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Bike Theft Claim Settlement Process


You parked your bike and went on with some chores like any other day. Only to return to the dismay of not seeing your bike in the same spot where you had parked. You quickly ask around for the nearest traffic police station, thinking they might have towed your bike away. On reaching the traffic police station, you check with them quickly only to confirm the worse, your bike has been stolen. 

As disheartening as it might be, you must still collect yourself and proceed with the bike theft insurance claim. After all, you bought your bike insurance policy for such unforeseen circumstances. The insurance company will pay the IDV or the insured declared value of the bike. However, there is a small catch. More on that later.

Claim Settlement Process

Here is what you need to do for a bike theft insurance claim.

  • File an FIR

The first and foremost step is to visit the nearest police station, from where the bike was stolen. You would then have to file an FIR or First Information Report with the police station stating some basic details of the bike.

  • File for Insurance Claim

You should then reach out to your insurance provider and inform them of the theft. Based on their instructions, you can proceed with filing a claim for the same. Your insurance company would ask you to file a claims form and provide details such as policy number, bike registration number, etc.

  • RTO

You must then inform the RTO or Regional Transport Office about the theft. It is required by the law. Once you complete the formalities with them, they will provide you with all the relevant documents, such as RTO transfer papers.

  • Document Submission

Here is the most common set of documents that your insurance company might ask of you for a bike theft insurance claim.

  • insurance policy
  • A claim settlement form that is duly filled
  • A copy of the vehicle’s registration certificate
  • A copy of your driving license
  • RTO transfer papers
  • FIR in original
  • A letter to the RTO.
  • Await Approval

The police need to submit a non-traceable report, which fundamentally states that they were unable to trace your bike. Your insurance company would then begin the approval process. At this point, you need to be patient and just follow up with your insurer. They will transfer the IDV or the Insured Declared Value of your bike. Your bike insurance policy has this amount. 

In the event of bike theft, you can use your resources to trace your bike. If you are wondering how to find a stolen bike in India, it is best left to the police. And if you have an add-on cover to your bike, it would be better to leave the case on police. 

Coming back to the point mentioned above, your insurer is not always obliged to compensate you in the online bike case of theft. You can opt for a bike theft insurance claim, only if you have opted for a comprehensive bike insurance policy. Policyholders with a third party liability only policy, will not receive any sort of compensation for bike theft.