What to Do If Your Bike Is Stolen? Insurance Claim Process Explained

• Immediate Action
  In case your bike is stolen, the first thing you need to do is take a few immediate actions:

• Gather the Documents
  To raise a claim, you would need to submit certain documents to your insurance provider. Here’s the list of documents you need to gather:

• Raising the Claim
  Now comes the part where you raise the claim. If you have already informed your insurance provider about the bike theft, all you need to do is fill in the claim settlement form and submit it with all the documents. Make sure to get the Untraceable Report that is issued by the police if your bike is not traced for over a month. The insurance provider looks into the claim for verification, and you are compensated accordingly.

How Can Bike Insurance Help?

Once you understand the entire process, it is essential for you to be aware of how and why having optimal coverage for your bike is important.

This is why choosing bike insurance smartly is as crucial as purchasing your bike. Now, you might already know that bike insurance offers coverage against damages due to theft, but it is equally important to know the claim settlement process.

Read on as we take you through the important aspects to know about a comprehensive bike insurance plan so that your claim settlement is easy in case your bike is stolen, and how purchasing a reliable insurance plan with Jio Insurance Broking can save you from the hassle of running from one window to another.

Bike Theft Coverage: What You Need to Know?

In India, there are broadly three different types of bike insurance plans available, including standalone own-damage bike insurance, third-party liability insurance and comprehensive bike insurance. Having a third-party liability bike insurance policy is mandatory for every bike owner under the Motor Vehicle Act 1988. However, it offers the most basic coverage. It covers only third-party liabilities and not the damage to your own bike.

Protecting against damages due to theft is one of the coverages that you get to enjoy, whether you buy an offline or an online bike insurance plan that offers comprehensive cover. Remember that coverage for theft is available only under standalone own insurance or comprehensive insurance, and not third-party liability insurance.

Did You Know? Comprehensive insurance plans often come with different covers and add-ons. Return to Invoice is an add-on that allows you to get a cover equal to the on-road price of your bike in case of theft or total loss.

Role of IDV in Bike Insurance

IDV or the Insured Declared Value IDV in bike insurance is the maximum payout you receive from the insurer in case of theft or total loss (when your bike is damaged beyond repair). IDV is also important as it directly affects the premium you pay. A higher IDV means higher premiums but better coverage. An IDV that is too low can greatly reduce the payout that you would receive. Choosing the right IDV is essential and thus ensures adequate compensation while keeping insurance costs reasonable

Top 3 things to know while choosing the Right Bike Insurance for Easy Claim Settlement:

Remember that, in addition to choosing the right coverage, it is important to choose an insurance provider with a hassle-free claim settlement process. In case your dream bike is stolen, the last thing you want to do is run from one window to another for compensation.

Here’s a list of considerations you must keep in mind while purchasing a bike insurance policy:

1. Claim Settlement Process
   While choosing your insurance plan, you must first carefully evaluate the claim settlement process. This includes the process of raising a claim, the document requirements verification process and the duration for final claim settlement.
   Pro Tip: Head straight to the Jio Insurance Broking portal to compare the claim settlement process of the most trusted insurance providers in India.
2. Claim Settlement Ratio
   The claim settlement ratio represents the number of claims settled by the company against the number of claims raised. IRDAI releases the annual claim settlement report of every vehicle insurance provider that you must check.
3. Coverage Against Theft
   Your insurance provider is most likely to provide coverage against bike theft. But is this enough? No. You must dig deep to find the coverage plan in detail, like the compensation policy, bike valuation process and add-ons that you can opt for.
   Add-Ons: Explore the return on invoice add-on that promises you compensation based on the on-road price of your bike, even if your bike’s IDV is less.
   Pro Tip: Make sure your bike’s IDV is reasonably decided. The Insured Declared Value is the maximum amount you get in case your bike is stolen or damaged beyond repair.

To Conclude

Bike insurance claim settlement can seem complex at first, but once you know all the steps, it does not take much. Just be mindful about taking immediate action once you realise that your bike is stolen to avoid missing out on deadlines for raising a claim with an insurance provider. Purchasing bike insurance protects you from damages due to theft, fire, explosion, etc; therefore, it is important to choose a plan smartly. Enter Jio Insurance Broking to help you compare plans and pick what best meets your requirements.