theft cover claim

Bike Theft Insurance Cover

Bikes have made our lives very comfortable in terms of commuting. However, one must remember that bikes are easiest to steal for the thieves even without keys. So, it is important that you must shield your bike from these unfortunate incidents by buying bike insurance.


Two-wheeler details


I have a brand new bike

What is Bike Theft Insurance?

Bike Theft insurance provides compensation to your stolen vehicle. However, it works only when you have a comprehensive bike insurance policy. As the comprehensive cover carries theft along with a range of other incidents like accidents, natural disasters, you would receive coverage for the loss of your bikes during such circumstances. The insurer would compensate you with the IDV of the vehicle.

How to Claim Bike Insurance Theft?

Step 1

Inform the nearby police station and file an FIR,

Step 2

Immediately inform the insurance company after the theft.

Step 3

Inform the RTO about the theft. You will have to submit the necessary RTO Documents to complete the claim process.

Step 4

Documents need to be submitted,
  • Bike’s Registration Certificate
  • Driver’s licence
  • Copy of your bike insurance
  • Bike’s Registration Certificate
  • Original Keys of your bike
  • Bike’s Registration Certificate
  • RTO documents ( Form 28, 29,30, and 35)

Step 5

Obtain the non-traceable certificate from the local police station that your vehicle could not be located.

Step 6

Upon receiving the documents, the insurer will settle your claim based on the IDV.

Claims Assistance

A considerable number of claims are not settled because of the complications involved in the documentation process. Because of clumsy and unorganised documentation, many times even genuine claims are rejected. Fincover is well-equipped with a dedicated claims support team who will be glad to assist you in all claim-related queries.

How much you will receive for your stolen bike?

The claim amount depends on the IDV of the vehicle. IDV is the Insured Declared Value of the vehicle at the time of policy purchase. It is the amount that you will receive from the insurer in the event of theft or irreparable damage to your bikes. In short, IDV is the current market price of the bike

For example, if the IDV of your bike is Rs. 1 Lakh and the deductible is Rs. 10000 and the depreciation value is Rs. 10000, then the insurer would settle you with Rs. 80000 after deducting both charges.


What if you do not have Bike Theft Insurance?

The consequences of not having a comprehensive insurance during instances where you lost your bike, can be devastating

  • Heavy Financial LossBehind the purchase of the bike must lie many years of your hard work. It is a big financial loss on a personal scale. Moreover, you will have to spend again to buy a new bike
  • Rely on Public Transport The main reason people use bikes is to escape public transport. With the loss of bike and no insurance to back up, you’ve got no chance other than to rely on public transport
  • Lose your peace of mind – A loss of this magnitude naturally disturbs your peace of mind and causes unwanted stress and anxiety

What if stolen vehicle is recovered?

If your stolen vehicle is traced, then you will not receive any claim from the insurer.  If the bike is recovered with damages, you can still file a claim for the damages and obtain the same. If the bike is recovered after the claim settlement process, kindly contact the respective insurance company.

Key takeaways

  • Obtain Comprehensive cover for your bikes as far as possible as it covers a wide range of unfortunate events
  • Make sure you do not leave the keys in your bike. If possible install anti-theft devices which are available in the market
  • In the event of loss of the bike, inform the local police station and the insurance company immediately
  • You will have to bear the expenses of the deductibles. The insurer will only settle the IDV of the vehicle lost


You can learn more from our asked questions
Only when you have comprehensive cover, will you receive coverage for the theft of your vehicle.
No, the third party liability policy will cover only the accidental damages and bodily harm to the third party. It will not cover any damage or loss to your vehicle
The claim settlement process generally varies from insurer to insurer. Generally speaking, it takes about 2-3 months for the bike theft claim as it involves various processes.
The coverage amount depends on the IDV of the vehicle. IDV is the insured declared value, which is fixed at the time of the policy purchase. The insurer pays the IDV after taking into account deductibles and depreciation.