Check Your Coverage
The claims process for motorcycle theft is a lot like that for a stolen car. First, find out if you have comprehensive coverage on your motorcycle insurance policy. Comprehensive is the kind of coverage that will protect you in case of theft. It is often bought along with liability while you are riding your bike or as protection if you store your motorcycle. Without comprehensive coverage listed on an active motorcycle policy, you will not have coverage for theft. You’ll have to rely on the police to make progress in finding your vehicle.
Call the Police Immediately
Make sure you call the police and file an incident report as soon as you can after you find out about the theft. The longer you wait, the less likely it is that your bike will be recovered. Waiting gives criminals more time to move your stolen bike. Or, they may take it apart. These pieces and parts could be scattered far and wide.
File a Motorcycle Theft Claim
If you have comprehensive coverage on your plan, file your motorcycle theft claim as soon as you can. Contact your insurance company and have the information you will need ready. This will include:
Year, make, and model of your bikeThe mileageWhere it was stolen fromDate and time it was stolenPolice report number
You may also be asked for other information regarding your bike. This might include:
If you still have the keysIf you own the titleWhat the motorcycle looks likeIf anyone else had access to itIf you had any personal property on the bike when it was taken
If you’re financing or leasing the motorcycle, your insurer isn’t the only one you need to call. You should also let your financing company know about the theft.
Questions to Ask When You File Your Claim
As you go through the process of making your claim, you may be paired with a claims rep who will help you. Be sure you understand the claim process. Ask specific questions, so you know what to expect and what you might need as your claim moves forward.
How Long Will the Claim Take?
Theft claims can take time to process. The insurance company is hoping the police will find your stolen bike. Ask the claims rep how long you should expect the process to take. They should regularly update you on the status of your claim.
What Will the Payout Be?
Custom motorcycle equipment can cost thousands of dollars. The more paperwork you have on your bike’s custom equipment, the smoother your claims process will be. Gather all of your photos and receipts for your motorcycle to give to the claims adjuster. Most motorcycle policies start with a low limit for custom equipment. This is often around $3,000.
What Paperwork Needs to Be Filled Out?
A stolen and unrecovered bike is considered a total loss. Therefore, the insurance company will need the physical title to your motorcycle. If you have a loan, the bank will also need to sign off on it. If you owe more than the actual cash value of the bike, you’ll need to have gap insurance to cover the difference. Otherwise, you will have to pay for it yourself.
Do You Know Your Deductible?
Comprehensive coverage on motorcycles often has a deductible. Some insurance carriers, though, offer an extra benefit, called a disappearing, diminishing, or vanishing deductible. This reduces your deductible after every consecutive period without claims. It is an optional type of coverage. You will have to request this coverage and pay extra money to get it. Check with your agent, a customer service representative, or your declaration page to see what your comprehensive deductible is on your motorcycle. If your theft claim turns into a total loss claim, the deductible is simply subtracted from the payout amount. You will not need to pay the deductible to the insurance company yourself.
Recovering Your Motorcycle
Your stolen bike may be found but damaged. In this case, comprehensive coverage will take care of the cost of repairs minus your deductible. Sometimes, a bike is found after you have gone through the entire claims process of a total loss. In this case, the insurance company will be the owner of the motorcycle. This is because you transferred your title during the claims process.
Tips to Prevent Theft
No one wants to be a victim of theft. You might not be able to prevent it, but you can take steps to reduce the chances of your bike being stolen. Lock your ignition, forks, or disc brakes. Make sure any installed locks leave little or no room for cutting tools. Always lock your bike to something that can’t move to make it harder to steal. It’s also smart to install an alarm. And if you can, you should park or store your motorcycle out of sight. Comprehensive is almost always a good choice when it comes time to purchase insurance. Even if you take steps to prevent motorcycle theft, knowing you have your motorcycle insurance to cover you as a last resort can provide peace of mind.
