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Things To Know About Theft Cover In Car Insurance

Wish

Written by Udit Varshney

Updated Oct 15, 2023

A comprehensive car insurance policy will typically cover car theft as well as the cost of repairs caused by break-ins. However, it comes with an extra fee, and in the event of a theft claim, the amount insured would be equal to the value of the policyholder's stolen car.

Car theft has become all too popular in India, and it can be found in any region. A stolen car is seldom found, placing the owner of the car  in a tight spot. Not all insurance plans cover cars that have been stolen. Only accidents caused by a traffic accident are protected by a third-party car insurance policy. A robust Car insurance policy, on the other hand, covers both personal injuries and car theft. It also comes with a number of add-ons, such as no-claim bonus insurance, depreciation coverage, and so on.

Things To Know About Theft Cover In Car Insurance

Things To Know About Theft Cover In Car Insurance

When a car is stolen, some comprehensive car insurance policies include a daily transportation allowance. The money can be used to rent a car for your regular commute. Certain plans cover theft of accessories as part of a no-claim bonus.

How To File An Insurance  Claim For A Stolen Car?

If the car  is stolen, a robust Car insurance policy will be highly helpful. It is important to make a claim in order to receive the full value from your insurance. The following is a step-by-step guide to filing a claim for a stolen car:

  • File An FIR

This is the most crucial step, and we must take it as soon as possible after discovering that the car has been stolen. Filing the FIR with the police as soon as possible simplifies the claims process with the insurance provider and increases the probability of the car being recovered quickly.

  •  Notify The Insurance Company

The car insurance provider should be informed right away if the car is stolen. Provide a copy of the FIR with the claim form. It is not needed at the time of informing the company, but we should include it with the claim form.

  •  Provide information To The Office of Regional Transportation

Notifying the regional transportation office about the car's theft would help shield you from any criminal charges if they used the vehicle for any illegal purposes. When submitting the details to the RTO office, the vehicle's registration certificate, a copy of the FIR, a copy of the driver's licence, and the claims form will be needed.

Documents to Keep Before Making a Claim

The following records should be kept on hand when filing a claim to the insurance provider to ensure a smooth car insurance claims settlement process.

  • Copy of the First Information Report from the police department.
  • Copy of the Registration Certificate of the vehicle
  • Copy of the Driver’s license
  • Policy Document
  • Filled and signed claim form
  • Road tax receipt
  • Original car keys
  • Duly filled and signed RTO transfer papers
  • NOC form from the financier, if there is an ongoing car loan.

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Conclusion

A stolen car is classified as a constructive total loss. Only the ‘return to invoice' add-on allows you to get a full refund, equal to the sum insured. If this rider is not present, the actual refund would be the car's current market value. However, it is important to keep the Car policy up to date and supplemented with the necessary add-ons to cover any incidents.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

Wish

Written by Udit Varshney

Udit has built B2C segments across various industries and has had significant contributions to the insurance sector. Read More

Disclaimer

This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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