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If you have had the bad luck having your car stolen, you may be wondering what to do next. The first step is to report the stolen vehicle to your insurance company and find out what the process of raising a claim involves. It is quite natural to wonder – my car has been stolen. Therefore, will my insurance go up? You will also wonder how to find a stolen car with a VIN number. What if it is not traceable?
All of these are normal questions which a car owner will ask – in most cases, less than 10% of stolen cars are ultimately recovered by law enforcement. If your vehicle insurance policy is inclusive of comprehensive coverage, you can recover the actual cash value of your vehicle if it was damaged or stolen. Your Bharti AXA GI agent can explain the finer points of coverage and what you have to do to file a claim.
Keep in mind that you will need some documents not only to file a claim but also ensure that it is a complete one. Here is what you have to do:
1.File an FIR: As soon as you realize that your car has been stolen, file a police report/FIR immediately. This is the most important document for you. Without this, the insurer will not be able to proceed with processing the claim. Make sure that you have information such as the license plate number and the Vehicle Identification Number of your car. This information can be found on your policy. The make, model and year of the vehicle, place where it could have possibly been stolen, approximate time of the theft, and other identifying marks will also be useful in tracking down the stolen vehicle.
2.Informing the insurance company: Just like the police, your insurance company will also require information from you. Make sure you provide as much information as possible so that they can start the evaluation process quickly. If there was any personal property in your car, mention that information to the insurer as well.
3.Get in touch with the Regional Transport Office: Informing the RTO is mandatory in every state in India. The RTO issues a lot of vehicle-related documents too – so make sure that you have all the documents mandated in the list to file a claim.
4.List of documents: After all the relevant parties have been informed, make sure you have the following documents to file for the car theft insurance claim – the original FIR, the copy of the policy, signed claim form, a copy of the registration certificate and RTO transfer papers including Forms 28, 29, 30 and 35. If the car was bought with a bank loan, then a No Objection Certificate will have to be provided by the bank.
5.No trace report: As part of the reporting process, you will have to acquire a No Trace Report. This is issued by the police after they have checked the stolen cars list as part of the stolen vehicle search. This is issued only in case they are unable to find your vehicle. This has to be issued after a period of searching as per stipulations by the insurance company.
It takes about 3 months from the date of filing the FIR about a stolen car for an insurance company to figure out the Insured Declared Value of your vehicle. Regardless of which insurance company you bought your car insurance policy from, it takes seven business days to pay the IDV approved by the inspection.
If you bought your car with a bank loan, the proceeds of the car theft insurance claims will be paid directly to the bank. Depending on the volume of claims being handled by your insurer, it is a good idea to follow up with them to check on the status of your car theft claim. It is your job to ensure that the ownership is transferred to the insurance company once the claim has been settled.
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Disclaimer :The information published on this website is for the public's reference only. Content of this information is to provide an overview of your Insurance needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice for Travel/Health/Motor. Bharti AXA General Insurance Company Limited makes no representations about the suitability, reliability, timeliness, and accuracy of the information, travel, services, or any other items mentioned on this subject for any purpose whatsoever.
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