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Motor Blog
12 Jan 2025
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The theft of a vehicle can be a distressing and frustrating experience. But having comprehensive car insurance with theft coverage can ease the financial burden associated with such incidents. Let’s go through the insurance claim process for a stolen vehicle, outlining the steps you need to take when your car is stolen.
Before diving into the claim process, it's crucial to understand the significance of car theft insurance:
The policy provides financial protection in case your vehicle is stolen. It ensures you receive compensation to help replace your stolen vehicle.*
Knowing that you have theft coverage offers peace of mind, reducing anxiety related to potential vehicle theft.*
In India, third-party liability insurance is mandatory for all vehicles. While this does not cover theft, it's essential to have comprehensive car insurance, which includes theft coverage, for comprehensive protection.*
Also Read: How to Calculate No Claim Bonus for Car Insurance?
Here is a step-by-step guide to help you navigate the car theft insurance claim process in India:
The first and most crucial step when your vehicle is stolen is to report it to the nearest police station. File a First Information Report (FIR) immediately, providing all necessary details about the theft, including the date, time, location, and description of the stolen vehicle. The police report is a crucial document for your insurance claim, so ensure you obtain a copy of the FIR.
The next step in the stolen vehicle insurance claim process is to contact your insurance company as soon as possible to report the theft. Provide them with the following information:
After you have reported the theft, your insurance company will initiate an investigation to assess the validity of your claim. This investigation may involve verifying the details of the theft, such as the FIR, and may include interviews with you and any witnesses.
Your insurer will provide you with the necessary claim forms to fill out. Ensure that you complete these forms accurately and submit them along with the required supporting documents. Common documents include:
The insurance company will assess the loss based on the market value of the stolen vehicle at the time of theft. The claim amount will typically be equivalent to the Insured Declared Value (IDV) mentioned in your policy. This value is calculated based on the car's age, make, model, and depreciation.
Once the insurer completes its investigation and verifies the documents, they will process the claim. You will receive the claim amount as per the terms of your policy, minus any deductible specified in your policy.
At the time of filing a stolen car insurance claim, you need to consider these factors as well: The RTO where your vehicle is registered – It needs to be informed of the theft. This involves filling up certain forms which would then be approved by them. You are required to submit these papers to the insurance company. No-Trace report - If your car is not traceable, the police will issue a No-trace report, which officially states that the stolen vehicle is untraceable. Due to time constraints, the report might get handed over to you after a month. It is important to preserve the report as it might be required by the insurer. Also Read: Types Of Car Insurance Coverage
Dealing with a stolen vehicle is undoubtedly stressful, but having car insurance can significantly ease the financial burden. Understanding the stolen vehicle insurance claim process in India and promptly following the necessary steps will help ensure a smoother claims experience. Filling a claim on time might allow you to claim some compensation even if your vehicle is untraceable.
Yes, theft is covered under comprehensive car insurance policies. It compensates you for the market value (insured declared value or IDV) of the car in case it is stolen. However, third-party liability policies do not cover theft.
The claim amount for car theft is equal to the car's Insured Declared Value (IDV) at the time of theft, minus deductibles or any unpaid premiums. The IDV is the current market value of your car.
Anti-theft in car insurance refers to the inclusion of anti-theft devices in your vehicle, which can reduce the premium cost. Insurers often offer discounts if your car is equipped with certified anti-theft devices approved by the Automobile Research Association of India (ARAI).
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.
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