When you buy car insurance online, remember that comprehensive auto insurance provides better coverage than basic third-party coverage. In addition to covering third-party damages, it also covers ‘own’ injuries and losses. Similarly, it encompasses man-made disasters, such as theft. Your insurer will cover you up to your vehicle’s IDV (Insured Declared Value) if it is stolen. *
You must file a claim to receive compensation on your car policy from your insurer for a stolen vehicle. The claim should be made as soon as possible following the theft of the car to avoid approval delays or discrepancies. First, you must have a thorough understanding of the claim-submitting procedure.
Here are the specific steps you must take to make a car theft claim:
- File a police report
Once you discover your vehicle has been stolen, you must file an FIR (First Information Report) at your local police station. The Police will need pertinent information to file a complaint. You will obtain a copy of your FIR, which will be required to file the claim.
- Contact Your Insurer
After making a police report, the next step in submitting an insurance claim for a stolen vehicle is to notify your insurer. You can report the theft to the company either – online (on a car insurance app) or offline. You will typically be needed to fill out a claim form and supply facts such as your policy number, vehicle number, and theft-related information.
- Notify Your RTO
According to the Motor Vehicle Act, you must report car theft to your RTO (Regional Transport Office). You will be required to complete a few official forms, which the RTO officer will sign. In addition to the correctly signed forms, the RTO will also provide you with the insurance transfer documents.
- Submit the Necessary Documents to Your Insurance Company
Your insurer will want you to provide some papers for a successful auto theft insurance claim. The records include:
- A copy of the insurance policy.
- Original FIR copy.
- The insurance claim form.
- Driver’s licence photocopy
- RC book replica
- RTO transfer forms and other pertinent RTO forms
- In addition to these documents, you must produce two original automobile keys to file a claim successfully.
- Obtain the No-Trace Report from the Police
After filing an FIR, the Police will begin their investigation. You are entitled to receive a no-trace report from the police station if your vehicle cannot be located for a specified time. This paperwork is required for your insurance to approve your claim.
How Long Will It Take to Have the Claim Approved?
As stated previously, the no-trace report is not generated until 30 days or more, depending on your region, have passed since the date your policy complaint was filed. Aside from this, it may take your insurance 60-90 days to generate the IDV of your vehicle. The entire process can easily take three to four months. *
To avoid delays, ensure that you follow your car policy‘s entire car theft claim procedure and submit the insurer with all the necessary information and documentation.
Refusal of Auto Theft Claim
Your claim may be denied for a variety of reasons, including –
- If you failed to file your claim on time
- If your insurance has grounds to believe you need to take more measures to protect your vehicle
- Mismatch in the submitted documents
- If you utilise your automobile for business purposes
- You cannot provide the insurance with two sets of keys.
While there are additional considerations, these often rank first. If the company denies your insurance claim and you disagree with the decision, you can contact the insurer’s ombudsman to resolve the matter. Reputable insurers are typically renowned for having a straightforward claim submission process that expedites reimbursement.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.