Having a car makes transportation simpler and more comfortable. It, therefore, becomes essential to ensure its safety, which is where a car insurance policy comes to the rescue.
A car insurance policy is a legal requirement as per the Motor Vehicles Act. A vehicle owner should possess coverage from at least a third-party car insurance policy
. Although it is the minimum required insurance coverage, it has certain limitations in its scope and hence, a comprehensive plan should ideally be opted for.
With a comprehensive car insurance plan, not only are your third-party legal liabilities covered but the repairs for your car are also included therein. These repairs may be required either due to natural disasters like earthquakes, hurricanes, etc., or man-made situations like riots, vandalism and even theft.
Steps to be Followed For Raising Insurance Claim
This article talks about the steps to follow for raising an insurance claim in the event of theft. Let’s have a look:
· Filing the First Information Report (FIR)
In a situation when your car is stolen, the first thing to do is complain to the governing police authorities reporting the incident of theft, known as a First Information Report or FIR. You must avoid any delay in completing this step. No claim for theft will be honored if an FIR isn’t reported. *
· Informing the Insurance Company
Once you have filed an FIR, the next step is to immediately inform your insurance company. Since the insurance company has its set of procedures to complete, it is best done immediately after filing an FIR. *
· Notifying the RTO
In the event of a theft of your car, it is your responsibility to inform the concerned RTO or regional transport office. This way, a re-registration of your vehicle in a different name can be avoided and also help the authorities trace your vehicle. *
· Submission of Documents
During a claim for theft of your car, you also need to submit a few documents after filing an FIR, informing the insurer and the RTO. Here’s a list of those documents:
* Standard T&C Apply
- Car insurance policy
- Claim form provided by the insurance company
- Copy of your driving license
- Copy of your car’s registration certificate
- Original first information report (FIR) copy
- RTO forms 28, 29, 30, and 35
- Original car keys
· No-trace Report
No-trace report is a document issued by the concerned authorities evidencing that your vehicle cannot be found. Only after submission of such a no-trace report, will the insurance company pay the compensation which is the insured declared value or IDV of your car. The police need some time to find your car only after which the no-trace report can be issued. It generally takes a month to issue this report from the date of the incident. *
The Bottom Line
This is how an insurance claim
for the theft of a vehicle is processed. Since it is an elaborate process, make sure to complete all the above-mentioned steps and have patience when it comes to receiving compensation from the insurance company. With these benefits of a comprehensive policy in the event of a theft, ensure timely car insurance renewal
each time for continued protection. *
* 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.