How to claim insurance if your vehicle gets stolen

All the mandatory paperwork together with the ‘no hint report’ supplied by the native police station needs to be submitted to the insurance coverage firm for declare functions.

Autos are the commonest asset owned by everybody in right now’s instances. It is likely one of the most important technique of transport – be it for the each day commute or lengthy leisure highway journeys.

Regardless that solely third occasion insurance coverage is obligatory in India for a automobile, specialists at all times advise for a complete cowl, because it protects the autos from unexpected emergencies like an accident or harm to the driving force whereas on highway.

Rakesh Goyal, Director, Probus Insurance coverage, says, “Car insurance coverage is essential and might present immunity from a sudden mishap or harm occurred. Car insurance coverage is crucial because it not solely covers damages to the automobile but additionally theft.”

He additional provides, “These insurance coverage insurance policies have one other important aspect of protection that immunes a automobile from theft. Car theft is likely one of the most typical crimes, particularly in main cities; therefore, it’s all the extra important to have a automobile insured.”

In an unlucky scenario, insureds can declare the compensation in opposition to the insurance coverage protection quantity and it could actually have a slight sense of reduction a minimum of financial smart. As an example, in case your automobile will get stolen, being insured, you would want to file a declare to obtain ample compensation in opposition to the occasion.

Right here is the automobile insurance coverage declare course of;

Submitting an FIR

For the declare course of, an individual ought to file an FIR with the native police station and inform the insurance coverage firm. Police then collect all the mandatory details about the automobile like make, mannequin, license plate quantity, and so on. to conduct an investigation.

Let the insurance coverage firm know

Instantly notify the insurer after the occasion of theft and submitting the FIR with the native police station. A replica of the FIR is shared with the insurer, which is essentially the most important doc within the declare course of.

RTO

After that, the RTO needs to be knowledgeable and the documentation work needs to be initiated.

As per the Motor Car Act, the automobile proprietor is compelled to tell the RTO (Regional Transport Workplace) on the earliest. Goyal says, “They assist in some important documentation and switch papers which can be wanted to be submitted to the insurance coverage firm as supporting paperwork for the declare course of.”

Documentation

Coordinate with the insurance coverage firm and get all of the paperwork prepared for submission. Paperwork that might be wanted embody a duplicate of insurance coverage paperwork, unique FIR copy, the declare type, driving license copy, RC e-book copy, and RTO switch papers and related RTO types.

Goyal says, “All the mandatory paperwork together with the ‘no hint report’ supplied by the native police station needs to be submitted to the insurance coverage firm for declare functions.”

Approval timelines

The approximate timelines for approval might be wherever between 60-90 days. The declare for automobile theft might be rejected if the insured can’t produce all of the units of keys for the automobile and/or the paperwork are lacking or not as anticipated.

Goyal provides, “The insurance coverage declare is more likely to be rejected if there’s a delay in initiating the declare course of, paperwork mismatched, a minimum of two units of keys not offered or if the insurance coverage firm identifies a scarcity of ample efforts taken to guard the automobile.”