What If My Bike Was Stolen?

All Your Two Wheeler Insurance-Related Questions Answered

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“What if my bike was stolen? But I have two wheeler insurance! But how do I get a claim? What would I do next? Will I get a full claim? Would I need to file a police complaint?” Common questions you’ve probably had. Here are some of the dreadful questions answered!

How Much Amount Can I Claim From My Two Wheeler Insurance Policy?

Well, there isn’t one direct answer that you will get from your two wheeler insurance agent. The claim amount will be equal to the monetary value (up to the insured declared value : IDV) of the bike. However, this is in the case of you having a comprehensive two wheeler policy, since a third party policy will not cover theft/damages to your bike. Don’t get confused with third-party insurance and comprehensive two wheeler insurance. Third-party insurance will not cover damages to your bike. While a comprehensive two wheeler insurance would.

However, in case you have an unsettled bike loan, then the two wheeler insurance company would settle a claim with the loan financer. Since you have a loan on the bike, it is partially owned by the financer of the loan If you are able to get a No Objection Certificate (NOC) from the financer to release the payment in your favor, then the insurer will then settle this claim in your name. If the claim amount is less than the amount you owe to the financer for the loan, you will have to pay the rest of the amount to the bank and settle the loan. The insurer will only pay the calculated claim amount.

How Long Will It Take To Finalize The Claim From My Two Wheeler Insurance Policy?

Since this is a case of a stolen bike, it is in every body’s interest that the bike is found. This is why it may take a little longer than usual to process a two wheeler insurance theft claim. Rest assured that the two wheeler insurance company starts working on your stolen claim the day you file for it. Once you have all the documents in place, the claim amount would be processed, and it may take anywhere between 7 to 10 working days for the claim amount to reflect in your bank account.

What Are The Requisite Documents To Apply For A Claim From My Two Wheeler Insurance Policy?

Let’s make this fool-proof. All the documents related to your driving, your vehicle, two wheeler insurance policy, and a copy of the police complaint. Here’s a checklist.

  1. Two wheeler insurance policy documentation
  2. Original RC to be verified
  3. FIR copy attested
  4. Duly-filled and signed claim form
  5. Relevant RTO RC Transfer papers with required forms
  6. Original two wheeler keys
  7. In the case of a loan, you will have to provide an NOC from the financer
  8. Subrogation letter.

PS: These are a standard set of documents required to raise a claim. However, depending on the merit and complexity of the claim, the two wheeler insurance company can ask for additional documents.

What If I Can’t Provide All The Required Information?

Don’t worry, just get in touch with your insurer and tell them about the documents you may not have. In most circumstances they can source your policy documents and will help you figure out the best solution to generate your claim. For instance, if you don’t have original receipts or invoices as proof of ownership, the insurer may accept product manuals or photos and then process the claim.

How Does A Two Wheeler Insurance Company Identify If A Theft Claim Is Fraudulent?

Now that’s something you leave to us. Insurers are experts at solving fraudulent claims. Insurers may choose to hire an investigator if they think something is fishy. If it is not fraudulent, and the investigator confirms the vehicle cannot be located, the two wheeler insurance company will take a decision on the claim filed.

Does A Deductible Apply To Theft Claim For My Two Wheeler Insurance Policy?

Yes, a deductible applies to every claim. During the claim settlement process, you will be paid for the cost of loss covered by your policy minus your deductibles you agreed to pay on your own. In the case of two wheeler insurance, the deductible amount should be Rs 100 per claim.

Will A Theft Claim Affect My Two Wheeler Insurance Policy In Any Way?

Yes, it would! The logic here is simple. Since you have claimed for theft, once the claim is settled the two wheeler insurance policy stands cancelled. You definitely won’t be needing the policy anymore since the object insured in not in your custody anymore. And when you buy a new bike it won’t be a two wheeler insurance renewal, it will be an altogether new policy.

What If My Two Wheeler Insurance Policy Just Lapsed Yesterday? Will I Get Theft Claim Today?

Lapses are a strict no-no at any two wheeler insurance company. The theft and all other coverages cease the moment your policy lapses. If your two wheeler is stolen within the term period of your two wheeler insurance policy, you would be eligible to claim for loss/theft of your vehicle.

What Happens If I Recover My Bike Before The Claim Settlement?

Hurray, you’ve found your stolen two wheeler! Now, in the case that you do, you need to immediately inform the insurance company to inspect your vehicle. Your two wheeler insurance company will seetle a claim in the case of damages or repair during the time of theft or recovery.

What Happens If I Recover My Bike After The Claim Settlement?

In the case that you do find your stolen vehicle after the two wheeler insurance companies release the claim amount, don’t get ecstatic. The bike is now legally under the ownership of the insurer. During the claims process you will have signed a letter of subrogation, which states that all the benefits attached to the recovered bike are given to the two wheeler insurance company. It is your duty to report the bike as found, this will avoid all the cumbersome legal complexities. You don’t want to be caught riding a stolen bike.

We hope to have answered all your questions on two wheeler insurance for a bike.


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Trade Logo displayed above belongs to Dewan Housing Finance Corporation Limited and used by DHFL General Insurance Limited with modification under license.
Coco (By DHFL General Insurance) is the Trademark used by DHFL General Insurance for its digital platform.