Anti theft device for bike and their impact on insurance premium

A comprehensive bike insurance policy can help you protect your bike against man-made, natural calamities, theft, and accidents. Hence, this type of insurance plan is costlier than other plans. However, installing an anti-theft device to your bike can help you secure it against theft and also lower the premium cost. Read on to know all about installation of anti theft devices in a bike and its impact on insurance premium.

What is an anti theft device in a bike?

An anti theft device is a security system which you can install in your bike; it alerts you by ringing an alarm as soon as someone attempts to steal it. The anti theft device can be manual or automatic; it reduces chances of theft, giving you peace of mind. If you reside in a theft prone area or you need to park your bike on the road then installation of an anti theft device is necessary to protect your bike.

Impact of installing anti theft device on bike insurance premium

The possibility of a claim is higher in case you have not installed an anti theft device in your bike. The insurance company will have to pay you based on the insured declared value i.e. the current market value of your bike which is decided at the time of policy purchase. On the other hand, chances of theft reduce when you have an anti theft device installed in your bike, thus reducing the possibility of claim. The insurance company has an advantage in this case and hence, charge you less premium.

However, not all anti theft devices are eligible to help you get a discount in premium. The anti theft device you plan to install should be an ARAI approved device and should be installed by a professional.

Benefits of installing bike anti-theft devices

• Protect your bike against theft:

  Installation of anti theft device protects your bike from getting stolen. When someone tries to steal the bike, the engine freezes and you get an instant notification on your mobile.

• Coverage against financial loss:

  Loss of a bike means a financial loss, whether you have paid for the bike in full or have purchased it on EMIs. Even if you raise a claim, you will not receive the full amount you paid at the time of bike purchase. Hence, installation of anti theft devices protects the bike whilst also attracting low premiums.

• Bike insurance premium discount:

  Anti theft device reduces the chances of theft, giving the insurance company a sense of security when it comes to claim. Hence, you get a discount on premium.

• Hassle-free claim settlement process:

  In case if your bike with a security system is stolen then the insurance company will settle your claim easily, understanding that you have taken measures to protect it.

List of approved anti theft devices

Given below is a list of ARAI approved anti theft devices you can install in your bike

• TCU by Pricol Limited
• ACONITS140 by Accolade Electronics Pvt. Ltd, Pune
• ITS System TLG-1000 by Autocop India Pvt. Ltd
• VTS from Wabco India Limited
• VTS-01-021 & VTS-01-022 from KPIT Technologies Ltd, Pune

Types of two wheeler anti theft devices

Bike insurance anti theft devices are usually available in the form below.

• Immobilizer:

  An immobilizer prevents certain parts of the bike from moving. For instance, a handle lock which disables the handle without key insertion.

• Anti theft alarm:

  This is a sound based device which alarms you when someone tries to steal your bike. Even if you are not around the bike, it will alert the people in the vicinity who can help you prevent the theft. Compared to other devices which are technologically advanced, this type of device comes at a low price.

• Vehicle tracking system:

  Known as a global positioning system, this enables you to track the actual location of your vehicle. In case of theft, it also sends you an instant notification.

• Engine switch:

  With this system, all you need to do is turn the switch to the off position until which the engine will not start till it is flipped back. This is known as the kill switch device.

Conclusion

A bike insurance theft can not only cause you financial hassle, but also require you to do a lot of legal documentation which can make the process tiresomeone for you. By installing an anti theft device, you will get complete peace of mind and will also pay a lower premium which is a win-win in both ways.

Also Read: Does bike insurance policy cover fire damage