Automotive

How Much Compensation Can You Receive From Bike Insurance If Your Bike Is Stolen?

Bike theft insurance can protect your finances if your two-wheeler is stolen. However, you are eligible for coverage only if you buy bike insurance online. With this comprehensive protection, you could cover the cost of a replacement bike. The insurance provider handles your bike theft claim by the insured declared value (IDV).

What Will The Benefits Be?

Insurance will compensate you for the market value of the motorbike if it is stolen and is not recovered. Your comprehensive coverage is the portion of the insurance applicable in this situation. If you only have third-party coverage or do not have comprehensive coverage, your insurer will not make any payments. Claims are subject to terms and conditions set forth under the motor insurance policy.

What Justifies A Person’s Need For Bike Insurance?

When you buy bike insurance online, remember that third-party bike insurance will only cover stolen bikes, leaving you with the funds for replacement. Comprehensive coverage is advantageous as it allows you to claim bike insurance for theft and receive compensation. Comprehensive insurance protects you from unforeseen financial challenges, making it a wise investment for a small fee. Claims are subject to terms and conditions set forth under the motor insurance policy.

How Does Someone File An Insurance Claim If Their Bike Is Stolen?

  • File An FIR: As soon as you learn that your bike has been stolen, you should file a First Information Report (FIR) at the nearest police station. Give the policeman your bike’s chassis number, serial number, information about which RTO it was registered, and other details when you report the theft. Sharing the news is one of the most critical steps in the Bajaj Allianz bike insurance claim Next, inform your insurance provider and follow their instructions to file a theft claim, ensuring all necessary details are included in the claim form.
  • Let Your Respective RTO Know: By law, you must report your bike’s theft to the Regional Transport Office (RTO). You can obtain the RTO transfer papers and other necessary paperwork by completing the required paperwork with them.
  • Submission Of Documents: After completing the steps above, you must submit the claim form and all necessary supporting documentation to the insurance company.
  • Get Your Non-Traceable Report (NTC): Ask the police department where you first reported the bike theft for the non-traceable report. The insurer will accept this as proof that the bike cannot be found, and the terms and conditions of your two-wheeler theft insurance policy will be adhered to in the settlement of your bike insurance claims.
  • Claim Approval: Following receipt of the required paperwork and approval of the claim, the insurer pays the claim based on the IDV of the bike by the terms and conditions of the policy.

How Will It Affect You If Your Two-Wheeler Is Found?

If your two-wheeler is found, your bike insurance provider won’t pay any claim money to you. If your motorbike was financed, your bike insurance company will pay the payout back to the lender; the remaining balance is your responsibility.

When it comes to bike insurance, considering the Bajaj Allianz two-wheeler insurance claim settlement ratio can help you make an informed decision about your coverage. Claims are subject to terms and conditions set forth under the motor insurance policy. *

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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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