Two Wheeler Insurance

Does Bike Insurance Cover Theft?

The infrastructure of Indian roads is much suitable to two wheelers than any other vehicle. They can slither from the narrowest spaces in chaotic traffic blockages. Being simple means to reach places…

The infrastructure of Indian roads is much suitable to two wheelers than any other vehicle. They can slither from the narrowest spaces in chaotic traffic blockages. Being simple means to reach places with minimal possibilities of getting messed up in traffic, bikes attract a majority of middle income group people with their competitive mileage and cost efficiency.  The increased spending capacity of lower middle-income groups as well as the middle-income groups in the past decade has also brought millions of bikes on road. Shock absorption, mobile charging sockets, power start, increased mileage, storage capacity etc. and many other features have made a two-wheeler dearer to Indians.

However, two wheelers too have disadvantages as it is also very convenient for thieves to steal a two-wheeler in comparison to 4 wheelers and other vehicles. Their slender shape makes it vulnerable for the burglars to take away the vehicle easily. Since the bikes can be dismantled easily with a little effort, it is hardly possible to get back a stolen two-wheeler. It’s surprising to see exclusive markets for dismantled bike accessories and parts which are stolen. Accidents and damages are also very common considering our road conditions and breakage of traffic rules.  In such a scenario, how to save our two wheelers from theft and accidents? Insurance is the instant answer! But, does a bike insurance cover theft? Let’s know the answer to this question!!

The answer to this question is a big “YES”. Owing to the incidents such as thefts, accidents and damages, a good insurance policy is very much required to afford the expenses at the time of an unforeseen loss or damage to prevent a big loss. However, for people who want to go for a bike insurance, it may be little confusing to select an apt policy which can save them from all as a package in times of need. It may be boring and doesn’t seem worthy to expend your valuable time on selecting an insurance policy. But, it is worth it! One will only understand this when an incident occurs! Many end up picking up the first policy they see on website or their friend has suggested them, or the insurance agent offers. You may be paying a huge price for not comparing insurance plans online. This may lead to having a fire and theft motor cycle insurance by paying huge bills from your pocket. You may have a rejected claim for unknown reasons and you won’t even understand why the claim was denied and where it went wrong.

What should be the action plan if your bike is stolen?   

Go through the below given steps if a bike is stolen to get seamless claim settlement.

  • File a FIR and get a copy for your insurance company
  • Get in touch with your insurance company to report the theft and inform them about your claim
  • No trace report from police department as a proof

Assist the insurer with necessary documents:

  1. The request of claim duly signed or attested
  2. An original FIR copy
  3. The documents of your bike insurance policy
  4. Vehicle registration certificate
  5. Driving license
  6. Transfer papers from the RTO office duly signed and stamped by the officials
  7. The original keys of the bike

Most of the current bike insurance policies offer coverage on theft of a bike. The consequences are very expensive after a theft if you don’t get your bike insured. A famous newspaper reports that one bike is stolen every 15 minutes in our capital city of Delhi and this says it all about the necessity of having a bike insurance policy. Deficiency of parking space is a huge problem in our densely populated country and this encourages the bike owners to park their vehicles outside their office places and homes there by making it simpler for the thieves to steal the vehicles. That is when a question arises in our mind, “Does bike insurance cover theft?” It is hence suggested to have your bike insured ahead of an unforeseen incident. It is apparent that loss of a bike is irreplaceable in India but at least, an insurance policy can absorb the financial losses to an extent.

Thefts are all around us, so how can a simple bike stand still from not being stolen which is often parked outside our houses and offices? Not finding a bike in the parking space is a horrific experience for an average individual and it is apparent that it has been stolen. Well, there may be a lesser possibility that it has been towed because of traffic rules breakage. Stealing a bike is comparatively easier than that of stealing a car as it is extremely simple to dismantle a bike and to sell its parts. Simultaneously, it is tougher to retrieve your bike after a theft in comparison to a four-wheeler.

Since, the possibilities of finding a stolen bike are very minimal, there should be no point for the company to deny your claim. The company hires a private investigator to analyze the theft. Once the investigator certifies the crime, the company may pay you back. But the entire process may take 3 to 4 months of time and it demands your patience. So, insure your bike and stay at peace with fire and theft motor cycle insurance.

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