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How does Theft Cover in Bike Insurance Policy Help You Financially?

By Juhi Walia
25 July 2022, 3:29 PM

Many believe their bikes won’t be stolen if they use certain measures such as locking them to an immovable object or removing the wheels. Unfortunately, these methods don’t always work; even if they do, it isn’t easy to take them on holiday with you! For this reason, you should consider bike insurance to cover you if your vehicle gets stolen so you can purchase another without worrying about how you’ll afford it.

Let's look at the theft cover in two-wheeler insurance in more detail. 

What is Theft Cover in Bike Insurance?

Theft cover insurance that helps protect your bike if it is stolen. This coverage can reimburse you for the cost of your bike and any accessories that may have been attached to it at the time of the theft. In some cases, the theft protection add-on rider can also help cover the cost of a replacement bike.

A theft cover claim will not be successful if the evidence doesn't indicate that your bike was actually stolen and not just lost or misplaced. There are many things to consider when purchasing this type of protection, including the value of your bike and the degree of protection you need. 

If your insurer provides theft cover, it will generally list certain conditions under which it will refuse to pay out on a claim. For example, it may require you to provide proof of purchase (such as an invoice) before it agrees to entertain your bike insurance claim. The company may also require that you notify it within 24 hours after discovering your bike has been stolen. You will get the IDV of the bike, whatever is applicable at that time. The IDV does not include the depreciation your motorcycle may be subject to at that point, plus the registration cost, road tax, insurance cost, etc. So, as a customer, you would like to get even these.

You should thus purchase a return to invoice add-on cover that reimburses you the IDV in bike insurance and the other costs in case your bike is stolen or damaged beyond repair. Additionally, your insurer may agree to cover the cost of a replacement bike with an identical make and model. 

Different insurers offer different levels of bike insurance coverage, so it's important to read the terms and conditions carefully before signing up. Theft cover is often included in standalone own damage and comprehensive bike insurance policies. If you have third-party liability insurance only, you won't get theft cover.

Why is Theft Cover in Bike Insurance Important?

The mental and financial scars of a stolen bike can be immense. While you can stay as alert as possible to avoid such an incident, thieves could still steal your bike. So, a theft cover in bike insurance is vital. Let's check the reasons that ask you to opt for a theft cover.

Financial Protection

The main reason to purchase theft coverage is financial protection. A regular comprehensive or standalone bike insurance disburses you the IDV in case of a two-wheeler theft. With a return to invoice add-on cover, you can also recover depreciation expenses, registration costs, road tax, etc.

Theft Cases on the Rise

Unfortunately, there has been an increase in cases of motorcycle theft over the past few years. Some thieves steal bikes to sell them as scrap metal or parts, while others steal bikes for their own use. Many purchase theft coverage under their bike insurance policies to combat this problem because they want to regain control from thieves and help protect themselves financially. 

Lower Rate of Recovery

Very few bikes are recovered once stolen. Keeping that in mind, theft coverage provides peace of mind knowing that you will get your bike back should it ever go missing. For these reasons, purchasing theft coverage as part of your bike insurance policy is worth considering.

Steps to Follow in Case of a Theft

It can be overwhelming and shocking when you realise your bike has been stolen. However, it is important to remember the process to be followed. Here's what you can do in case of theft.

1. File an Official Police Complaint 

The first step is to file an official police complaint with the local authorities. Try to recall everything that happened at the time of the incident. Get help from friends or family members if necessary. 

2. Ask Around

Even though filing a report might seem enough at this point, asking around could also bring some clues. There might be people who may have seen something or heard something that could prove helpful.

3. Inform Your Insurer About the Theft

Once you're done with all the legal paperwork, inform your bike insurance company about the theft. It will take care of any liability issues and give you compensation depending on your chosen coverage plan. 

4. Submit the Related Paperwork

After informing your insurer, submit the relevant paperwork:

  • A report of the loss filed with the authorities and claims made
  • A copy of your driving license
  • Original keys of the vehicle
  • A copy of the registration certificate of your vehicle
  • A copy of your insurance policy
  • Transfer documents from the RTO office

Keep a copy of all these documents for future reference as well. 

5. No Trace Report

This report needs to be submitted when there is no trace of the bike and it cannot be found by following up with any leads. You can acquire this report from the police station if they cannot find your bike even a month after filing a complaint. 

The Bottom Line

Many people overlook theft coverage when they purchase their bike insurance policies, which can be a costly mistake. Theft coverage helps you to replace your bike in the event it is stolen and helps cover your legal expenses if you have to pursue criminal charges against the person who stole your bike. 

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1. Is theft cover in bike insurance available with all insurers?

Standalone and comprehensive policies offered by the insurers cover bike theft.

2. Can I buy a theft add-on cover while renewing my bike insurance policy?

Yes, you can purchase the theft add-on cover while renewing your standalone own damage or comprehensive insurance policy.

3. Will I be required to pay an extra amount while buying the theft cover?

A regular bike insurance policy covers theft by paying you the IDV. If you want coverage beyond that, you can add return to invoice add-on cover for an extra premium.

4. Can theft add-on cover be bought with third-party bike insurance?

No, you cannot. You must have a standalone own damage or comprehensive insurance policy to have an add-on cover.

5. What is the validity of the return to invoice add-on cover against theft?

The add-on cover will be valid for a year from purchase. You can renew it again while renewing your insurance policy.

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