What to Do After a Motorcycle Theft?

Posted on: Dec 2, 2022 | | Written by:

What to Do After a Motorcycle Theft?

Published on December 2, 2022. EST READ TIME: 3 minutes

As two-wheelers are so simple to operate without a key, these vehicles may be an ideal target for burglars. Nevertheless, if you have adequate comprehensive bike insurance coverage, you will be able to pay any damages if the unexpected did happen. In the case that your prized possession is stolen, a bike insurance may protect your funds and keep you secure from theft. Nevertheless, this coverage is only available if you possess a complete bike insurance plan.

If you do not already have comprehensive bike insurance coverage, you'll not be entitled to compensation for bike theft. The motorbike theft claim is addressed in line with the bike insurance policy by utilising the IDV or Insured Declared Value (the two-wheeler's approximative marketplace valuation), less the deductibles plus depreciation amounts.

This article will go over the simple steps you can take if your bike gets stolen.

What Can Someone Do in Case Their Bike Is Stolen?

If you discover that your bike has been stolen, you should immediately take the procedures outlined below.

1. Make a preliminary information report.

Whenever you notice your bike has been stolen, go to your nearest police station and submit an FIR. Submitting an FIR is among the mandatory measures.

2. Notify the insurance provider.

Contact the insurance provider and inform them about your stolen bike, as well as the next measures you must take.

3. Inform the local Regional Transport Office about the theft.

You must report the loss to the local Road Transport Office where your bike was first registered. Continue the procedure by sending the appropriate papers and completing the necessary forms.

4. Complete the documentation procedure.

After you've obtained the necessary paperwork, like the FIR copy and RTO-related documentation, submit the following to the insurance provider.

● Certificate of registration for two-wheeler

● Driver's licence

● Insurance for bicycles

● Original bike keys

● Regional Transfer Office transfer paperwork including Form 28, Form 29, Form 30, and Form 35

5. Get the non-traceable report.

You must acquire a non-traceable statement from the regional police department where you submitted an FIR declaring that your motorbike is currently not traceable. Your insurance provider will recognize this non-traceable statement as evidence that your motorcycle was not discovered and will then pay the insurance claim in accordance with the terms and circumstances.

6. Claim Acceptance

The insurance provider settles the claim after obtaining the documentation. The maximum sum awarded is equal to the two-wheeler's insured stated value.

So, the immediate actions to follow if your two-wheeler is stolen are:

1. Notify the insurance provider.

2. Inform the closest police station about the situation.

3. Notify the RTO Officials

4. Get a non-traceable police statement

5. Submit papers to the insurance provider in the form of an FIR copy and a non-traceable statement.

6. Your insurance claim will be properly satisfied following the validation of all papers.

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

The below issues are the repercussions that an individual may face if they do not have proper bike theft insurance coverage in place:

1. Loss of Finances -

The most serious disadvantage of not obtaining proper bike theft insurance coverage is the waste of your cash. On top of the financial damage of such a valuable item, a new bike or moped may be required. So, it creates additional financial pressure.

2. Unnecessary Anxiety -

If you lose the two-wheeler you rely on during your daily travel, you may become nervous. This creates a huge amount of anxiety for people who have to travel daily to reach their workplaces, colleges etc.

3. Using Public Transport -

If you do not have your bike, you may have to depend on public transport like taxis and buses to get about. This not only means you have to pay for the journey that otherwise could have been free but it also implies that you have to depend on the timings of the public transport to get to your destination.

Even though third-party two-wheeler insurance coverage is mandatory in India, there are various benefits to having a comprehensive two-wheeler insurance policy. It also protects you against any third-party obligations and covers damages or losses to your prized possession. One of the main coverages of these comprehensive bike insurance policies is bike theft. As a result, only this type of bike insurance policy will compensate you if your insured bike is lost and the police are not able to locate it.

In regard to bike burglary, it includes the following damages or losses to your insured two-wheeler.

1. Natural Disaster Loss or Damage:

Any loss or damage to the insured motorcycle caused by a natural calamity such as a typhoon, hurricane, flood, earthquake, storm, landslide, hailstorm, tempest, inundation, etc. would be included under a valid comprehensive two-wheeler insurance policy.

2. Loss or Damage Caused by any Man-Made Event:

Any loss or damages caused by any man-made disaster such as a riot, malicious acts, terrorist operation, strikes, damages incurred during transportation by rail, land transport, lift, etc. will be protected under a valid comprehensive two-wheeler insurance policy.

3. Own Damage Coverage:

This coverage protects the insured two-wheeler against any damage or loss caused by a natural disaster, man-made disaster, fire, or explosion.

4. Third-Party Liability Cover:

The comprehensive bike insurance plan covers any damage or loss sustained by a third person or third-party property as a result of a collision or mishap with the insured two-wheeler.

5. Theft:

If the insured motorcycle is stolen, coverage is provided for the insured bike.

6. Fire and Explosion:

A complete insurance policy provides coverage for any damage or loss caused by self-ignition, explosion, or fire.

Conclusion

First and foremost, do not leave your bike unattended. Secondly, if you are parking at a location with a lot of foot traffic, park near other people who have bikes so it looks less suspicious for someone to walk up to your bike and remove the locks. Other than those steps, make sure you have appropriate bike theft insurance coverage from your comprehensive bike insurance policy just in case the worst happens. Before you purchase insurance for your bike, make sure you know its market value. If the current cost of a new bike is more than this figure then it definitely makes financial sense to insure your bike. Shop around too, as there can be a big difference between different bike insurance onlineproviders.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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