Following the correct routine in the event of your motor being stolen is just as crucial. All Insurers mandatory that on finding out that your motor has been stolen it be reported to the police right away. As owner of the motor the obligation is on you to prevent more loss and contribute in the recovery of the motor.
You should understand, be informed and adhere to the security measures, stated in the policy when purchasing Vehicle Insurance. Keep all certification to affirm non-standard security items that have been added to your motor, such as a gear lock, alarm or tracking device. In the event of your vehicle being stolen it could result in the repudiation of a claim if you do not meet the policy demands.A theft case must be opened and file number obtained from the police. Failure to do so could endanger 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 probability that the burglars will escape by giving them more time to get away with your vehicle.If the car was stolen from a parking lot where there is security, report it to the security office so that they can certify that security was in place.Demand for written verification or this notification and then inform your insurer immediately. Provide them with the relevant documents for non-standard security items and if the car was driven by any other person 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.Inform the relevant financial institution if your car is subject to a hire purchase or lease. You still have an obligation 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 insurance compensates compensates you for your loss in the time that the car is not found then you are no longer the owner of the stolen motor. If the car was dependent to a Hire Purchase or Installment Sale, the Insurers would have noted their interests on the policy and would have reconciled any unpaid debt before paying out the balance to you.If the vehicle is recovered subsequent to your clam being paid then the motor 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 decision to buy the stolen motor back when it is recovered. If you are interested in going for this alternative then you should be conscious of circumstances that could significantly impact on the value of the recovered vehicle.The vehicle would have been scrapped before the insurance company paid your claim. To re-sell this motor it will need to be re-registered as a Code 3 vehicle and identified as a Built Up car on the registration certificate. If the VIN number has been meddled with then the police will assign a new VIN number beginning with AAPV. If you buy back your car, you must insurance that you get a substantial discount on the market value as no dealer will pay the full market price for a motor. Remember to insure the re-purchased motor at the price that you paid to purchase it from the insurers to avoid over-insuring this asset.