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Understand How a Two Wheeler Insurance Plan Covers You


It is mandatory to purchase motor insurance plans in India. Having said that, the intent of buying insurance is not an act of coercion but more so by choice. In the event of an unforeseen accident, loss or damage of the vehicle, the insurance offers protection by compensating according to the sum insured. But what happens if your two-wheeler is stolen? Will your two-wheeler insurance policy cover you at this critical time?

Increase in Two-Wheeler Purchase in India

With road congestion on the rise, two-wheelers are the preferred medium of transport for many Indians today. There is much less chance of getting stuck in traffic-ridden roads when you are travelling on a bike. Another key reason why two-wheelers are popular amongst the so-called lower and even perhaps the upper middle class is because of their affordability factor. For many, bikes are a much more attainable transport option in comparison to cars. Superbike enthusiasts have started purchasing expensive bikes as more and more world-renowned brands have set up shops in the country.

Bike Thefts in India are on the Rise

Your bike has a higher chance of being stolen in comparison to a car. Additionally, recovering stolen cars is a much more streamlined process than tracking stolen two-wheelers. The reason is simple. It is easier to dismantle the two-wheeler and hide it.

A Times of India report stated that a vehicle is stolen every 15 minutes in New Delhi. The number of recovered vehicles has further dropped by 13%, as revealed by the Delhi police department. The primary reason for thefts was a serious lack of parking space. Gurgaon had 3240 vehicles stolen in 2014 out of which 2580 were bikes and scooters. Mumbai reported theft of a whopping 2460 two-wheelers. Yet, only 720 of them were recovered by the police.

The number of bike thefts is very much on the rise whilst the recovery rate remains low at 20 to 25%.

Any form of damage or destruction caused to the two-wheeler can have an effect on the entire monthly fiscal plan of the family. It can get even worse if the bike is stolen. No doubt, seeking the best two-wheeler insurance plans is on the top of the mind for many Indians.

Two-Wheeler Insurance for Theft

Start the process by comparing bike insurance plans online. Many online platforms offer auto insurance premium calculators that will help you to get access to deals and quotations.

It is important to check the terms and conditions, any fine print before you go ahead with your two-wheeler insurance purchase. To many, this may sound boring and they may end up buying the first plan that they come across. By not going through the policy document thoroughly, you may be putting your life at risk as there may be tons of circumstances that the policy may not cover. So, when you do raise a claim, in probability, it will get rejected leaving you with a substantial financial burden.

Third party insurance will only offer coverage for third party liability expenses. This basically means that you would be compensated by the insurer if your two-wheeler has injured a third party or cause damage to their property. Having a comprehensive plan, on the other hand, will also be able to cover your damage or loss of your two-wheeler along with insuring you for third party liability.

Armed with a comprehensive bike insurance policy, you would be covered if your bike gets stolen too. Minus that, you would lose the bike and any possible scenario of claiming compensation too. Even though having your bike stolen can be a difficult experience, the satisfaction lies in the fact that the insurance policy will at least cover the mishap.

A lot of policies only brand themselves as comprehensive. You can opt for insurance provider such as Bharti AXA GI who really do provide policies that insure against bike theft.

Steps to Filing a Bike Theft Claim

Having comprehensive motorcycle insurance will allow you to raise a claim if your bike is stolen. Inform the concerned departments about the theft before you proceed towards filling the documents with your insurance policy provider. Here’s what you need to do:

  • Register an FIR
  • Call your insurance company
  • Intimate the Transport Office
  • Gather the documents

You will need to submit the following documents with your insurance service provider:

  • Insurance policy documentation
  • Photocopy of driving license
  • Photocopy of RC book
  • FIR copy in original
  • Duly filled two wheeler insurance claim form
  • Appropriate RTO papers with compulsory forms such as form 28, 29, 30 and 35

Make sure you the original keys to the stolen bike with you. Lastly, you need to apply for a No Trace Report from the police department. The report basically states that your two-wheeler is untraceable, and chances of recovery are minimal. Without this report, the possibility of your claim being rejected increases manifold.

Being Compensated

The insurance company, at its discretion, may additionally employ the services of a private investigator in spite of receiving the No Trace Report. In such a scenario, you may have to wait around another 60 to 90 days for the compensation to come through.

This makes all the more sense to consider insurance service providers such as Bharti AXA GI who have a simple claim process so that your hassles are minimized.

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Disclaimer :The information published on this website is for the public's reference only. Content of this information is to provide an overview of your Insurance needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice for Travel/Health/Motor. Bharti AXA General Insurance Company Limited makes no representations about the suitability, reliability, timeliness, and accuracy of the information, travel, services, or any other items mentioned on this subject for any purpose whatsoever.

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