What to do when you have to claim for a stolen car
Keep all documentation to authenticate non-standard security items that have been added to your car, such as a gear lock, alarm or tracking device. Failing to meet the policy stipulations may result in the repudiation of a claim in the case of your motor being stolen.It is just as important to follow the correct procedure in the event of your car being stolen. All Insurers obligatory that on finding out that your car has been stolen it be reported to the cops at once. To avoid further loss and assist in the recovery of your vehicle, the responsibility is on you as the owner of the car.A file number must be obtained by the police and a theft case have to be opened. If you fail to do so it could be construed as committing fraud and you could endanger your right to claim fro the insurance company. Any delay in notifying the police will increase the likeliness that the thieves will get away by giving them more time to get away with the car.If your car was stolen from a parking lot where there is security then you have to report it to the security office so they can certify that security was in place.Request for written verification or this notification and then notify your insurer at once. If the vehicle was driven by another individual than the insured at the time of theft then provide them with a certified copy of the driver’s license and identity documentation and also supply them with the relevant documents for all non-standard security items.If your motor is subject to a purchase to hire or lease then you should inform the appropriate financial institution. Determine the outstanding loan amount and bear in mind that you still have an responsibility to keep up the monthly repayments both on your vehicle debt and your insurance policy until your claim has been settled in full.If the insurance remunerate compensates you for your loss in the time that the motor is not found then you are no longer the owner of the stolen motor. If the vehicle was subject to a Hire Purchase or Installment Sale, the Insurers would have noted their interests on the policy and would have reconciled any unpaid debt before paying out the balance to you.If the motor is recovered subsequent to your clam being paid then the car must be handed over to the Insurance Company and the stolen motor will now be the property of the insurance company. If you do not do this then it is considered as fraud and a criminal offense.Most of the insurers usually give the insured the decision to buy the stolen motor back when it is found. If you are thinking in going for this option then you should be conscious of circumstances that could significantly impact on the value of the recovered vehicle.Before the Vehicle Insurance company paid our claim then the vehicle would have been scrapped. The car will need to be registered as a Code 3 car and identified as a Built Up vehicle on the registration certificate if it has to be re-selled. The police will assign a new VIN number beginning with AAPV if the VIN number has been tampered with. No dealer will pay the full market price for a car and for this you must ensure that if you buy back your car that you get a substantial discount on the market value thereof. To avoid over-insurance this asset, make sure that you insurance the re-purchased car at the price that you paid to purchase it from the insurers.
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