Do you remember those masterfully-shot car stealing scenes from the movie Gone in 60 seconds? One can’t help but feel an adrenaline rush as Nicolas Cage tries to achieve his target of stealing 50 cars in 96 minutes! While you must have thoroughly enjoyed those well-executed scenes in the movie; imagine the same thing happening to your most prized possession – your motorcycle. Wouldn’t it be fun to watch a real-life master thief stealing your bike with equal finesse? After all, stealing a vehicle is also a skill, no?
Well, before you get too angry, let us state this clearly – some things can only be enjoyed in the movies and not in real life. Having your vehicle stolen is one of the worst feelings in the world. As many two wheeler owners form a strong bond and develop attachment with their vehicles, losing them can cause a lot of heartburn. And in the absence of a theft insurance cover, it can leave you feeling extremely bitter and miserable and becomes a reason for you to buy theft cover for two wheeler.
The Need to Buy Theft Cover for Two Wheeler
Do you really need to buy theft cover for two wheeler? The answer to this question is a loud and resounding – Yes! In the past five years, automobile thefts have witnessed a threefold rise in Delhi (the situation is more or less the same in other Indian cities). To make matters worse, the recovery rate of vehicles, especially the two wheelers, remains abysmally low. Only a small percentage of the stolen two wheeler is recovered.
Many people who wonder why it’s important to buy theft cover for two wheeler, think that auto thieves only target cars. Nothing could be further from the truth and the truth is that although two-wheelers are less expensive, they can be easily hidden and dismantled. Also, as compared to cars, it’s more difficult to recover stolen two wheelers. For these reasons, two wheelers are always at risk of being stolen. No matter how much precautions you take, the possibility of your beloved bike being stolen can never be completely ruled out.
How can Theft Cover for Two-Wheeler Help?
A theft cover might not be able to reduce the pain of losing your cherished possession. However, by providing a financial cover, it can certainly help you to overcome this difficult experience. In order to buy theft cover for two wheeler, you need to opt for a comprehensive two wheeler insurance policy. While a third-party insurance policy provides financial cover only against the damages caused by a third party, a comprehensive policy also covers your own damages. And by opting for theft cover for two-wheeler, you can easily ensure that you are covered in case your two wheeler is stolen. In other words, if your vehicle is stolen, the insurance company will pay the declared value to you.
With more and more people realizing its benefits, the demand of theft cover for two wheeler has increased in recent years. In order to make things easier for the customers, the insurance companies have made the entire process of filing a claim easier and less time-consuming. Once the FIR has been filed, all you need to do is contact your insurance company and submit the necessary documents. However, under most insurance covers, the claim must be filed within the specified number of days. Therefore, it is important to stay in touch with the insurance company’s representatives to ensure that there is no delay in filing the claim.
How to make an Insurance Claim for Bike Theft?
There is no denying the fact that a comprehensive two wheeler insurance policy with theft cover costs more than a third-party insurance cover. However, it also provides complete peace of mind and makes your life a whole lot easier. As a two wheeler owner, you don’t need to worry about the financial implications of having your vehicle stolen.
In case your bike is stolen and not recovered, the insurer is liable to pay an amount equal to the monetary value of the bike at the time of theft. Without comprehensive coverage, you will not get a single penny from your insurance provider.
Below are the few steps to keep in mind to make a successful claim:
FIR: In case of stolen bike, the foremost step should be to log FIR in the nearest police station.
Inform Insurer: Call your insurer and inform about theft. The insurer then will follow its own procedure to process claim.
Intimate RTO: Don’t forget to intimate the RTO about bike theft as it is mandatory by law.
Documents: You need to submit following original documents RC book, driving license, FIR copy, insurance policy document, RTO papers, claim form and the original bike keys.
No trace report: Then you need a no trace report from the police station which says that your bike is untraceable.
Lastly, you need to wait for the claim, as it takes more than a month to get your claim against a bike theft.
Lastly, it is important to state that buying theft cover for two wheeler doesn’t absolve you of your responsibility to take preventive measures to ensure the safety of the vehicle. Using anti-theft systems and parking your two wheeler at a safe place can significantly cut down the risk of your vehicle being stolen.
While it may be fun to watch an actor stealing vehicles on the big screen, it can cause a lot of heartburn in the real life!