Car stolen? Follow these steps to claim theft insurance successfully

With vehicles being parked in open spaces in cities, the chances of them getting stolen are high.

Published: 06th August 2018 01:10 AM  |   Last Updated: 06th August 2018 06:04 AM   |  A+A-

First Information Report

Image used for representational purpose only. | (File | EPS)

Express News Service

NEW DELHI: With vehicles being parked in open spaces in cities, the chances of them getting stolen are high. Recent data shows that four vehicles were stolen from Delhi every hour in 2017; the number of thefts rose to over 39,000 that year from 36,702 in 2016. The situation is more or less similar in other big cities too. In case your vehicle is not insured, chances are that you might never get them back.

If you own a car or are planning to get one, here is what you can do in case you face the unfortunate event.
To make a claim, the vehicle needs to be covered under a comprehensive insurance policy, which includes third-party cover for loss/damage to vehicle as a result of an accident, fire or theft. But the mandatory third-party insurance alone won’t make you eligible to claim the loss suffered.  

When your car goes missing and you suspect that it is a case of theft, lodge a First Information Report (FIR) with the nearest police station immediately. Do not delay this, as most car insurance providers have a time limit for the same. The owner must also procure a copy of the FIR.

The policy-holder should then contact the customer service centre of the insurance company or visit the branch and fill the required claim forms.

The policy-holder should also keep in ready documents such as policy document, photocopy of driving licence and registration certificate book, FIR copy and so on. The company will then employ investigators to trace the missing car.

The policy-holder must also inform the local Regional Transport Office (RTO) office where the vehicle was registered, through a letter addressed to the RTO, informing him about the theft of vehicle.

Now, start collecting all the necessary documents before going for the final claim form. The most important document to collect in the whole procedure is the ‘Non-Traceable Report’ from the police station, without which the insurer is unlikely to process the claim. Getting this report takes around 30 days, after the authority makes sure that they are not able to trace the vehicle.

It will take around 90 days (from the date of filing FIR) for the insurer to generate the Insured Declared Value (IDV) of your vehicle. The amount then approved as per the inspector’s report will be paid within seven working days.

If the vehicle was purchased on a loan, the insurance company will pay the bank.

However, there are certain situations when your insurance might get rejected. Using your personal vehicle for commercial purposes or not transferring the car to your name in the policy copy, especially if you are buying a used car, can get your claim rejected. If it gets rejected, you will have to go to the insurance ombudsman to contest this.

Documents required:
■ The original FIR copy.
■ Copy of policy documents.
■ Copy of driving license.
■ Duly signed claim form.
■ Original car keys.
■ Copy of Registration Certificate.
■ RTO transfer papers duly signed along with necessary forms (Form 28, 29, 30 & 35).


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