Bike Insurance (Bicycle Insurance) : Is there seprate policy for this or I need to cover under Home Insurance only?

[pramod]

Thanks Manish for answering my queries.

Sorry not very clear of the insurance terminology. By cooling off means, how long the insurance company wait after theft of the bicycle to release the claim payment?

Thanks in advance!
Pramod

[Rahul]

Thanks Manish for answering my queries.

Sorry not very clear of the insurance terminology. By cooling off means, how long the insurance company wait after theft of the bicycle to release the claim payment?

Thanks in advance!
Pramod

It's not insurance company but the police timeline to wait and then issue "no trace report"; the police saying that the vehicle cannot be located. If the bike is found, they (insurer) pay for repair. However if the repair cost is > 70% of the new bike, they let you buy a new bike.

Documentation Required:
1- Claim Form duly signed
2- Policy copy
3- Reciept of the Bicycle (for valuation)
4- Original FIR copy
5- A no trace report from the police saying that the vehicle cannot be located