Motorcycles, because of their portability, are more easily stolen than cars, and the return on investment from parting out a stolen bike is very high and, therefore, very desirable. Motorcycles can be easy prey for a professional thief. When taking into consideration the portability of motorcycles and the potential money made from parting it out, it is no wonder motorcycles are at high risk of theft. Unlike a car, motorcycles are fairly easy to move without having a key., The recovery rate of motorcycles is much lower than other road vehicles. Only 25 to 30 percent of motorcycles are recovered, whereas cars are located 60 to 65 percent of the time (According to the NICB).
Motorcycle Theft Coverage
The claims process for a motorcycle theft is almost the same as to a stolen car. First, The individual needs to determine if he/she has purchased comprehensive coverage on his/her motorcycle insurance policy. Comprehensive is the coverage purchased for when one’s motorcycle is in storage to protect against this exact scenario, theft. It is also commonly purchased along with liability while one is riding his/her motorcycle. Without comprehensive listed on an active motorcycle policy, the individual will not have coverage and will need to hope that the police make progress in finding the individual’s vehicle.
The longer the individual waits, the less likely it is that his/her motorcycle will be recovered. Waiting only gives the criminals more time to move the stolen bike farther and farther away. The individual needs to make sure he/she calls the police and file an incident report as soon as he/she is in a safe location.
File Motorcycle Theft Claim
Assuming the individual has the appropriate comprehensive coverage on his/her policy, he/she needs to file his/her motorcycle theft claim as soon as possible.
All theft claims require a police report to be filed. Information needed to file the claim includes year make model and mileage of the motorcycle, location it was stolen from, date and time it was stolen, and police report number.
Motorcycle Theft with Recovery
Odds of the stolen motorcycle being recovered are not in the individual’s favor. If it is recovered with damages, comprehensive coverage will cover the cost of repairs minus the individual’s deductible.
And if the bike is recovered after the individual has gone through the entire claims process of a total loss, the insurance company will be the owner of the motorcycle. An option for the individual to buy it back might be a possibility if he/she asks his/her insurance adjuster.
What to do protect the motorcycle
Park the bike inside. If a garage is unavailable, park in a secure, well-lit area and blanket the motorcycle with a nondescript cover.
When parking in public always lock both the ignition and front fork.
Check the bike frequently.
Use a high-quality lock to secure the bike to a stationary object or another motorcycle. Remember, wheels can easily be removed, so endeavor to route the lock through the frame if possible.
Consider an anti-theft alarm or a recovery device.
For the sake of conspiracy theorists, vary the routes and routines to prevent being followed.
In addition to these procedures, purchase insurance, specifically comprehensive insurance. If the steed is stolen and not recovered within 30 days, comprehensive coverage from the individual’s insurer will pay the current market value of his/her motorcycle and lessen the policy’s deductible.
What to do when one discovers that his/her motorcycle is stolen
Firstly, file a stolen vehicle report with local law enforcement.
Secondly, call the insurance company and report the stolen bike to them.
When speaking with the insurance adjuster, be sure to make these inquiries:
It is not advisable to wait for the police to send a report a report to the insurance company. Instead, When available go to the police department, ask for a copy of the report then immediately send it to the insurance company.
The motorcycle becomes the property of the insurance company after the claims process has been completed and a signed title submitted. If the motorcycle is recovered following all this, there is a possibility of purchasing the motorcycle from the insurance company.
Conclusion of motorcycle theft insurance
A motorcycle theft is not something one can ever desire to experience. Many motorcycles hold their value very well. Comprehensive is almost always a good choice when it comes time to purchase insurance. Therefore, one needs to do whatever he/she can to prevent motorcycle theft in the first place and know he/she has his/her motorcycle insurance to cover him/her as a last resort.