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  • How Does Bike Insurance Theft Cover Work?

    Published on April 11, 2019

    Two-wheeler theft is a very common occurrence in a country like India. You must have heard quite often that a two-wheeler has been stolen. Imagine saving up to buy the high-end bike of your dreams and then someone steals it right from your parking spot! The thought itself does sound quite terrible.

    Well, this experience is surely painful but what matters more is what happens afterwards. You surely do not want to spend too much of your savings for the next bike. There is a way to protect yourself from that.

    A comprehensive two wheeler insurance cover is the ideal solution for you!

    Comprehensive bike insurance

    The best bike insurance does not only cover you from damages but it also covers you from bike theft. Most people only buy a third-party insurance that covers the damages done to another vehicle. However, a comprehensive plan covers that and protects you from damages and theft.

    If you get the right plan and pay your premiums on time, then a stolen bike will not hurt you financially. Finding the best possible two-wheeler insurance rate requires you to compare two-wheeler insurance policies thoroughly. Remember that your primary goal is getting the best cover and not the lowest premium amount. There are two types of two wheeler insurance; third party two wheeler insurance and comprehensive two wheeler insurance.

    Making the insurance claim

    The key to get the insurance cover for your stolen bike is to be swift. The moment you realise that your bike is stolen, you have to gather yourself and take the needful steps to make an insurance claim.

    1. Report the Theft

    The very first step is to go to the police station nearest to where the bike is stolen from and then lodge a formal complaint. The First Information Report (FIR) is the key.

    1. Contact Your Insurance Provider

    You need to contact your insurer next. It is recommended that you call them instead of contacting online as that is the need of the hour.

    While you are making your claim, they will ask for basic information like your policy number, the description of your bike, the date and time of the incident and the place from where it was stolen.

    1.  Informing the Road Transportation Office (RTO)

    The RTO plays a very vital role when it comes to getting insurance cover for your stolen vehicle. An RTO transfer paper is issued by them, which you will need to complete the claiming process.

    1. The No-trace Report

    This document that proves that your two-wheeler indeed cannot be found. It is issued by the police station where you had filed the FIR. This process takes at least 30 days from the date of the FIR, so you have to be patient.

    Only after you submit this document to your policy provider, they can process your claim. Your claim will be denied without this proof.

    Required documents

    To complete the two-wheeler insurance claim, you need to submit multiple documents to the policy provider. The required documents include the following.


    • An original copy of the FIR
    • Claim settlement form, signed by you
    • A copy of the registration certificate of your bike
    • A copy of your driving license
    • A copy of the policy document
    • Key of the vehicle
    • Duly signed RTO transfer paper


    The compensation

     If your claim is accepted by your insurance provider, then they will pay you the Insured Declared Value (IDV). It is the pre-decided value that you had agreed upon while buying the insurance. The value depends on the amount of premium you pay. Calculate your premium using the two wheeler insurance premium calculator now!

    The insurance companies hire their private investigators to find your bike. It is only when they confirm that the bike cannot be found, your claim is accepted. This can take up to three months.