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https://www.gov.uk/what-to-do-if-your-vehicle-has-been-stolen
TLDR - The police inform DVLA on your behalf so you may get a tax refund if there's any left over. You don't have to inform your insurance so if it is subsequently found it will still belong to you and not the insurance company.
Reported the theft to the police, have a crime number. Insurance runs out today, so I'm not going to claim, with the massive excess and a cheap bike I'd rather have the NCB. Do I need to do anything else? Notify the DVLA? I guess the police will do that?