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Two Wheeler Insurance 101: Theft Claim

    Unexpected events like accidents, theft and damage are also on the rise due to increased road traffic. Because situations like this occur frequently, you should have adequate insurance to cover the costs and prevent a serious financial hole from developing. To find the best offer at a reasonable cost, compare bike insurance online using the premium calculator.

    Well, the procedure sounds so laborious and comprehensive that some people might not feel worthy of making an effort to focus on insurance and instead choose the first insurance policy they see online or that their insurers present to them.

    One or more accident victims who suffered injuries are covered by a two-wheeler insurance policy. In circumstances where money is tight, this financial obligation turns out to be a significant benefit. There are two forms of motor insurance: liability-only coverage, which essentially pays costs for injuries caused to a third party due to an accident, and comprehensive insurance, which covers all forms of damages to the bike and rider.

    Two-wheeler theft insurance

    If a person can enter a locked home or workplace and take items, what chance does a bike have while it is parked outside? There are only two possibilities if you can’t find your bike in the parking space. One explanation is that it was either stolen or the traffic cops would have towed it away.

    Although losing your bike can be a brutal blow to absorb, you can at least rest assured that your bike insurance policy will cover the accident. You must have a list of your policy’s features if you purchase Bajaj Allianz bike insurance online. Even though the policy is marketed as comprehensive, reviewing the list of services provided before making a purchase is always preferable.

    How do you proceed if your bike is stolen?

    You must follow a step-by-step procedure to submit a claim for a stolen bike in order to avoid complications with the process to claim bike insurance. Although worrying would likely be the initial reaction, keeping your cool and following the instructions is crucial to guarantee a smooth claim settlement.

    • File an FIR immediately

    You must file a First Information Report (FIR) at the closest police station for accidental or stolen claims. The copy of this report is a necessary evidence of the reliability of the theft report and dispels your insurer’s concerns about whether or not this crime was staged.

    • Speak with your insurer

    Reach out to your insurer to report the theft and let them know you want to start a claim bike insurance process after filing the FIR. As much as you can, describe the specifics of the theft while giving them important details such as the stolen car’s policy number and registration information.

    • Submit your documents

    The following papers must be sent to the insurer as part of claim requests when the involved parties and departments have been made aware of the theft:

    • The properly completed and documented claim settlement request form.
    • A duplicate of the vehicle’s registration document, the original copy of the FIR
    • The policy documents in duplicate
    • A duplicate of your licence
    • Properly completed transfer documents from the RTO office
    • The vehicle’s original keys
    • Police would file a no-trace report

    The odds of recovering two-wheelers in India are slim. Thus the insurance companies have no justification for holding up your claim request. Finally, you must obtain a police document stating that the vehicle could not be located.

    The Bajaj Allianz bike insurance claim request cannot be handled without your insurer receiving this certificate, which is crucial. After a month has passed since the incident, the police can produce this paperwork. You should therefore have patience and cooperate with the cops.

    * Standard T&C Apply

    ** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

    # Visit the official website of IRDAI for further details.

    ## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

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