Things You Need To Know About Theft Cover For Two Wheeler Insurance.

1. Things You Need To Know About Theft Cover For Two Wheeler Insurance.

2. Imagine this – you go to the movies with friends. Due to the theatre’s lack of parking space, you find a spot on the street to leave your bike and head for the movie. However, when you return, your bike has vanished. After checking all the nearby RTOs to see if your vehicle has been towed, the sad reality that your bike has been stolen will sink in. It’s a feeling of complete helplessness.

3. Though this is a hypothetical situation, it is also an extremely plausible occurrence. In fact, some studies show that a motorcycle is stolen every 15 minutes in Delhi. If this is possible in the capital city means it can happen to anyone at any time; having said that, it would be very unwise to not protect yourself from something like this.

4. You should get a handle lock and file your bike’s registration number on as many parts as possible to deter burglars. However, even this might not stop some hardened thieves, in which case, your last safety measure would be to purchase a comprehensive two wheeler insurance plan that covers theft. Theft cover is an amazing bonus some of the better insurance plans come with. It is a feature that ensures you have complete peace of mind from the hopeless situation of a stolen motorcycle. And this article will detail some of the more important things to know about theft cover in bike insurance to ensure you make well-informed decisions

5. Not all two wheeler insuranceplans come with theft cover. You should know that not every insurance plan comes with theft cover. If you opt for third party insurance, the chances of getting theft cover are extremely slim. Some comprehensive plans also skip on this element of protection. So when buying insurance, make sure you inquire if the plan you are buying covers thefts or not. If the plan doesn’t come with an inbuilt theft cover, check if it offers an add-on theft protection option and the cost of this additional cover.

6. The claim process. Overall, the process of making a claim against your theft cover is very similar to the claim process for an accident. You have to inform your insurance company and file an FIR with the police. Additionally, you will have to inform the RTO. Post this you will have to submit the signed claim form, a copy of the FIR, a copy of the RC book, a copy of your driving license, RTO transfer papers along with the keys of your motorcycle. The insurance company might deploy a recovery team of its own. If this team and the police search turn up no results, you will have to produce what’s known as a ‘no trace certificate’ and the insurance company will then settle your claim.

7. The compensation amount. The amount of compensation you receive for a stolen bike depends on the IDV you set when purchasing the two wheeler insurance policy. IDV stand for insurer declared value and is usually the market value of your vehicle when you purchase the policy. You can set an IDV higher or lower than the actual value of your vehicle to enjoy lower or higher premiums respectively. However, if you live in a crime-prone area or if you park your bike on the street, it makes sense to opt for a higher IDV. This will ensure you get a higher payout in case of a theft.

8. We hope this article has helped you get a better understanding of theft cover on a two wheeler insurance policy. Good luck and all the best – ride safe! Thank You…