is stolen and you do not have insurance, you will bear the entire financial loss. There will be no compensation for the theft.
How is bike theft insurance different from Third-party Bike Insurance?
Bike theft insurance is a part of comprehensive bike insurance, which covers theft along with accidents and damages. Third-party bike insurance only covers damages to third-party property or injuries and does not cover theft.
Can I claim insurance on my bike if it is stolen?
Yes, if you have comprehensive bike insurance, you can claim the insurance for a stolen bike by submitting an FIR and required documents. The insurer will pay you based on the bike’s IDV.
*Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
Service Chat: 
