Since having an insurance for every two wheeler plying on Indian roads has been made mandatory by the Indian Motor Vehicles Act, 1988, in majority of the instances people end up buying one out of compulsion. Selecting the right type of insurance keeping in mind all the needs that arise in case of any unfortunate event or loss or damage to the two-wheeler can save you from additional monetary loss against few extra bucks paid towards the premium of the insurance.
At any given day, the chance of your two-wheeler getting stolen is far more than that of a car. According to a survey, a thief needs 3 hours window to dispose a stolen two-wheeler. Owing to the ease with which two wheelers can be hidden or dismantled, thieves are getting more efficient in doing the crime in least number of hours possible.
From a report published by the TOI on November, 2015, in the year 2014, in Delhi 22,223 vehicles got stolen which included 6,019 cars. Only 2,322 were recovered at the end of the year.Thus having the right kind of policy for your two wheeler can not only cover any losses incurred during an accident or losses to the third party, but also provides you a platform for making a claim on your stolen vehicle.
A comprehensive insurance cover is best suited for instances where your two wheeler is stolen and not recovered. A third party two wheeler insurance policy will not cover any damage or loss to your own vehicle.
Steps to claim insurance:
Following steps can guide you to file a successful claim to your insurer in case of theft of your two wheeler. It should be kept in mind that time plays a very significant part in the entire process.
- Register an FIR:
This is the first step and perhaps the most important step in the entire process. The moment you discover that your two-wheeler is stolen, head to the police station of the area from where you suspect or are certain that your two-wheeler is stolen and file an FIR. A First Information Report is a must before you file any claims from your insurer.
- Inform your Insurer:
The immediate step that one needs to take after filing an FIR is to inform the insurer. Care should be taken that there is no delay in taking this step. The insurance companies have their own set of protocols and procedures to be followed in case of a claim on a stolen vehicle.
- Inform the Transport Office:
It is important and mandatory to keep the Regional Transport Office informed. The RTO provides you with duly signed transfer papers along with the Forms 28, 29, 30 and 35 which you would needwhile making a claim with your insurer. Thus make sure you do not skipthis step.
Once the relevant authorities and agencies as mentioned above are informed, the next step is an important point of action from your end. Gather all the relevant documents needed to make the claim along with the filled up claims form available from the insurer or downloaded from their website. All documents need to be attached along with the claim form before submission. The documents that you would primary need are:
- Insurance policy documentation
- Photocopy of driving license
- Photocopy of RC book
- The original FIR copy
- Filled up claim form
- RTO transfer papers signed along with the other required Forms 28, 29, 35 and 30
Also, you need to submit the original two wheeler keys.
- No-trace report
No-trace report is generated by the regional police indicating that the vehicle cannot be traced. The police take about 30 days of time before they generate this report. This is an important document and increases the likelihood of your claim to be accepted.
Do not lose patience, since the entire process takes time given the fact that there are various agencies and authorities involved in the entire process. However if your vehicle is recovered, the insurance company willnot consider your claim.