What Are The Benefits Of Renewing Bike Insurance?

Bike Insurance Renewal Online: Top 7 Benefits | Bajaj Allianz

India is plagued by a very high number of vehicle thefts, and the numbers are only rising with each passing day. Delhi and the National Capital Region (NCR) account for almost 56% of all vehicle thefts in India, while Bengaluru and Chennai account for 9% and 5%, respectively. Hyderabad, Mumbai, and Kolkata have emerged as the Indian cities with the lowest vehicle theft rates so far.

Nobody desires to have their vehicle stolen, but unforeseen circumstances like theft by anti-social elements are always a possibility. It is commonly noticed that more bikes are stolen than automobiles. When this occurs, you will require two-wheeler insurance coverage with theft protection. Note that a third-party auto insurance policy does not include theft coverage, whereas a comprehensive policy includes theft coverage. It might be difficult to retrieve your stolen bike, but the insurance company will reimburse you for its Insured Declared Value (IDV) to help you get your Bajaj Allianz bike insurance claim. *

Follow the steps below to file an insurance claim for a stolen bike:

1. Visit the police station to file a report of suspicious activity (FIR)

After discovering that your bike has been stolen, the first and most crucial step would be to attend the nearest police station and file an FIR. This is necessary by your insurance carrier in order to file a claim for your bike insurance.

2. Inform your insurer by calling them.

Now, you must call the customer service number of your insurance carrier and follow their instructions. After filing a claim against the theft of your motorcycle, submit and claim bike insurance form with the essential information. Ensure that you offer them accurate information, such as your vehicle’s registration number, insurance details, etc.

3. Inform the RTO

The law requires you to report your stolen two-wheeler to the Regional Transport Office (RTO). The paperwork procedure and formalities must then be followed. The RTO will then supply you with the essential transfer documents for the claims process.

4. Provide necessary documentation

After gathering all the relevant data, you must ensure that the insurance claim form is correctly filled out to claim bike insurance and sent together with the documentation. The following are:

  • A duplicate of your driver’s licence
  • Your insurance policy documentation
  • Original FIR copy
  • Certificate of registration (RC) for your two-wheeler
  • Note to the RTO; transfer documents from the RTO
  • A correctly completed claim settlement form

5. Submit an ‘untraceable’ report

If the police are unable to locate your bike, they will file a “non-traceable report” stating that your bike could not be found anywhere. The insurance company will then approve your claim and begin the compensation process. Your insurance will provide you with the Insured Declared Value (IDV) of your motorcycle in this circumstance. *

If you did not know this before, bike owners are required to carry at least third-party liability coverage. Also, never let your insurance policy lapse. Renew it before its expiration date to maintain its validity. Many individuals include bikes on their list of prized assets, making it all the more important to cover them with a two-wheeler insurance policy. To protect your bike from being stolen, choose a comprehensive two-wheeler insurance policy with theft coverage.

In today’s always-connected world, online would be the most convenient method for obtaining or renewing a bike insurance policy. It won’t take long, and your motorcycle will be insured with just a few clicks. If you have any questions, feel free to contact their executives directly by visiting the website or phoning the helpline of your insurance provider.

* 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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