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Theft Cover in Two Wheeler Insurance

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Walking past the showroom, your eye is caught by the stunning bike in the display. You have to have it, and the elation once you bring it home is something you will never forget. Your dream bike is finally yours and you can’t wait to take her out on a spin.

One fine day you take your precious bike out as usual, only to return to the parking spot to find it gone! The horror of that moment is incomparable.

While this is just an illustrative example, the theft or loss of your bike is very real and could affect anybody. So how do you protect your bike and your pocket in the event the bike is stolen?

Theft cover in two wheeler insurance to the rescue.

What is Theft Cover?

As the name suggests, theft cover is a type of insurance cover that insures your bike or two wheeler in case of theft or burglary. In such a scenario, the insurance company would cover the cost of the burglary or the cost of a replacement in case of theft. If a loan as taken out on the bike which is still to be repaid, the insurance company will pay the loan amount, with the difference having to be borne by you. Sounds too good to be true? But that’s exactly what theft cover under a comprehensive two wheeler insurance policy will give you.

In the event your bike is stolen, there are certain steps that have to be followed before the insurance company reimburses you for the stolen bike.

Filing a Claim For a Stolen Two Wheeler

The process to file a claim in case your two wheeler is stolen is listed below:

  • File an FIR (First Information Report) at the nearest police station. This is to be done as soon as you realise the two wheeler has been stolen.
  • Inform the insurance company- the insurance company is to be informed as early as possible. Call the company on their dedicated helpline and provide details regarding the incident as well as the vehicle number and your policy details such as policy number, name of the policyholder etc. Try to be as thorough as possible when describing the incident that led to the theft.
  • Inform the RTO (Road Transport Authority)-  for all theft cases, the RTO is to be informed, from where you will have to collect the transfer papers.
  • Document submission- after notifying the relevant authorities and police, you are required to submit a list of documents to the insurance company on the basis of which the claim will be registered. The documents are listed below:
    • Copy of the vehicle’s registration certificate.
    • Copy of the policy document.
    • Copy of the policyholder’s driving licence.
    • Original FIR document.
    • Claim settlement form, duly filled in and signed.
    • RTO transfer papers.
    • Vehicle’s original keys.
  • Once the documents have been submitted, the insurance company will process them and verify them.
  • The police will issue a ‘no trace report’ attesting that the stolen vehicle could not be traced. It is only once the police hand over this document that the insurance company will process the claim.
  • Based on the documentation, the insurance company might choose to hire an investigator to look for the stolen vehicle.
  • Once the investigator confirms the vehicle cannot be located, the insurance company will take a decision on the claim filed and reimburse the IDV (insured Declared Value) amount or pay the loan (if applicable).

The IDV amount would depend on the premium amount paid. The lower the premium amount, the lower will be the IDV of the vehicle. However, it is advisable to pay a slightly higher premium and maintain an IDV that will cover the cost of your two wheeler in the event it is stolen, especially if you reside or work in theft-prone areas.

Theft Cover In Two Wheeler Insurance Reviews

Page 1 of 50 1 2 3 4 5
  • HDFC Ergo Two Wheeler Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    I have taken two wheeler insurance from Hdfc General insurance . I made the payment for 1 years through online banking . Customer service and responce is average as thye have explained the benefits of the policy .This policy covers with road side assistance and bumper to bumper coverage and the premium amount which am making for this is pretty economy .
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 20, 2019
  • Royal Sundaram Two Wheeler Insurance
    "Low Premium with Higher IDV value"
    0.5 5.0/5 "Blown Away!"
    My two wheeler insurance purchased from Royal Sundaram. They are giving the higher IDV value hence i have chosen this company. I pay the premium amount of Rs. 1000. They have given me a IDV value of Rs. 24000. I have renewed the policy through online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • HDFC Ergo Two Wheeler Insurance
    "Good Protection with HDFC Ergo"
    0.5 5.0/5 "Blown Away!"
    My Activa Honda got insured with HDFC Ergo, I have been with them around two years, total term of my two wheeler policy is around three years. The premium amount is lesser based on the vehicle age. I took first party insurance its good and satisfactory.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 19, 2019
  • Liberty Two Wheeler Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I currently have the two wheeler policy with Liberty General. The services are good. There was a issues with the third party from whom I took the policy through. It got sorted out but it took time like four months. The premium cost is also nominal.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 19, 2019
  • Bajaj Allianz Two Wheeler Insurance
    "Good features"
    0.5 4.0/5 "Great!"
    I have taken a two wheeler insurance earlier from Bajaj Allianz. The process was good to get the policy. The premium is economical and there are good benefits as well. The policy coverage is also satisfactory. Fortunately I have not used the policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 19, 2019
  • United India Two Wheeler Insurance
    "Smart Protection"
    0.5 5.0/5 "Blown Away!"
    My friend's relative working with United India Insurance, If I have any issues in the vehicle they will take care of it. There was no claim experience. I have insured honda activa scooter, the premium amount is reasonable I took comprehensive cover comes under third party, own damage include.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 19, 2019
  • Bajaj Allianz Two Wheeler Insurance
    "Need to reduce the premium"
    0.5 4.0/5 "Great!"
    My two wheeler insurance is with Bajaj Allianz because mine is Bajaj bike so it will be easier for claim and also lot of showrooms included. I got the insurance paper. The claim process was average, the amount was not fully refunded. Also the process was lengthy. I have paid the premium of Rs.2000 for one year. It is a first party insurance. I felt the premium is quite high.
    Was this review helpful? 3
    , hyderabad
    Reviewed on Jan 18, 2019
  • Bajaj Allianz Two Wheeler Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I took my two wheeler insurance from Bajaj Allianz last year. It was suggested by my friend because he is working. I have paid approx 1000 rupees to purchase the policy. I never had a customer service experience and no claim. The benefits are good and its a third party insurance.
    Was this review helpful? 1
    , pune
    Reviewed on Jan 18, 2019
  • ICICI Lombard Two Wheeler Insurance
    "Not recommendable policy"
    0.5 3.0/5 "Satisfactory"
    My two wheeler insurance was taken from ICICI Lombard. I have applied the claim from with ICICI Lombard but they have not given proper response. They have not processed the claim also. Since because of the lowest premium, i have opted this policy. The service is not upto the mark.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 18, 2019
  • Bharti Axa Two Wheeler Insurance
    "Excellent Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy a long back and the premium has been paying annually. The premium amount has not been too high and the payment method has also been convenient. I had not made any claims so far and it has been a good policy for others as well.
    Was this review helpful? 2
    , navi mumbai
    Reviewed on Jan 18, 2019
  • New India Two Wheeler Insurance
    "Good Insurance company"
    0.5 4.0/5 "Great!"
    They are good in all service, without approach them they are providing good service. New India premium is economical, I paid the premium around Rs 7000 for three years. They gave me the third party cover, cash less service. They got tie up with many experience the agents are good.
    Was this review helpful? 2
    , chennai
    Reviewed on Jan 18, 2019
  • Bajaj Allianz Two Wheeler Insurance
    "Premium should be economical for the renewal"
    0.5 4.0/5 "Great!"
    Whenever there is a issue, I can reimburse with Bajaj Allianz its good than other company. One time I claimed, they gave me cash less service the premium is lesser than others then I changed it. The renewal option is good but they show more premium when I go for renewal.
    Was this review helpful? 2
    , bangalore
    Reviewed on Jan 17, 2019
  • ICICI Lombard Two Wheeler Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy almost four years back and i am paying the premium annually. The premium amount has not been high and the payment method has been simple. There has not been any claims made so far and the services which they had offered so far was good.
    Was this review helpful? 2
    , chennai
    Reviewed on Jan 17, 2019
  • HDFC Ergo Two Wheeler Insurance
    "Good for two wheeler"
    0.5 4.0/5 "Great!"
    My policy belongs to HDFC Ergo, its a premium policy for one year the insured value is fine for me Rs. 97,000, I have the KTM Duke bike its good, I took first party insurance with HDFC Ergo, I really not interacted with them for any policy queries.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 17, 2019
  • Bharti Axa Two Wheeler Insurance
    "IDV percentage should be increased"
    0.5 4.0/5 "Great!"
    The insured value is low in Bharti axa, I Purchased Royal Enfield bike for Rs. 1.75 but they gave me only Rs. 1.20 lakh . My policy has the tenure of two years, I am not sure about the tie up services. I have taken the first party insurance. I purchased in the month of october 2017.
    Was this review helpful? 3
    , new delhi
    Reviewed on Jan 14, 2019
  • National Insurance Two Wheeler Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I had my two wheeler insurance from National Insurance and it was a better experience. This insurance was issued by the showroom as a default. There is no claim. I felt the premium is bit higher so moved to HDFC Ergo. The customer service is better.
    Was this review helpful? 2
    , bangalore
    Reviewed on Jan 14, 2019
  • HDFC Ergo Two Wheeler Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    My two wheeler insurance was taken from HDFC Ergo because it has more benefits and the premium is lower compared to others. It is a first party insurance. The customer service is very good. There was no claim and IDV value is good. I got the insurance paper.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 14, 2019
  • HDFC Ergo Two Wheeler Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance for my bike a long time back and it had been a good policy. I had been paying the premium on an annual basis and the premium amount was not too high as well. The payment method has been simple and there has not been any hassle. There has not been any claims made so far and there has not been any hassle faced with the services of them.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Jan 13, 2019
  • ICICI Lombard Two Wheeler Insurance
    "Good features"
    0.5 4.0/5 "Great!"
    I have my two wheeler insurance with ICICI Lombard. The services are good and there no hassles to get the policy. The premium is also nominal. The policy coverage and benefits are satisfactory. I also received the policy papers on time. Good in all.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 12, 2019
  • United India Two Wheeler Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    This policy was recently renewed for my bike, my brother went to the showroom and then he renewed the policy, the premium is economical as per the market. They are issuing the policy with the good coverage of bike. Its a trusted insurance company and I got the paper on time.
    Was this review helpful? 4
    , kolkata
    Reviewed on Jan 11, 2019
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