Losing your motorcycle can be stressful, especially when it happens due to theft or misplacement. You may have a lot to do, but knowing what to do is the right approach to getting your vehicle back or receiving the proper compensation.
Here is a step-by-step guide on what you need to do in case your motorcycle goes missing and ensures legal compliance as well as smooth insurance claims.
Why Acting Quickly is Important?
Immediate action on your lost motorcycle is crucial for:
Improving Recovery Possibilities: Reporting the vehicle in time increases the chances of recovering it.
Filing an Insurance Claim: Proper documentation and timely action are essential for a successful claim.
Avoiding Legal Complications: Ensures compliance with legal requirements for reporting stolen vehicles.
Step-by-Step Guide to Follow If Your Motorcycle is Lost
Step 1: Remain Calm and Search Thoroughly
Double-check Your Location: Your motorcycle is not in the area or was moved.
Ask around: Seek neighbours, security guards or persons nearby who know your bike.
Towing services: Your bike may have been towed due to parking infringement; contact your local municipality and confirm.
Step 2: File FIR Complaint
You are now pretty sure your motorcycle has vanished or was stolen
Approach the nearby police station to lodge an FIR.
Provide all the relevant information such as
- Vehicle registration number.
- Make, model, and colour of the motorcycle.
- Number of the engine and chassis.
- Date, time, location of the incident.
Obtain a copy of the FIR. Its copy is needed in this process of claiming insurance from the company.
Pro Tip: Be as specific and detailed as possible while describing the incident to the police.
Step 3: Inform Your Insurance Provider
Notify your insurance company immediately after filing the FIR. This step is necessary to initiate the claim process. Most insurers have a specific time frame for reporting such incidents, typically within 24-48 hours.
Documents Required to Inform the Insurer
Copy of the FIR.
Original insurance policy document
Registration certificate of the vehicle
The driving licence of the policyholder
Step 4: No Trace Certificate
After a certain duration (30 days), if no motorcycle is traced by the police, they issue a No Trace Certificate. A No Trace Certificate is one that says that the concerned vehicle was not found although all the possible efforts to trace it were made.
How to Obtain It:
Keep following up on your FIR with the police station that dealt with it.
Once you get a certificate, ensure you receive an authentic copy of it.
Step 5: Claim on Insurance
With the No Trace Certificate in hand, approach to file your insurance claim. The following is what you do.
1. Submission of Insurance Claim Documents
- Copy of FIR
- No Trace Certificate
- Original policy document.
- Vehicle registration certificate.
- Driving license of the owner
2. Cooperate With the Insurance Surveyor:
- The insurer will nominate a surveyor to ascertain the claim particulars.
3. Await Claim Settlement:
- After verifying all documents, the insurer will settle the claim according to the Insured Declared Value (IDV) of your motorcycle.
Quick Tip: Make sure your policy is in effect and covers theft or loss.
How Insurers Calculate the Compensation Amount
The compensation amount is computed on the basis of the Insured Declared Value (IDV) of your motorcycle. IDV is the market value of your bike at the time of buying bike insurance, considering depreciation.
The compensation amount is computed based on various factors like:
IDV (Insured Declared Value) of your motorcycle
At the time of purchase of bike insurance, your bike will be valued as per IDV calculations, which is based on the age, make, model, location, depreciation, and price of the bike. This is considered as the current market value of the bike.
Return To Invoice Cover
If you have this add-on cover and your bike is stolen, you will receive the full amount you have paid for the bike, which includes road tax, ex-showroom price, registration fees and any other fees paid when you purchased the bike.
Voluntary Deductibles
While making a claim, the voluntary deductibles you selected when you purchased the bike insurance will be deducted from the total claim amount you will receive.
The formula for the claim settlement amount
Theft Compensation = IDV – Deductibles or Theft Compensation = RTI - Deductibles (If RTI is opted)
Final Thoughts
In an unfortunate situation where your bike is stolen, you need to act immediately and responsibly. The first 24-48 hours are the most crucial for recovering your bike or making a claim. Make sure you follow all the steps mentioned above, and hopefully retrieve your bike. In the worst-case scenario where your bike is nowhere to be found, bike insurance will have your bike. So, ensure you have comprehensive bike insurance and have peace of mind!
Also Read: Electric bike vs Fuel Bike: Which one should you choose?
Frequently Asked Questions
Can I track my lost bike?
It depends on your bike’s features. Some modern bikes have tracking features which are useful if your bike is lost or stolen. Ensure you make an FIR at the earliest so that the police can track your bike down.
Will I get money if my bike is stolen?
If you have a comprehensive bike insurance policy, the insurance will cover the IDV at the time of your purchase in case your bike is stolen.
How to make your bike theft-proof?
You can install anti-theft devices, ensure you park in a safe space, and if possible, add a GPS tracker to your bike for maximum protection. But thefts can still happen, so ensure you have bike insurance to protect against theft.
Does 2 2-wheeler insurance cover theft?
A comprehensive 2-wheeler insurance policy will cover theft, but a third-party liability cover won't. Ensure you check the coverage scope of your bike insurance before buying one.
