Does bike insurance cover theft?

bike insurance cover theft

When you buy a bike insurance policy you often look at the premium which would be paid for the policy. When it comes to the coverage features, many of you are clueless. You know that the policy would prove handy in case of an accident but the exact coverage benefits escape your attention.


Types of Coverage for Bike Insurance Plans


Coverage under bike insurance policies depends on the type of policy that you buy. Bike insurance plans come in two variants which are –

  • A third party liability policy
  • Comprehensive policy


Third-party liability policies offer the most basic coverage. Such policies covered third party liability faced in case of third-party bodily injury or third-party property damage.


Comprehensive two-wheeler insurance plans, on the other hand, coverage damages suffered by the bike as well besides the mandatory third-party liability. Whether your bike faces damages due to natural causes or man-made ones, comprehensive plans provide coverage against such damages.


Is theft covered in Bike Insurance Plans?


What about the theft of the bike? Bike theft is also a possible contingency which would cause a financial loss. Between third party and comprehensive policy, which policy, do you think, offers coverage against theft? Any guesses?


A comprehensive policy is the one which covers bike thefts. If the bike is stolen and you have comprehensive coverage, you would get a claim for the financial loss that you face. If you are wondering what the claim process for theft claims is, don’t worry, the process is simple.


How to make a theft claim for a Bike Insurance Plan:


Here’s how a theft claim is paid under comprehensive motorbike insurance plans –


  1. Notification of loss

The first step in making a claim for theft is informing the insurance company about the theft of the bike. You should inform the company as soon as you discover the loss of your bike.


  1. Police FIR

The next thing to do is to file an FIR with the local police authorities. FIR is necessary for reporting the theft of the bike and is also an important document in the theft claim process.


  1. Claim documents

You would have to submit all the relevant documents to get the claim processed. These documents include the police FIR, original insurance certificate, duly filled in claim form, driving license, RC book and any other documents as and when required by the insurance company. Along with the documents, the spare key of the bike is also supposed to be submitted to the insurance company. Submission of spare keys eliminates the possibility of negligence in leaving the key on the bike which can be a possible cause of theft.


  1. Getting the claim

After you file a police FIR, the police try and locate your bike. If your bike is not located, the police issue a non-traceable certificate. This certificate is then produced to the insurance company to get the claim. Upon submission of the non-traceable certificate, the insurance company pays the Insured Declared Value (IDV) of the bike insurance policy which was available in the year in which the theft took place.


To summarize:

Comprehensive plans cover bike theft and compensate you against the financial loss that you face in such circumstances. The process of making a theft claim is simple and now you know how to file your claim. The possibility of theft of your bike cannot be ignored and so a comprehensive plan proves to be a better choice. So, if you also want a comprehensive coverage for your two-wheeler against possible damages and theft, invest in comprehensive two-wheeler insurance for all-around protection.



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