For many middle-class families in India, a two-wheeler is one of the most affordable and convenient modes of transportation. Bikes and scooters can be commonly found on Indian roads. India also happens to have one of the highest numbers of two-wheelers on-road. As you spend your hard earnings on purchasing a bike, having your bike stolen can be traumatizing. Investing in good bike insurance will ensure that you get properly compensated for your stolen bike. However, what if you had any valuable items kept in the bike at the time of theft? Will you get compensated for the stolen valuables? You could, with the help of the loss of personal belongings add-on in your two-wheeler insurance. Read on to know more about it.
What is the loss of personal belongings add-on?
Often, people happen to leave something valuable, such as a mobile phone, in the storage compartment of their bike. In the unfortunate event that your bike gets stolen, your insurer will compensate you either in the form of a sum assured under the policy or you will be given the amount corresponding to the insured declared value (IDV) of your bike.
However, if there was any valuable item kept in your bike at the time of the theft, you could get compensated for it as well. If you have added the loss of personal belongings add-on to your insurance policy, you will get compensated for the stolen items. Having this add-on in your insurance policy does not affect the bike insurance price. * (*Standard T&C)
How does this add-on work?
When your bike gets stolen, you will file a claim for the same. At the same time, if there were personal belongings that get stolen along with your bike as well, you need to file a claim for those belongings. You will need to file an FIR for the stolen items. Once the FIR has been filed, you need to submit a copy of the FIR along with the invoices for the items that you have lost. Make sure you submit original copies.
Once these documents have been submitted, your insurer will verify the claim and compensate you for the stolen items. The compensation amount is dependent on two factors: the sum insured in the add-on and the depreciation value of the item.* If your item is less than a year old, the depreciation value could be low. However, if the item is older than 3-4 years, the depreciation value could be higher. Do read the insurance document carefully to get an idea about the slabs of depreciation and the items included and excluded under the policy. *
Things to keep in mind for Loss Of Personal Belongings Add-on In Two Wheeler Insurance
- File the claim within the stipulated period
- Provide all the proper documents
- Do not provide false information about the belongings
Conclusion
With this add-on, you can get your valuables insured from theft in case they get stolen along with your bike. If you are looking to purchase this policy, you can use the two-wheeler insurance premium calculator to see how much the policy would cost you with this add-on.
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.