OneInsure Blog
Post By Joan
All About Theft Cover In Two Wheeler Insurance
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Two Wheeler Insurance, Bike Insurance, Motor Insurance
Picture this – You take your bike out and drive to the market to buy some fruits and vegetables. You reach the spot by evening and there is no space at all for your vehicle. So you decide to drive a little away from the marketplace and park your vehicle by the road. After buying the necessities, you start to walk back. It’s gone – your vehicle is no longer where you parked it! You look around for it frantically, but to no avail.
Situations like these are not unheard of. Rather it’s all too common. Information tabled in the Lok Sabha, according to an article by The Times Of India, showed that about 1.65 lakh vehicles were stolen in 2013. Another report by Hindustan Times, citing Delhi Policy, stated that in 2017, four vehicles were stolen from the national capital every hour. These are most definitely alarming and disheartening numbers. Chances of two wheelers getting stolen are usually higher compared to four wheelers as it is easier for thieves to move and sell or dismantle two wheelers.
Keeping all this in mind, insurance companies have designed comprehensive two wheeler insurance policies. A comprehensive two wheeler insurance policy offers financial cover for bikes and scooters from instances such as theft, accidental damage and third party liability. The insurance company will pay the insured declared value in the event of theft. In case a loan has been taken out on the two-wheeler, whose repayments are still ongoing, the benefits of the policy will be handed over to the bank instead of the policyholder.
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Now, if you find yourself in a situation wherein you two-wheeler has been stolen, here's what you need to do to ensure is claim is settled without any hassles:
Filing A Claim For A Stolen Two Wheeler
Step 1 - Lodge an FIR with the police right away
Step 2 - Reach out to the insurance company's customer service center and fill out the claim form
Step 3 - Submit with the insurance company the claim form, FIR, copies of the vehicle's registration certificate, driving license and a letter addressed to the RTO intimating theft
Step 4 - The insurance company will process the claim once the police submit the final 'nontraceable report’
It should be noted that the Insured Declared Value will be the amount you stand to receive as compensation. The IDV will be determined based on the premium amount you have agreed to pay. Choose the right level of IDV to ensure you are adequately protected. If your two-wheeler has been taken on a loan, the insurance company will reimburse the payout money to the lending institution, while the difference amount, if any, shall be borne by you.
You can also read Pay Out in case Car Theft
If you have any questions about insuring your two-wheeler, get in touch with us via email support@oneinsure.com or give us a ring at 86559 86559.
