Claim for Your Stolen Vehicle
As per the stats revealed by The Times of India, a vehicle is stolen every 13th minute in Delhi. Sadly, a month back Mr. Sharma’s car became a part of the stats as he woke up to his car missing from the parking area. However, dealing well with the critical situation Mr. Sharma immediately informed his insurance provider followed by the local police authority. The insurance company’s representative immediately reached up to Mr. Sharma and helped him through the claim process. The factor behind Mr. Sharma’s calm and compose conduct at such a critical juncture was actually his preparedness for such unforeseen eventualities. Mr. Sharma had his car covered under a comprehensive motor insurance plan, which includes loss or total damage to the vehicle due to accidents, third-party cover, and risk against natural calamities, fire, or theft.Here is a list of quick simple steps that Mr. Sharma followed for an effective claim process:
Steps
- Lodge an FIR : The first step to be taken immediately after you get to know that your vehicle is stole is to lodge an FIR (First Information Report) in a nearby police station. This is the first and basic action so as to ensure smooth settlement of your claims.
- Contact your insurer : Certainly the second most important thing to do is to contact your insurance provider and inform him about the entire scene.
- Fill up the claim form : After you are done informing the insurer about the theft, ask for a claim form to proceed. While filling u the claim form, make sure that you mention all the essential information, such as date, time and place of the theft, details of your vehicle including its registration number, and your policy number. Remember, to ensure that your claim does not get rejected, enter all the information carefully and accurately. In case you are doubtful about something, seek help from the representative of the insurance company.
- Submit the Documents: As a policyholder, it is your responsibility to timely submit copies of all the required documents, such as first two pages of your policy document, driving license, RC (Registration Certificate) of your vehicle, a letter addressed to the RTO informing him about the theft, the FIR, and the duly signed claim form.
- Submit the Letter of subrogation : Once the police notifies the insurance about not being able to trace the car via a 'no traceable report' and the insurer settles your claim, it is your responsibility as a policyholder to transfer the RC of your stolen vehicle in the name of the insurer and hand over its keys to the insurance company along with a letter of subrogation. The letter of subrogation is basically an authorization to the insurer to track the party involved in causing a theft or damage to the insured vehicle. This letter is given with intent to enable the insurer to recover the amount paid to the insured as a claim against the loss.
Tips
- As a policyholder you must take a duplicate copy of the RC of your stolen vehicle from the RTO's office.
- In case you are still paying EMIs against your lost vehicle’s loan, the insurer will pay back only an amount equal to the IDV (at the time of the theft) of your vehicle to the financer, while the rest will be borne by you.
- Buy Bike Insurance, In case you have a new bike and save all documents and its xerox copy properly.
Warnings
- Keep atleast one copy of your document with you, unless you will loose chance to get a new one.
