There are many questions to be asked if you are worried about having to claim for a stolen insured vehicle. Theft is as unexpected as an accident and your car insurance policy should include provisions on vehicle theft. Make sure to get a comprehensive coverage to cover for theft.
If you are wondering about what to do in case the insured vehicle was stolen, you need to inquire from your car insurance company about the coverage. However here are some tips on the favorable actions which could help you get your claims. First, in any event of vehicle theft, the incident should be logged in to the police station. You should make a First Information Report immediately. The police will do legal investigations while you report the theft to your insurance company as supported by the FIR you have accomplished.
After reporting, you will be required to submit all keys for the car and the information about the theft. You need to provide an authorization letter that allows IBC to tow the car once it is recovered. Depending upon your policy, you can either rent a vehicle or adjust for reimbursements. Usually, the policy holder needs to wait for 72 hours before claiming for a replacement.
In most cases, the police are able to recover stolen vehicles and if this happens, the police automatically notify the owner. Once recovered, you have to inform the adjuster in order to check and estimate damages incurred by the stolen car. However, in some situations, the car is no longer recovered. Usually, it takes 22 days to wait for any recovery progress. After waiting that long, you can now claim for the vehicle pay out. The amount to be settled depends on the Actual Cash Value or ACV of your vehicle.
If within 22 days the car is recovered but the damage is irreparable, you will bee provided with a total loss settlement and you have to sign for salvage release.
In any car theft claim, you should remember that you have the right to choose the shop nearest you. If you are not aware of any shops, the adjuster has the responsibility to give you a list of shops.
Vehicle theft is indeed rampant nowadays because of the pressing economic ills world wide. As the vehicle owner, it is then your responsibility to take all necessary precautions in order to do away with the hassles of claims and reimbursements.