Your stolen motor claim

It is crucial to that you are aware, understand and adhere to the security demands, such as immobilizers or tracking devices, specified in the police when purchasing motor insurance. Keep all documentation to substantiate non-standard security items that have been added to your vehicle, such as a gear lock, alarm or tracking device. In the case of your vehicle being stolen it could result in the repudiation of a claim if you do not meet the policy conditions.It is just as important to follow the correct procedure in the event of your motor being stolen. All Insurers obligatory that on finding out that your vehicle has been stolen it be reported to the cops right away. As owner of the car the onus is on you to prevent further loss and assist in the recovery of the vehicle.A file number must be acquired by the police and a theft case have to be opened. If you fail to do so it could be construed as committing fraud and you could jeopardize your right to claim fro the Auto Insurance company. Any delay in informing the police will greaten the likeliness that the burglars will get away by giving them more time to get away with the car.If the car 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.Demand for written verification or this notification and then inform your insurer at once. Provide them with the relevant 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 provide them with a certified copy of the driver‚Äôs license and identity documentation of the driver.If your motor is subject to a purchase to hire or lease then you should inform the appropriate financial institution. You still have an responsibility to keep up the monthly repayments both on your motor debt and insurance policy until your claim has been settled in full so you will have to determine the outstanding loan in mind.If the motor is not recovered within a reasonable time and the insurance company remunerate you for your loss you are no longer the owner of the stolen car. If the motor was subject to a Hire Purchase or Installment Sale, the Insurers would have noted their interests on the policy and would have settled any outstanding debt before paying out the balance to you.If the motor is found subsequent to your clam being paid then the car must be handed over to the Insurance Company and the stolen vehicle will now be the property of the insurance company. Failure to do so is fraud and a criminal offense.Most of the insurers usually give the insured the option to buy the stolen vehicle back when it is recovered. You should be conscious of the circumstances that could significantly impact the value of the recovered vehicle if you are thinking in acting out this option.The vehicle would have been scrapped before the insurance company paid your claim. The vehicle will need to be registered as a Code 3 vehicle and identified as a Built Up car on the registration certificate if it has to be re-selled. If the VIN number has been meddled with then the police will assign a new VIN number beginning with AAPV. If you purchase back your vehicle, you must insurance that you get a substantial discount on the market value as no dealer will pay the full market price for a vehicle. Remember to insure the re-purchased vehicle at the price that you paid to buy it from the insurers to avoid over-insuring this asset.