One of the simplest methods to travel is by bike, particularly in locations with severe traffic. A two-wheeler vehicle takes up significantly less room than a car, making it much easier to manoeuvre through other moving vehicles on the road. There has been a steady rise in the number of bike theft cases in India, along with the growth in the number of bikes. Since it’s simpler to conceal stolen bikes than cars, bike theft has increased, and insurance companies are working hard with law enforcement to reduce the problem. Although it is simple to file an insurance claim for bike insurance, losing the bike that you paid for with your hard-earned money can be very painful.
The requirement to purchase full coverage for two-wheelers
If your bike is stolen, third-party bike insurance will not cover the loss, leaving you without the funds to buy a new or replacement bike. However, having complete coverage could be very beneficial as you can file a claim for bike theft and get reimbursement for it. You can breathe a sigh of relief if you have comprehensive coverage since you will be rewarded if you simply complete a specific theft claim procedure. Thus, you may protect yourself against unforeseen financial difficulties by paying a small fee and purchasing comprehensive bajaj allianz two-wheeler insurance.
Registration procedure for bike insurance theft claims
- File an FIR
Visit the closest police station as soon as you know your bike has been stolen and submit an FIR. Remember that you must file an FIR since you will need to give a copy of it when you file your claim for bike insurance.
- Alert the insurance provider
After filing the FIR, your next task will be to notify the insurance provider of the theft. You must describe the entire occurrence to the firm when reporting it, and you must also provide them with the policy number and registration information. Some insurance providers have deadlines of more than 24 hours by which you must notify them of the stolen incident.
- Let the Local/Regional Transport Office know.
You must report the theft to the Regional Transport Office in accordance with the legislation. You must obtain the transfer documentation and other necessary documents from the RTO.
Submit the necessary paperwork
- The First Information Report’s original copy
- A duplicate of the registration document
- Legally valid claim announcement form
- Forms 28, 29, 30, and 35, coupled with RTO transfer paperwork
- A copy of your licence
- Copy of Insurance Policy
- If necessary, the bike’s original keys
- Police a report claiming that it is impossible to trace the bike. (The police will provide you with this paperwork; without it, the insurance company won’t pay out on your claims.) Within one month of the FIR’s filing date, the police will produce the report.
- In the event that a vehicle purchase is financed, the Hypothecator (a bank or two-wheeler loan financier) must give their “No Objection” (NOC).
How will the money be distributed?
If the bike is lost, bajaj 2-wheeler insurance will reimburse you for the insured declared worth of your car. Therefore, it is essential that you constantly choose a higher IDV. Additionally, if your bike is acquired on hypothecation, the insurance company will refund the bank for the payout amount; the remaining balance must be paid by you. *
If the two-wheeler is found, the insurance provider won’t pay any claims for theft but will repay you for any damage the thieves or the theft caused to the vehicle. Theft cover is an important aspect of a two-wheeler insurance policy. It provides financial protection against the loss or theft of your two-wheeler, which can be a significant financial burden. *
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
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