Losing your motorcycle can be stressful, especially when it happens due to theft or misplacement. You may have a lot to do, but knowing what to do is the right approach to getting your vehicle back or receiving the proper compensation.
Here is a step-by-step guide on what you need to do in case your motorcycle goes missing and ensures legal compliance as well as smooth insurance claims.
Why Acting Quickly is Important
Immediate action on your motorcycle lost is crucial for:
Improving Recovery Possibilities: Reporting the vehicle in time increases the chances of recovering it.
Filing an Insurance Claim: Proper documentation and timely action are essential for a successful claim.
Avoiding Legal Complications: Ensures compliance with legal requirements for reporting stolen vehicles.
Step-by-Step Guide to Follow If Your Motorcycle is Lost
Step 1: Remain Calm and Search Thoroughly
Double-check Your Location: your motorcycle is not in the area or was moved.
Ask around: seek neighbours, security guards or persons nearby to have known that your bike.
Towing services: your bike may have been towed due to parking infringement; contact your local municipality and confirm.
Step 2: File FIR Complaint
You now are pretty sure your motorcycle has vanished or was stolen
Approach the nearby police station to lodge a FIR.
Provide all the relevant information such as
- Vehicle registration number.
- Make, model, and colour of the motorcycle.
- Number of the engine and chassis.
- Date, time, location of the incident.
- Obtain a copy of the FIR. Its copy is needed in this process of claiming insurance from the company.
Pro Tip: Be as specific and detailed as possible while describing the incident to the police.
Step 3: Inform Your Insurance Provider
Notify your insurance company immediately after filing the FIR. This step is necessary to initiate the claim process. Most insurers have a specific time frame for reporting such incidents, typically within 24-48 hours.
Documents Required to Inform the Insurer
Copy of the FIR.
Original insurance policy document.
Registration certificate of the vehicle
Driving license of the policy holder
Step 4: No Trace Certificate
After a certain duration (30 days), if no motorcycle is traced by the police, they issue a No Trace Certificate. A No Trace Certificate is one that says that the concerned vehicle was not found although all the possible efforts to trace it were made.
How to Obtain It:
Keep following up on your FIR with the police station that dealt with it.
Once you get a certificate, ensure you receive an authentic copy of it.
Step 5: Claim on Insurance
With the No Trace Certificate in hand, approach to file your insurance claim. The following is what you do.
1. Submission of Claim Documents
- Copy of FIR
- No Trace Certificate
- Original policy document.
- Vehicle registration certificate.
Driving license of the owner
2. Cooperate With the Insurance Surveyor:
- The insurer will nominate a surveyor to ascertain the claim particulars.
3. Await Claim Settlement:
- After verifying all documents, the insurer will settle the claim according to the Insured Declared Value (IDV) of your motorcycle.
Quick Tip: Make sure your policy is in effect and covers theft or loss.
How Insurers Calculate the Compensation Amount
The compensation amount is computed on the basis of the Insured Declared Value (IDV) of your motorcycle. IDV is the market value of your bike at the time of buying bike insurance, considering depreciation.
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