Home / Two-wheeler Insurance / Articles / Theft of Personal Belongings: Bike Insurance Add-on

Theft of Personal Belongings: Bike Insurance Add-on

Team AckoJan 17, 2024

The comprehensive bike insurance plan will pay the sum insured or the Insured Declared Value (IDV) in case your bike is stolen. But what about your stolen personal belongings left inside the vehicle, such as your mobile phone? Does the standard comprehensive plan cover personal belongings? No. However, you can protect it by including the ‘Personal Belonging - Theft add-on cover’ to the standard bike insurance to enhance the coverage.

Contents

What is Personal Belonging - Theft in Bike/Two-wheeler Insurance?
How to Buy Personal Belonging - Theft Add-on Cover?
Benefits:
How to Claim Two-wheeler Insurance for Personal Belonging - Theft?
Two-wheeler Package Policy - Add-ons: Personal Belongings (Theft):
Frequently Asked Questions:

What is Personal Belonging - Theft in Bike/Two-wheeler Insurance?

The Personal Belonging - Theft in bike insurance is an add-on that covers your personal belongings in case it has been stolen from the insured bike. ACKO will reimburse the amount specified in the policy up to the sum insured against the loss of your personal belongings left inside the bike in the event of a theft, subject to the applicable depreciation. You can buy the add-on while buying or renewing the comprehensive bike insurance policy.

For Example: In case your bike is stolen, and you had left your mobile phone inside the vehicle, you can raise a claim to cover the loss of your Mobile. This is apart from the claim towards the loss of your bike through the comprehensive plan.

How to Buy Personal Belonging - Theft Add-on Cover?

The procedure of buying the add-on cover is simple by following certain guidelines. The steps below help you understand the process of buying the Personal Belonging - Theft add-on cover:

New to ACKO

Step 1: Visit our website ACKO.com or ACKO mobile app.
Step 2: Provide a few details of your bike (Registration number, the location of the bike, year of manufacture, etc.)
Step 3: Choose Comprehensive Bike Insurance Policy for your two-wheeler (Includes Third-party and Own Damage Cover).
Step 4: You have the option to choose from a number of add-on covers. Select ‘Personal Belonging - Theft’ add-on.
Step 5: Proceed to make the payment and the policy will be sent to your email account instantly.

Existing Customers:

Step 1: Visit the ACKO.com website or the mobile app to log in to your account.
Step 2: You need to renew the comprehensive plan for your bike to include the add-on covers.
Step 3: Select the ‘Personal Belonging - Theft’ cover.
Step 4: Make the required payment and receive the policy to your email account immediately.

Benefits:

By including the add-on cover, the standard Comprehensive Bike Insurance Policy is enhanced to cover the theft of your personal belongings left inside the bike during such a loss. The add-on offers the following benefits:

Get the compensation for the loss of your personal belongings in case of theft of your insured bike.
You can safeguard your savings since the add-on cover compensates for the theft of your personal electronic gadgets.
Peace of mind knowing that theft of your personal belongings is covered in case they are stolen.

How to Claim Two-wheeler Insurance for Personal Belonging - Theft?

Raising a claim against your bike insurance policy towards the theft of your personal belongings is simple if you follow the necessary steps and guidelines. In case your bike is stolen, you shall get a reimbursement of the amount up to the sum insured specified in the add-on cover for the loss of your personal belongings, such as your mobile phone. Below are the steps to raise a claim towards the loss of your personal belongings:

Step 1: Log in to your ACKO account on ACKO.com or through the mobile app.
Step 2: Click on ‘Claims’.
Step 3: Register your claim by submitting the FIR and the original invoice copies of the personal belongings.
Step 4: ACKO will settle the claim after reviewing your request based on the sum insured and after considering the depreciation factor.

Two-wheeler Package Policy - Add-ons: Personal Belongings (Theft):

The Personal Belonging - Theft add-on for your bike insurance will cover the loss of your personal belongings left inside the bike when it was stolen. You can also buy the cover along with the Stand-alone Own Damage Two-wheeler Package Policy.

Special Conditions

The benefits of the add-on are subject to the below-mentioned conditions:

Your claim should be supported with an FIR.
You should provide in writing about the proof of ownership of the personal belonging.
Your claim will be settled after considering the depreciation factor of personal belongings.

Depreciation Based on the Age of the Personal Belongings

Below is the percentage of depreciation being calculated for personal belongings before the claim is settled:

Age of Personal Belongings	Depreciation (in percentage)
<1-Year	20
>1-Year and <2-Years	40
>2-Years and <3-Years	50
>3-Years and <4-Years	60
>4-Years	80

Exclusions

Mentioned below are the exclusions under the add-on cover:

Damage to or loss of belongings that are for trade or commercial purpose.
Any loss unless left inside the insured bike.
Any claim filed after 30 days of such a loss.

Documents Required

FIR from the police.
Written proof that the personal belongings are yours.
Original invoice of the lost personal belongings.

Things to Keep in Mind While Filing the Claim:

To file a successful claim through the Personal Belonging - Theft add-on cover, you must consider the following points:

Inform within 30 days of such a loss.
Need to submit the FIR and written acknowledgement that the belongings are yours.
You can buy the add-on with the Comprehensive Bike Insurance Policy or with the Stand-alone Own Damage cover.
The claim will be settled after deducting the applicable depreciation.

Frequently Asked Questions:

The standard Comprehensive Two-wheeler Insurance Plan is enhanced when you include the Personal Belonging - Theft add-on cover. Here are the frequently asked queries about the add-on cover:

1) Can I buy the Personal Belonging - Theft add-on cover along with the Third-party Bike Insurance Policy?

No, you cannot buy the add-on along with the Third-party Bike Insurance Policy. It is available through the Comprehensive Bike Insurance Policy or you can buy it along with the Stand-alone Own Damage Two-wheeler Insurance Policy.

2) Is this add-on cover available with all insurers in India?

The add-on -cover may not be available with all insurers in India. You can buy the add-on cover with ACKO along with the comprehensive plan or with the stand-alone Own Damage cover.

3) What is the validity of the Personal Belongings - Theft add-on cover?

The add-on cover is valid for a period of 1-year. You can buy it again while renewing your bike insurance policy.

4) Does the add-on cover my smartphone left inside the stolen insured bike?

Yes, ACKO will pay the amount mentioned in the add-on cover after considering the depreciation of the smartphone under the specified add-on cover.

5) Do I have to file an FIR to raise a claim against the add-on cover?

Yes, the FIR is a mandatory document to raise a claim under the add-on cover. Additionally, you need to submit written proof that you are the owner of the belongings.

6) Is it possible to buy the add-on cover while renewing my two-wheeler insurance policy?

Yes, you can buy the add-on while renewing the existing Comprehensive Bike Insurance Policy for your bike.

7) Do I have to pay extra money for buying the add-on cover?

Yes. However, for a nominal premium, you can be assured that your personal belongings are covered under the add-on cover and avoid any unwanted financial loss.

Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet; and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content and before making any insurance-related decisions. Explore More: