Bike Theft Insurance

Bike theft insurance is a type of insurance policy that provides financial coverage against the theft of your bike or two-wheeler vehicle. In the unfortunate event that your bike gets stolen, you can receive an insurance claim amount which is equal to the Insured Declared Value (IDV) of your bike. However, it’s important to note that bike theft insurance is only available to those policyholders who choose to get a comprehensive bike insurance policy. With the increasing number of theft-related crimes in urban and metro cities, it is important to have bike theft insurance in place.

If the stolen bike is recovered by the police, you will not get any insurance claim coverage. However, if your bike or parts of your bike have been damaged due to theft, the insurance company will pay out the cost of repairs. If your bike is recovered after your insurance claim has been paid out, you will be required to inform the insurance company about the same and follow their further instructions regarding the insurance claim.

The insurance payout for your stolen vehicle will depend on the Insured Declared Value (IDV) of the bike. To be very precise, the total payout for your stolen bike would be the IDV minus the cost of depreciation and any deductibles in the policy. Thus, it’s important to ensure that the correct IDV of your bike is registered at the time of buying or renewing your bike insurance policy.

If your bike gets stolen and you do not have bike theft insurance in place, you will face the following consequences: 

• Monetary Loss 

Buying a new vehicle is a major investment. If your bike gets stolen, you would essentially lose your hard-earned financial asset. 

• Travelling Issues 

Moreover, if your bike gets stolen, your daily travel routine will get disrupted. You will have to depend on public transport (buses, cabs) or rent a vehicle which would also increase your costs significantly. 

• Mental Stress 

Having an important asset like a bike stolen can also cause anxiety and mental stress, which can lead to a decline in your mood and productivity. 

A comprehensive bike insurance will help you deal with bike theft in the following ways: 

• Provide financial coverage if the bike gets stolen. 

• Provide financial coverage if the stolen bike is recovered but damaged. 

Apart from these, comprehensive bike insurance will also provide coverage for accidental damages to the bike, natural or man-made disasters, fire, third-party liabilities, and more.