All about Theft Cover in Two-Wheeler Insurance

The two-wheeler insurance companies have been providing theft covers to ensure that your budget-friendly lookouts are in check. Coverfox gives you all the necessary information about the theft covers and how to deal with it when such an incident takes place. Coverfox offers great deals, ensuring you get the best options for your two wheeler insurance policy. We understand that while your bike has been stolen, it is not easy to keep calm, but theft covers are made for such situations. At Coverfox.com, you will find steps on how to claim, get full details about theft cover in two-wheeler insurance, and you will also get to know that how to immediately respond to such unfortunate theft situations.

Suppose you went out on your first date at a restaurant. The restaurant did not have its own parking space, so you choose a spot by yourself and then parked your bike there. You went inside, enjoyed the evening with your date and the food was great. Basically, everything went as planned. But as you come out and you are about to drop your date home, your bike is missing! It got stolen. If you have a valid comprehensive two-wheeler insurance policy with theft cover, then there is nothing to worry about. This may be a hypothetical situation but has a high chance of occurring. And as it is said, better to have precautions instead of finding a cure later!

You need to follow these steps for immediate claim action if you come across a theft case:

Call to Action

Lodge the First Information Report with the police as soon as possible.

Call your two-wheeler insurance company

Make a call to your insurance broker or the insurance company directly and file a claim. Provide them with specific details like policy number and various other details of the bike. You will also have to explain details about the incident, i.e., date, time, and where it happened.

Inform the RTO

As per law, you have to inform the Road Transportation Office (RTO) about the incident. After all, they have to provide you the RTO transfer papers.

Submit your documents

Once you are done informing all the important departments, you are supposed to send the following documents to your two-wheeler insurance company:

• The duly signed claim settlement form.
• Original FIR Copy.
• Copy of the Registration certificate of the vehicle.
• A copy of the Policy document.
• A copy of the driving license.
• RTO transfer papers duly signed.
• The original set of keys of the bike.

Getting the no-trace report

The police will hand over a ‘no-trace report’ declaring that your stolen vehicle could not be located. Keep in mind that without this report, the insurance claim on the theft of your bike would not be processed. The police may generate this report over a period of one to three months from the date of the incident.

The Compensation

Once it is confirmed that your bike has been stolen and cannot be traced, your insurer may hire a specialist investigator to trace it. Just know that these investigations may take up to 2-3 months.

Note: Your insurer will pay an amount equal to your bike’s IDV.

Remember that you can lower your premium by going for a lesser IDV. But we advise you to pay a little higher amount of premium and choose an optimum IDV. This will be your rescuer at the time of filing a claim if, in an unfortunate case, your bike gets stolen in the future. Your two-wheeler’s Insured Declared Value (IDV) is arrived at taking into account factors like make & model, engine CC, etc. For instance, if you live in a theft-prone area, then opting for a higher IDV is a must.

If your bike was under a loan, then the insurance company will reimburse the amount to the bank. But the difference amount must be paid by you. However, if your two-wheeler has been recovered, the insurer will not pay any claim.

Why comprehensive bike insurance is a better option?

A comprehensive two-wheeler insurance plan covers bike theft. Just a little investment each year can help you save up big, especially in case of a theft. A third-party insurance plan will cover you for third-party liability expenses only. Which is the expense you would be liable to pay if you caused injury to a third party or damaged their property. Whereas, a comprehensive plan would cover the damage/loss of your vehicle along with the third-party liability.

Benefits of claiming through Coverfox

• No inspection: Coverfox helps you to renew your expired two-wheeler policy without inspection and paperwork if done within the grace period.
• No hidden costs: It involves no extra or hidden charges. It comes at the same price as it costs to renew a two-wheeler insurance policy from the insurance company.
• Instant: You will receive the policy within minutes on your mail.
• The best part: No paperwork is involved. You don't have to provide previous policy details if the policy has expired for more than two months.

Benefits of claiming through Coverfox

• No inspection: Coverfox helps you to renew your expired two-wheeler policy without inspection and paperwork if done within the grace period.
• No hidden costs: It involves no extra or hidden charges. It comes at the same price as it costs to renew a two-wheeler insurance policy from the insurance company.
• Instant: You will receive the policy within minutes on your mail.
• The best part: No paperwork is involved. You don't have to provide previous policy details if the policy has expired for more than two months.

What is No Claim Bonus (NCB) in two-wheeler insurance?

It is:

• A discount is provided on the premium amount during the time of renewal.
• Applicable only if you have not made any claim in the preceding year.
• And it can be transferred from one insurer to another.

In short,

We recommend you properly review your bike insurance policy before buying as it must include important covers like theft cover. So, when needed, you can easily file a claim for the loss. Read the full article on Coverfox to know how to file a claim in a situation of theft. Coverfox ensures that you get all the details in relevance to insurance, claims, and renewals. Just visit www.coverfox.com. Hassle-free process, quick access. Check now!

Recommended Link: 10 Best Benefits to Buy Two Wheeler Insurance Online

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