Why Theft Coverage Is Important for Bike Insurance


Two-wheelers are immensely useful vehicles. From commuting to work to carrying out household errands, to going on long rides, your precious two-wheeler can help you in versatile ways. It is the agility and adaptability of bikes and scooters that make them a perfect match for Indian roads. However, two-wheelers are also more prone to theft because of these very reasons. While taking precautionary measures to protect one’s bike against theft is fine, they may not help you financially if your bike indeed gets stolen. A bike insurance policy that provides theft coverage may be the right solution for such situations.

Why opt for theft coverage in bike insurance

    • Bike theft cases are relatively more common 

Bikes are easier to carry around as compared to other motor vehicles, such as a car, due to their lightweight build. While this quality makes a bike an accessible vehicle for many people, it also makes the bike more susceptible to theft and burglaries. Furthermore, gangs of thieves also find it more convenient to dismantle bikes and sell their spare parts.

When cases are registered, the chances of recovery are lesser, since bikes can be difficult to trace, especially in the absence of a tracking device.

You can do your bit to ensure that your bike stays safe. However, if your bike does get stolen, you may suffer a huge financial loss. This loss can be relieved to a great extent if your bike insurance price includes theft coverage.

    • Theft coverage is quite cost-effective 

Financial protection against theft is only available in comprehensive bike insurance policies. Many people are of the opinion that these kinds of policies are very expensive. However, if you exercise the right methods, comprehensive policies can be quite affordable as well. You must ensure that you only choose the coverage features you need and opt out of features you do not require (if the option for the same is available). Using a two wheeler insurance premium calculator can also help you keep your comprehensive policy premium within your budget.

Additionally, you can also avoid raising claims for minor damages. Not raising a claim during the policy duration makes you eligible for the No-Claim Bonus, wherein a concession in premium is offered at the time of renewal of your policy.

    • You receive compensation as per the current value of your bike 

If your bike gets stolen and is deemed untraceable by the police authorities, the bike insurance provider may hire their own investigator to carry out the task. If the bike is not recovered even then, the insurer is liable to provide you with the Insured Declared Value of your bike. The IDV is the current value of your bike after deducting depreciation. This is usually provided in the event of the bike not being recoverable due to theft or severe damage.

You have the option to choose an IDV at the time of policy purchase. The higher the IDV, the more will be the premium of the bike insurance policy. However, when you lose your bike, the IDV you receive can help you deal with the loss to a great extent. Therefore, one must choose an IDV effectively.

* Standard T&C Apply

Theft coverage within bike insurance policies may differ from insurer to insurer. Do reach out to your insurer to get a thorough understanding of the theft coverage within your bike insurance policy. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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