Nowadays, purchasing car insurance has become a choice instead of a compulsion which is a good thing. After all, protecting something valuable for you should be an automatic decision. In cases of accident or damages due to unforeseen events, you have the security of having your vehicle fixed back to its perfect shape. But, what do you do if your vehicle gets stolen?
Probably, almost every nation has records of car theft. It’s one major problem that causes significant loss to every car owner. So, would insurance help in this case?
Insurance company’s liability
An insurance provider will be paying an amount equivalent to the stolen car’s current market value. But keep in mind that this scenario is only applicable if you have signed up for comprehensive motor insurance coverage. Without it, the insurer cannot be held liable for any amount.
Here are the things you must observe when filing for a stolen car insurance claim.
- File and secure an FIR. The soonest possible time after learning of the theft, notify the authority. Then visit the police station in the area and file for an FIR or First Information Report. This is a crucial step that you should never forget or there’s nothing that you will accomplish.
- Notify your insurance provider. Immediately after filing for an FIR, contact your insurer and let them know that your car was stolen. Depending on the insurance company, make sure you are within their stipulated time-frame of making the report.
- Inform the RTO. The law dictates that you should notify the Regional Transport Office about your car being stolen.
- Fill in a claim form and submit along with other documents. Call your insurance company’s customer service and asked for a copy of the claim form. Once it’s duly filled, submit with your car’s copy of registration certificate, driver’s license, police FIR, the first two page of the policy documentation, and theft notification letter to the RTO.
- Once the ‘No-Trace” report has been issued by the police and the claim has been approved, transfer the registration certificate of the stolen car to your insurer. Hand them over any duplicate keys and provide a subrogation letter to the insurance company.