Car got stolen? You hould do this…
A file number must be acquired by the police and a theft case have to be opened. Failure to do so could jeopardize your right to claim from the insurance company and could be construed as committing fraud. If you don’t notify this to the police then it will just increase the possibility that the burglars will escape by giving them more time to get away with your vehicle.
When purchasing Car Insurance it is vital that you are aware, understand and comply to the security demands, such as immobilizers or tracking devices, specified in the policy. Keep all certification to substantiate non-standard security items that have been added to your car, such as a gear lock, alarm or tracking device. In the event of your motor being stolen it could result in the denial of a claim if you fail to meet the policy requirements.It is just as important to follow the correct procedure in the event of your motor being stolen. It is essential by all the insurers, that when you find out that your car has been stolen, that you at once report it the the police. To prevent more loss and contribute in the recovery of your vehicle, the onus is on you as the owner of the vehicle.If the vehicle was stolen from a parking lot where there is security, report it to the security office so that they can vouch that security was in place.Notify your insurer immediately and request for written verification of this notification. Provide them with the appropriate documents for non-standard security items and if the motor was driven by any other individual than the insured at the time of the theft supply them with a certified copy of the driver’s license and identity documentation of the driver.If your motor is subject to a purchase to hire or lease then you should notify the relevant financial institution. Define the outstanding loan amount and keep in mind that you still have an responsibility to keep up the monthly repayments both on your motor debt and your insurance policy until your claim has been settled in full.If the insurance compensates compensates you for your loss in the time that the vehicle is not found then you are no longer the owner of the stolen vehicle. If the car was subject to a Hire Purchase or Installment Sale, the Insurers would have noted their interests on the policy and would have settled any unpaid debt before paying out the balance to you.The stolen car is now the property of the Insurance Company and if the motor is recovered subsequent to your claim been paid the vehicle must be handed over to the Insurance Company. If you do not do this then it is considered as fraud and a criminal offense.Most of the insurers usually give the insured the decision to buy the stolen car back when it is found. If you are interested in acting out this option then you should be conscious of circumstances that could significantly impact on the value of the recovered car.Before the insurance company paid our claim then the vehicle would have been scrapped. To re-sell this vehicle it will need to be re-registered as a Code 3 car and identified as a Built Up vehicle on the registration certificate. The police will assign a new VIN number beginning with AAPV if the VIN number has been tampered with. No dealer will pay the full market price for a vehicle and for this you must ensure that if you buy back your vehicle that you get a considerable discount on the market value thereof. To avoid over-insurance this asset, make sure that you insurance the re-purchased motor at the price that you paid to buy it from the insurers.