How to Claim Your Car Theft Insurance Cover?
Saurav has been going through a difficult time for the last few months. He lost his car to theft and now he has bought a new car but his mind is not at ease. And he knows that the only way he can relax is if he is sure that his car and his financial prospects are completely protected.
With that being said, Saurav has tried to do things differently this time around. For example, with his first car, he didn’t even think of buying an additional car theft cover. However, he has remedied that problem now as he owns an additional car theft insurance cover.
Beyond purchasing good car theft insurance, he has also ensured the safety of his car by installing anti-theft devices. This is definitely a good start to a protected future. But it might still not be enough.
This is mainly due to the fact that with rising advancements in technology, it is easier than ever for thieves to break into a car and run away. This is why the one thing that is still left for Saurav to do to get complete peace of mind is to learn how he can apply for a theft claim in his four-wheeler insurance policy. And we’ll help Saurav with exactly this today.
Comprehensive Car Theft Insurance Cover
We know about Saurav’s problem but we are not very familiar with your situation. If you are in a similar situation as Saurav, then you should keep reading. However, if you are not there yet and you are still wondering whether you should get a car theft insurance cover or not, then take our word for it and buy it.
Only comprehensive car insurance plans cover burglary and theft. Third-party liabilities do not hold good for this type of claim as it only provides cover for death, property damage, and bodily injuries.
Further, the fact remains that you are legally required to invest in a four-wheeler insurance policy. So, why not invest a bit more and purchase a policy that would provide you with holistic protection?
Beyond car theft and burglary, a comprehensive car insurance policy will also protect you against man-made calamities, accidents, natural disasters, and own damage. There are many insurance providers that have rolled out excellent four-wheeler insurance policies that you can choose from.
Theft Claim Process
Now that you know why purchasing a car theft cover is important, let’s move on to discuss how you can apply for a theft claim. The steps that you need to follow to apply for a theft claim are:
- The first thing that you need to do when you realize that your car is stolen is not panic
- Call the insurer and mention the incident along with the time, date, place, and any other information required
- Make sure that you inform the insurance provider within 48 hours of the theft incident
- Next, file an FIR (First Information Report) at the nearest police station by sharing the required details like chassis number, model, belongings in the car, registration number, dents, and scratches. This information is shared so that it would help the investigation process
- Inform the RTO where the vehicle was initially registered for legal purposes
- Submit a list of documents to the insurance provider to process the claim request
- Usually, the insurance providers have a time frame of 60 to 90 days for processing theft claim requests. This is because the vehicle might still be found by the policy within this duration. And if the vehicle is found, then the claim amount will not be released
- The insurance provider may conduct an investigation of its own to trace the car. In this case, one might have to provide additional details that can help the insurance provider to locate the car
- After the passing of 60 to 90 days, if the vehicle is still untraceable by the policy, then the police officials will issue a no-trace report
- After getting the no-trace report, one needs to submit it to the insurance provider for the processing of the claim and release of the fund
Documents Required for Theft Claim Cover
In the previous section, we have mentioned that the insured will have to submit some documents to the insurance provider. Saurav is confused as to what these documents are. To help him get rid of this confusion, we have mentioned the list of required documents below,
- Copy of the FIR
- Sales receipt of the vehicle
- ID proof like PAN card or driving license
- Original car key
- Car insurance copy
- Form 28
- Form 29
- Form 30
- Form 35
- Transfer papers by the RTO
- Duly filled claim form
- No-trace report
It should be noted that if an individual has a return to invoice cover, then he or she will get the completely initial amount paid for the car. On the other hand, if one does not have a return to invoice cover, then the amount paid will be according to the Insured Declared Value of the car.
The Time Period of Car Theft Insurance
As it was mentioned above, a no-trace report is generated by the policy officials only after 30 to 90 days of the car being reported as stolen. This means that a minimum of 30 to 90 days will be required to start the theft claim process.
Apart from this, it can take roughly 60 to 90 days for the insurance provider to generate the IDV of the car. As a whole, this entire process can take 3 to 4 months to complete. The only way to accelerate this process is if an individual is already aware of the theft claim process beforehand.
Reasons for Rejection of Car Theft Claim
You and Saurav are now aware of the entire process that needs to happen for applying for a car theft claim. The only thing left here is to go over the reasons why a car theft claim might be rejected. Some of these reasons are:
- The claim has not been filed timely
- The insurance provider has reasons to believe that adequate steps were not taken by you to protect the car
- Mismatch in the documents that have been submitted
- If a personal vehicle was used for commercial use
- If one cannot present two sets of keys to the insurer
- Incorrect or false details mentioned in the application
- If the insurance provider has reasons to believe that you were a negligent driver
Peace of Mind with Theft Insurance Cover!
Saurav is finally satisfied with the information that he has received today. He feels a bit at peace as he now understands the process of applying for a car theft claim. Do you feel the same? Have we brought the same sense of peace to you?