A brand new motorcycle stolen insurance claim should not be delayed. Time is of the essence when making this type of claim.
You may not want to think about someone stealing your brand new motorcycle, but unfortunately theft does happen. You need to protect your property from a possible theft, particularly when dealing with a motorcycle. Because motorcycles are so accessible, they can be the target of a thief more readily than a car. It is in your best interest to understand how your motorcycle coverage will work if your motorcycle is stolen and you need to make a claim.
Brand New Motorcycle Stolen Insurance Claim
Finding out that your new motorcycle has been stolen can be absolutely devastating. However, before you think all is lost, you may be able to get assistance from your insurance company in having your motorcycle replaced. By filing a brand new motorcycle stolen insurance claim you could possibly have your insurance company replace your bike.
Coverage for Theft
It is important to understand how your motorcycle insurance works so that you will have some idea as to how you will be compensated by your insurance company if your new motorcycle is stolen. First, you need to understand that not all policies cover theft. When purchasing the motorcycle insurance, you may have had the option to purchase full coverage motorcycle insurance. The full coverage insurance provides coverage for such incidents as theft. If you purchased liability only, however, you may not be covered.
Before you file a claim to obtain coverage for a stolen new motorcycle, you should first make sure that you have such coverage. Oftentimes, people either think they have coverage that they really don't have or they decide to forgo the additional coverage and then end up with regrets.
When a recently purchased motorcycle is stolen, you will have to file a brand new motorcycle stolen insurance claim. The claims process is important, and it you must understand what you have to do in order to have your claim processed as efficiently as possible.
There are certain steps that must be taken in order to have your claim processed without problems.
- When you discover that the motorcycle is missing most insurance companies require that you contact them and the police as soon as possible. Any delays on your part in reporting the motorcycle missing could result in problems with your claim.
- You will need a police report that details everything that happened in regards to the theft of your motorcycle as your insurance company will request this information in order to process your claim.
- While the claim is being processed, the insurance company will provide you with a rental car to use which is covered under your policy.
- In most states, your insurance company has thirty days to make a final decision about your claim. During this time your insurance company may contact you requesting additional information -such as the purchase papers for your motorcycle- in order to process the claim. Be prepared to provide the insurance company with all the necessary information that is needed to process your claim.
Compensation for Stolen Motorcycle
It is also very important for you to understand how you will be compensated for your stolen motorcycle. When you purchased your motorcycle insurance and requested theft coverage, you agreed to have your bike insured for a specified amount. This coverage amount is the amount the insurance company will use when seeking a replacement motorcycle. Thus, when replacing the bike, you have to choose a motorcycle of equal or lesser value.
Another, important factor to consider is that is that in order for there to be even the slightest possibility that the insurance company will reimburse you for your stolen bike, the theft policy has to be in effect at the time of the theft. You cannot purchase the theft coverage after your bike is stolen and expect that the coverage will be retroactive. This is a very important concept that must be understood be those that own motorcycles.
For more information regarding your coverage, contact your insurance company or refer to your policy paperwork.