Submit Your Insurance Claim Call the motor insurance company’s helpline after filing a FIR and follow the steps to register a claim against theft of your bike. Fill out the claim form and include all relevant information, such as your insurance policy number and your bike’s registration number.
Does insurance cover bike theft?
It’s beyond ten o’clock in the evening. You’re running late for your friend’s party, and the weekend football game has already begun. To make matters worse, our friend’s building’s bike parking place is already gone! You look about but can’t seem to find a suitable location. As a result, you ride your bike down the adjacent street in quest of a free parking spot. You discover it, but the location is a little out of the way. For the umpteenth time, your phone beeps. A notification appears what a fantastic goal! You leave your bike in the garage and sprint to your friend’s house. You enjoy the game, eat dinner, and then depart with a smile on your face. However, you’re in for a rude awakening because your bike isn’t in its proper spot. Because it wasn’t a No Parking slot, it wasn’t picked up by the RTO. You contact them nonetheless, but they don’t have your bike. Your worst nightmare comes true after a few hours. Your prized bicycle has been snatched!
Anyone can find themselves in the circumstances described above. Bike theft is a typical occurrence. When compared to a car, a bike is easier to steal because no preventive measures can guarantee 100% safety. A comprehensive bike insurance policy would come in handy in this situation. While a bike insurance coverage may not be able to prevent theft, it can significantly reduce financial losses in the event of a theft. In the event of a bike theft, your bike insurance carrier will reimburse you with the bike’s Insured Declared Value (IDV). Bike theft is not covered by a standard Third-Party Liability Insurance policy; however, it is covered by a Comprehensive insurance. Continue reading to learn how to file a bike insurance claim for theft.
Can we claim insurance for bike?
- If your bike is covered by a comprehensive policy, you can file a claim for insurance if your expenses exceed the claim amount.
- If you have third-party bike insurance, on the other hand, you won’t be able to make a claim because it won’t let you renew your bike. However, it will cover any damages incurred by a third party as a result of your actions.
What happens if bike gets stolen?
If your bike is stolen, you must report it to the police. Tell your local police agency what happened by calling their non-emergency line. You may then check in to see whether they’ve made any progress, and they’ll keep an eye out for your bike.
Is theft covered under insurance?
Leading insurance companies offer two types of insurance policies: third-party liability and package policies (comprehensive). Third-party damage is covered by car insurance up to a specific limit. Car theft and personal injury damages are also covered in a comprehensive coverage. Depreciation coverage, no-claim bonus (NCB) protection, and other options are available as add-ons to the plan.
If your car is stolen, some policies will provide you with a daily allowance, which means they will cover the cost of a rented vehicle for the duration of the coverage. Your policy may also include a courtesy/hire car within 24 hours of your vehicle being stolen.
Also, keep in mind that in some plans, partial theft of accessories is covered by the no-claim bonus. This means that if some automotive accessories are stolen (a complete list may be found in your policy wordings), you can claim insurance for them without jeopardizing your no-claim bonus.
Is it worth reporting stolen bike?
Police should be notified of the theft. As quickly as possible, file a police report. This is quite significant. It’s possible that you don’t have insurance. However, if they find a stolen bike and you’ve filed a complaint with a serial number, they’ll be able to link it to you, and you’ll be able to get your bike back!
Is theft covered in third party bike insurance?
A comprehensive bike insurance policy combines third-party liability and own-damage coverage to provide you with total protection against all risks!
Third-party bike insurance is a legal requirement in India under the Motor Vehicles Act, 1988. It covers damages to third parties.
This policy provides a lot of coverage. Theft, loss, and damage to your bike will all be covered. It provides financial assistance in the event that your bike, as well as another person, car, or property, is damaged.
This policy provides only basic coverage. A third-party liability bike insurance policy will only cover damage or loss to a third party.
You can choose from a variety of useful Add-ons with this insurance, including Zero-Depreciation Cover, Return to Invoice Cover, Roadside Assistance, and Consumable Cover, among others.
A comprehensive bike insurance coverage has a higher premium than third-party insurance.
How long does it take for insurance to pay out on a stolen vehicle in India?
XYZ’s car theft claim was denied after a few weeks. After his automobile was stolen, he failed to notify the insurer and the police in a timely manner, which resulted in the cancellation. Furthermore, there was an inconsistency in the supporting documents he presented. His claim was denied by the insurance company due to a lack of understanding on his part. He was depressed as a result of that.
Furthermore, if the surveyor discovers that you left your car windows open or that it was not properly fastened while parked, it will be canceled.
In addition, if you acquire a used automobile and don’t transfer the title to your name in the insurance documents, the policy will be voided, and any claim submitted in this regard will be denied.
So, here’s a quick explanation of the auto insurance claim process to assist you in receiving prompt compensation if your vehicle is stolen:
- File a FIR: As soon as possible, you must file a Policy First Information Report (FIR). It’s one of the most important actions to take. As soon as you become aware of the theft, go to the nearest police station and file a police report. This is an important stage that should not be overlooked.
- Notify Your Automobile Insurance Company: After filing a FIR, you must notify your car insurance company of the theft. For theft claims, each vehicle insurance provider has its own procedure and set of procedures. Ascertain that this is also completed within the allotted time.
- Tell the Transport Office: You must also notify the nearest (Regional Transport Office/RTO) about the theft, as required by law.
- Following that, you must move documents and other papers from them. Remember to complete this task.
- Car Theft Claim Form: You must also call and submit the claim form to the insurer’s customer support center. The specifications of the car, the policy number, as well as the time, date, and description of the occurrence are all necessary.
- Submit the Paperwork: A copy of your car’s registration certificate, a correctly signed claim form, the first two pages of your policy documents, your driver’s license, the Police FIR, and a theft intimation letter addressed to the Regional Transport Office should all be submitted.
- Approval: Once the police file a final “no traceable report” and your claim is granted, you must transfer your stolen automobile’s RC to the car insurance company. You must also hand over all duplicate/original car keys to the insurance, as well as a letter of subrogation.
- Reimbursement/Compensation: You must also provide to the car insurance company the original invoice for the repair work as well as payment receipts. The amount that the surveyor recommends in the report will be reimbursed, and the amount will be paid within 7 working days.
The claim paperwork may differ from one insurer to the next and from one claim to the next. In general, you’ll need the following items to commit car theft:
How many times I can claim Bike insurance?
Yes, even if you take your two-wheeler to a non-network garage, you can file a claim. In this instance, you must pay for the repairs first and then submit all billing documentation to ACKO for reimbursement. After subtracting deductibles as required by the insurance policy, ACKO will refund the repair costs.
You get insurance to protect yourself from accidents involving your motorcycle. Only if your insurer honors your claim will this happen. The claim settlement ratio provides insight into their trustworthiness. The insurance firm is more dependable if the claim settlement ratio is higher. However, in addition to this ratio, other aspects such as their services, internet evaluations, and so on must be considered before choosing an insurance company.
No, a valid two-wheeler claim can be filed an unlimited number of times. This would, however, be the rarest of the rare cases. To take advantage of the No Claim Bonus reduction, it’s best to avoid filing a claim for minor damages.
You get a No Claim Bonus if you don’t file a single claim during an active policy year. When you renew your insurance policy, you will receive a discount on your bike premium. If you don’t file a bike claim for five years in a row, the No Claim Bonus discount might be as high as 50%.
By paying a little extra, you can improve your bike insurance coverage. Add-ons are the extra coverages you purchase in addition to the Comprehensive policy. Zero Depreciation cover, Consumables cover, Personal Belonging – Damage/Theft cover, Key Protect, Outstation Emergency, Roadside Assistance, and Bike Engine Protect are the most frequent bike insurance add-ons. The number of claims you file is affected by add-on coverage. You’re not likely to cover the cost of the loss out of your own pocket at the time of the claim.
No, if you get your two-wheeler fixed without alerting the insurance company about the damage to your bike, your claim will be denied. Because your insurer will arrange for an examination, this is the case. The surveyor will determine the amount of the damage to the bike. After receiving a green signal from your two-wheeler insurance company, you should always repair the bike.
Damage to your bike is not covered by a third-party bike insurance policy. You may only file a claim for a stolen bike if you have acquired Comprehensive bike insurance. After deducting the depreciation and other deductibles, ACKO (or another insurer) will pay you the IDV amount.
During the policy period, there is no limit to the number of claims you can file. To get the NCB discount on policy renewal, avoid filing claims for minor losses.
The documents needed to file a claim are determined by the type of claim. However, there are a few documents that must be submitted when filing a motorcycle insurance claim:
Registration of bogus claims, inflating losses, not following traffic regulations during incidents, providing inaccurate information, and other unfair claims tactics are just a few examples. In such instances, there’s a good probability your claim will be denied.
What is the process of claiming insurance?
Filling out claim forms on the insurer’s website or in a branch office is the first step in filing a claim. Documents proving the claim’s authenticity must also be presented. The insurance company next examines the claim and determines whether it is valid.