Bike theft and insurance – step by step guide to filing a claim

05 May 2019

A bike or a scooter is one of the most convenient means of transportation. It is pocket-friendly, allows you to navigate through the traffic and can also be parked rather easily. The last point i.e. its convenient parking somehow also makes it susceptible to thefts. Yes, bike thefts are, unfortunately, very common. As such, it is very important that you invest in a comprehensive bike insurance policy that also includes insurance against theft. So we’ve prepared a step-by step guide to help you claim insurance after bike theft.

How to claim insurance for bike theft?

It is natural for you to be in a state of panic when you find out that your bike is stolen. However, you must remember that it is very important to collect yourself and follow the below mentioned steps so that your claim is processed successfully.

Step 1 – Register an FIR

The claim process begins with you registering the FIR. As soon as you find out about the bike theft, you need to head to your nearest police station to register the First Inquiry Report or FIR. You need to inform the police about the basic details of your bike – registration number, model, colour etc., and the last time you saw your bike. It is better to carry copies of your bike registration card (RC book) and insurance documents as a precaution. Your insurance claim will not be processed until you register the FIR.

Step 2 – Inform the insurance provider

After registering the FIR, the next step in the bike theft insurance claim process is getting in touch with your insurance provider, informing them about the theft and intimating the fact that you would be filing a claim. You must do this as soon as you have registered the FIR since insurance providers also have to complete certain due processes and formalities, which they must follow during such situations. If you purchased your insurance policy through an agent or broker, you can inform them of the same and they can relay the information to the insurance provider. However, you will find all details – the 24x7 helpline and toll-free numbers, on your insurance policy.

Step 3 – Inform the Regional Transport Office

Whenever a vehicle theft occurs, it becomes mandatory for the owner of the vehicle, to inform the Regional Transport Office or RTO about the same. This law is framed because the vehicle owner needs to get in touch with the RTO when they require vehicle transfer papers or other similar documents. Therefore, you must ensure that you don’t skip this step.

Step 4 – Get your documents in place

After completing the above mentioned steps, you must focus on getting all the necessary documents, so that you can actually begin your claim process. After gathering all your documents, you need to fill the claim processing form provided by your insurance provider and attach the documents mentioned in the form. Your insurance provider could also ask you to download the form from their website and fill it accordingly. You would typically require the following documents to get your claim process started:

• The bike theft insurance claim form – duly filed
• The original insurance policy document
• A self-attested photocopy of your driving license
• A self-attested photocopy of your RC book
• The original FIR copy
• The necessary documents provided by the RTO such as forms 28, 29, 30 and 35
• You also need to submit the original keys of the bike both sets, if you have them

Step 5 – File a no-trace report application

A no-trace report, also referred to as an untraced vehicle report, is provided by the police, after they have conducted their investigation. The report states that they are unable to trace your bike. The report is typically provided after an investigation period of one month from the date of FIR registration. This document is a must because in the absence of it, your claim rejection chances can increase dramatically.Now that you know how to claim insurance after bike theft, ensure you follow it to the letter in case your bike is ever stolen. Note that if your bike is recovered, you will not receive any claim amount. However, in case it is not recovered and you purchased the bike by taking a loan, the insurance provider will reimburse the amount owed to your loan provider, and the remaining sum assured will be paid to you.