Steps To Follow If A Motorcycle Is Lost Or Stolen

Since two-wheelers are very simple to manoeuvre without a key, they might be an easy target for thieves. However, if you have enough insurance coverage, you'll be able to cover any losses should the worst happen. In the event that your two-wheeler is stolen, bike insurance can safeguard your finances and help you stay protected against theft. However, you may only use the coverage if you have a comprehensive bike insurance policy.
You will not be eligible to receive coverage for bike theft in case you do not have comprehensive insurance coverage. In accordance with the policy, your bike theft claim is resolved using the IDV (the two-approximative wheeler's market value), minus the  deductibles and depreciation. 

What Can Someone Do In Case Their Bike Is Stolen?

Following are some of the things that an individual can do in case their bike is stolen -
Filing a FIR - As soon as you discover your bike has indeed been stolen, you should first register a FIR at the nearest police station. This is one of the necessary documents to support your insurance claim for bike theft.
Inform Your Insurer - Inform your insurer about the loss of your motorcycle, and become familiar with their claims procedure to make a successful claim for bike theft.
Inform Respective RTO - Report the theft of the vehicle to the relevant RTO (where the bike is listed). To finish the procedure, you must turn in the needed RTO papers and documents. The RTO will supply the necessary paperwork when it becomes necessary.
Get Non-Traceable Certificate (NTC) - Retrieve the NTC or Untraceable Report from the neighbourhood police department where you initially reported the theft of the bike  car. This evidence that the bike cannot be located will be accepted by the insurer, who will then settle your bike insurance claims against your two-wheeler theft insurance in accordance with the terms and circumstances.
Claim Approval - The insurer compensates the claim based on the IDV of the bike after subtracting the depreciation and deductibles in conformity with the terms and regulations of the insurance for bike theft following getting the appropriate documentation and accepting the claim.

What Happens When Someone Doesn’t Have A Insurance Plan For Theft?

Following are the consequences that an individual might have to face for not having a insurance plan for theft -
Loss Of Funds - The loss of your funds is the biggest drawback of not having bike theft insurance. A replacement bike or scooter may need to be purchased with it, in addition to the financial loss of a valued item.
Unnecessary Stress - In the event that you misplace the bike you use for your daily commute, you can get anxious.
Relying On Public Transportation - If you don't have a bike, you might have to rely on the public transit system or taxis to get you where you need to go.
The advantages of comprehensive two-wheeler insurance are numerous. It also covers losses or damages to your bike, in addition to protecting you against third-party liabilities (which includes the Third-party Liability Cover). Bike theft is one of the important coverages of Comprehensive Insurance. Therefore, only this kind of bike insurance plan will pay you if your covered bike is stolen and the authorities are unable to find it. It also covers the following losses or damages to your covered bike in addition to bike theft.

Endnotes

It is awful to have your bike stolen. And regrettably, there are chances of it happening undoubtedly. The best thing we can do is be prepared for anything. Do everything we can to increase the likelihood of finding our bikes when it happens.

Also Read: Factors Affecting Bike Insurance Premium