Stolen Auto Claims – Get clued up
It is imperative to that you are informed, understand and comply to the security conditions, such as immobilizers or tracking devices, stipulated in the police when purchasing auto insurance. It is advisable that you keep all the certification to affirm non-standard security items that have been added to your car, such as a gear lock, alarm or tracking. Failure to meet the policy stipulations may result in the denial of a claim in the incident of your vehicle being stolen.Following the correct procedure in the event of your car being stolen is just as crucial. It is compulsory by all the insurers, that when you discover that your car has been stolen, that you immediately report it the the police. To avoid further loss and contribute in the recovery of your motor, the onus is on you as the owner of the vehicle.A theft case must be opened and file number obtained from the police. Failure to do so could endanger your right to claim from the insurance company and could be construed as committing fraud. If you don’t inform this to the police then it will just greaten the odds that the burglars will escape by allowing them more time to get away with your vehicle.If your car was stolen from a parking lot where there is security then you have to report it to the security office so they can vouch that security was in place.Demand for written confirmation or this notification and then notify your insurer immediately. Provide them with the relevant documents for non-standard security items and if the car was driven by any other person than the insured at the time of the theft provide them with a certified copy of the driver‚Äôs license and identity documentation of the driver.Notify the relevant financial institution if your motor is subject to a hire purchase or lease. You still have an responsibility to keep up the monthly repayments both on your car debt and insurance policy until your claim has been settled in full so you will have to determine the outstanding loan in mind.If the car is not found within a reasonable time and the insurance company remunerate you for your loss you are no longer the owner of the stolen car. If the car was dependent to a Hire Purchase or Installment Sale, the Insurers would have noted their interests on the policy and would have settled any unpaid debt before paying out the balance to you.The stolen car is now the property of the Vehicle Insurance Company and if the car is recovered subsequent to your claim been paid the vehicle must be handed over to the Insurance Company. If you do not do this then it is considered as fraud and a criminal offense.Most insurers give the insured first option to buy back the stolen motor if and when it is found. If you are interested in acting out this alternative then you should be conscious of circumstances that could significantly impact on the value of the recovered motor.Before the insurance company paid our claim then the vehicle would have been scrapped. The motor will need to be registered as a Code 3 vehicle and identified as a Built Up vehicle on the registration certificate if it has to be re-selled. If the VIN number has been meddled with then the police will assign a new VIN number beginning with AAPV. If you buy back your car, you must insurance that you get a substantial discount on the market value as no dealer will pay the full market price for a car. Remember to insure the re-purchased vehicle at the price that you paid to buy it from the insurers to avoid over-insuring this asset.
