When purchasing bike insurance, many people consider the premium that must be paid. Many of you have no idea about the coverage features, which are of supreme importance. Although you are aware that the policy would come in handy in the event of an accident, you are unaware of the specific benefits of the coverage. This knowledge is essential when you want to claim bike insurance.
Coverage options for bike insurance plans
Depending on the type of policy you purchase, different types of bikes are covered. There are two variations of bike insurance plans.
- Third-party liability insurance
The most fundamental coverage is provided by third-party liability plans. These policies covered the third-party liability incurred in the event of third-party physical injury or third-party property damage.
- Comprehensive two-wheeler insurance
Plans cover damage to the bike as well as the required third-party liabilities. Comprehensive plans offer coverage against such damages, whether your bike suffers from natural or man-made harm.
Do bike insurance plans cover theft?
What about the bike’s theft? Theft of a bike is another potential scenario that could result in a loss of funds. Which policy—third party or comprehensive, in your opinion—offers protection against theft? Who can take a guess?
A policy that covers bike theft is one that is comprehensive. You can claim bike insurance for the monetary loss you may experience if the bike is stolen, and you have comprehensive coverage. If you’re unsure about the claim procedure for theft claims, don’t worry; it’s easy.
How to file a claim for theft under a bike insurance policy:
The following is how comprehensive motorcycle insurance policies theft claims are handled:
Loss notification
Notifying the insurance provider of the bike’s theft is the first step in filing a claim for theft. As soon as you learn that your bike has been lost, you should notify the firm.
Policing FIR
The following step is to submit an FIR to the neighbourhood police department. FIR is a crucial document in the theft claim procedure and must be filed in order to record the bike theft.
Documents for claims
To process the claim, you must submit the necessary documentation. This is also true for insurances like Bajaj 2-wheeler insurance. The police FIR, the original insurance certificate, the correctly completed claim form, the driver’s licence, the RC book, and any other papers requested by the insurance company are among them.
The extra bike key should also be provided to the insurance provider and the paperwork. The risk of carelessness in leaving the key on the bike, which might be a potential source of theft, is eliminated by providing spare keys.
Obtaining the claim
The cops look for your bike once you file a police FIR. The police will issue a non-traceable certificate to you if your bike cannot be found. The insurance company is subsequently presented with this certificate in order to process the claim. The insurance provider pays the Insured Declared Value (IDV) of the bike insurance policy that was in effect in the year the theft occurred after receiving the non-traceable certificate.
Theft of a bike is covered by comprehensive policies, which also provide compensation for any resulting financial loss. You can find one such insurance coverage in Bajaj Allianz two-wheeler insurance.
You now know how to file a theft claim, which is a straightforward procedure. A thorough plan is a preferable option because you can’t dismiss the risk that your bike will be stolen. Therefore, to ensure complete protection for your two-wheeler against potential damages and theft, purchase comprehensive two-wheeler insurance.
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