motor_claims

All you need to know about the stolen car insurance claim process

Owning a vehicle is probably a dream of every individual and the fulfillment of this dream comes with an added responsibility of having a car insurance to back you up during the time of an emergency. Purchasing an Insurance policy for your vehicle is considered to be nothing less than a responsibility, mainly to meet the needs of a third party damage or a liability, in case of an accident. While a lot has been spoken about the importance of having a motor insurance, there are many of us who fail to reap benefits out of such plans.

Talking about the Indian statistics, the graph of stolen vehicles is increasing every year. Uttar Pradesh ranks number one on the chart for the highest number of stolen vehicles, followed by Delhi and Maharashtra. Keeping Statistics apart, a lot of people are unaware about the insurance process in the case of a stolen vehicle, and that’s why they are unable to take advantage of their insurance policy.

Can you report a claim for a stolen vehicle?

If you own a comprehensive vehicle insurance cover, you can make a claim for your stolen vehicle in India. Under motor insurance, the completely cost of your vehicle is covered and compensated on claim for stolen vehicle. On the other hand, a third party vehicle insurance which is mandatory in India, doesn’t offer this cover to you, so there’s no scope of claim for stolen vehicle in case of a third party motor insurance.

Process of making a car insurance claim

  • The first step should be to file an FIR (First Information Report) with the police immediately
  • The next action point should be to contact the customer care service provider of the insurance company and fill the claim form which would require details like policy number, date, time, description of the incident and your vehicle details.
  • After providing the following details, the insured needs to submit the duly filled claim form along with the registration certificate of the vehicle, policy document, driving license, the copy of FIR, and also a letter to the RTO intimating theft.
  • Post submission of the non-traceable report (report submitted if the vehicle is not recovered) by the police, the insured needs to transfer the Registration Certificate of the vehicle in the favor of the insurance company, and handover all the sets of keys.
  • The amount approved basis the surveyor’s report then gets reimbursed in the span of seven working days or as per turnaround time of the insurance company.

Coverage for personal belongings in the stolen vehicle

There’s a high possibility of your vehicle being stolen along with a lot of your possessions. GPS, CD’s, speakers, and the list are endless of what might have got stolen with your vehicle. Unfortunately, your personal belongings are not covered under your vehicle insurance policy. If you own a vehicle and home insurance policy with the same insurance carrier, you could check with them if you can combine into a single deductible for the loss.

Understanding how your insurance policy works before you witness a claim situation will relieve you a lot of stress. If you’ve taken the first steps of making a claim, do not despair because the entire process takes about 3 to 4 month to complete.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.