Losing your bike to theft is a nightmare. You not only lose your mode of easy conveyance, but you also face a financial loss too. This is when your two wheeler insurance policy comes into play. If you have bought online two wheeler insurance (comprehensive plan) for your bike, theft of your bike would be covered. Your insurance company would settle your claim to cover bike theft.
Here are 10 easy steps to help you understand the entire two wheeler insurance claim process in case of a stolen bike –
Step # 1 – Inform the insurance company
The first step in making a claim is to inform the insurance company as soon as you discover the theft of your bike.
Step # 2 – Give a detailed explanation
When you inform the insurance company about the theft, give the company a detailed description of the theft.
Step #3 – File a police FIR
A police FIR is necessary to prove the theft of your bike. That is why after you have intimated the insurance company about the theft claim, file an FIR with the local police station. You should also retain a copy of the FIR to file it with your insurance claim.
Step # 4 – Get a duplicate RC Book
Your RC Book is an important document and when the bike is stolen, the RC Book might have been stolen with it. In that case, you should get a duplicate RC Book from the office of the road tax officer.
Step # 5 – Arrange all the documents in order
A complete set of documents would have to be submitted to the insurance company for the company to process and settle your two wheeler insurance claim. So, you should arrange for the documents. These documents include the filled-in claim form, policy bond, RC Book copy, copy of your driving license police FIR, etc.
Step # 6 – Submit both the sets of bike keys to the insurance company
In case of theft, the insurance company requires you to submit both sets of bike keys. This is done to ensure that you are in possession of your bike keys. It also eliminates the possibility that you left your bike’s keys in the bike’s ignition thereby assisting theft. If both keys are not submitted, the claim might not be paid.
Step # 7 – Obtain a ‘non-traceable report’ from the police
The police would try and locate your stolen bike. If, however, the police are not able to locate your bike, they would issue a ‘non-traceable report’ to you, which states that the bike is non-traceable. This report is important as the insurance claim is settled based on this report. So, obtain this report from the police authorities and submit it to the insurance company.
Step # 8 – Submit a letter of subrogation to the insurance company
Along with the non-traceable report of the bike, you should also submit a letter of subrogation to the insurance company. This letter transfers all your ownership rights to the insurance company. The company then tries and locate your stolen bike itself. If the company locates the bike, the bike becomes the property of the company by virtue of the letter of subrogation.
Step # 9 – Get the claim approved
After you have submitted all the documents to the insurance company along with the letter of subrogation and the keys to the bike, your claim would be processed and approved by the insurance company.
Step # 10 – Get the settlement of a claim
The last step is when the insurance company pays the Insured Declared Value of the bike as a claim. In case you have a loan, the claim might be settled directly with the lender. You might have to pay any additional amount to clear off the loan.
This is the detailed two wheeler insurance claim process in case of theft. However, remember that claim is allowed in comprehensive plans, not in third party insurance. Third party insurance only covers third party legal liability. So, buy an online two wheeler insurance (comprehensive plan) policy and ensure your bike against theft.