Car Theft Insurance Claim: A Step-by-step Guide

What is Car Theft Insurance?

Car Theft Insurance that provides coverage if your car is stolen. The insurance provider will pay based on the Insured Declared Value (IDV). The final payout will be IDV minus the deductibles in case of car theft. The car theft will be included in the Own Damage Cover.
 

Does your current policy cover car theft?

There are three types of policies — third-Party Insurance, Own Damage Insurance and Comprehensive Insurance. Third-Party Insurance only provides coverage for third-party liabilities and Own Damage Insurance provides coverage for accidental and collision damages.

Comprehensive Coverage provides coverage for both third-party liabilities and accidental damages. Along with these, you can also choose all the required add-ons like Zero Depreciation Cover, Road Side Assistance and Engine Protector Cover.

Car theft can happen anywhere and anytime, so it is wise to purchase Car Insurance that provides coverage for car theft. Choosing Comprehensive Car Insurance provides coverage for accidental and collision damage, third-party loss or damage, add-ons, damages caused due to man-made and natural calamities and total loss scenarios like theft or damage to the vehicle that cannot be repaired or repairs that cost more than the cost of the vehicle. So there is no requirement to opt for Car Theft Insurance separately, instead opt for Comprehensive Car Insurance that covers both Third-Party Insurance and Own Damage Insurance.

 

How Much Will the Insurance Company Compensate?

Most insurance providers will provide compensation for an amount that you have declared, i.e. the Insured Declared Value. However, Third-Party Insurance will not provide coverage for car theft, opting either for Own Damage Insurance or Comprehensive Insurance will provide coverage for car theft.

 

Steps for Filing a Car Theft Insurance Claim

You can easily file a Car Insurance theft claim with Shriram General Insurance. The steps are listed below.

Step 1: Report the incident to a nearby police station and get an FIR copy.

Step 2: Submit all claim related relevant documents.

Step 3: Car Insurance Theft Claim will be processed and settled as per policy terms and conditions.

 

Documents Required for a Car Theft Insurance Claim

The documents required for processing of Car Theft Insurance claims under Own Damage are listed below.

• Registration Certificate
• Driving License
• Claim Form duly filled in and signed
• Signature ID proof (Insured)
• Customer's bank details with a cancelled cheque for claim payment through (NEFT)
• FIR
• Keys
• Final Report/un-trace report
• Permit/Fitness/Tax paid status in case of commercial vehicle
• NOC/F-35 if financed.

 

Time period for the Settlement of the Claim

The time for claim settlement is listed below.

Shriram General Insurance Company Ltd. will verify and examine all the submitted documents and then claim will be settled within 07 days from the receipt date of last required documents in accordance with the policy terms and conditions.

 

Reasons behind Car Theft Insurance Claim cancellation

In a few cases, claims can get rejected, and the reasons are listed below.

• Violation of policy terms and conditions.
• Misrepresentation of facts
• False and misleading information
   

Things to remember while claiming for Total Loss in Car Insurance

• Consider these important factors while making a car insurance claim.
• Always report the incident immediately to the insurance provider. This prevents the claims from getting rejected.
• In case of major accidents, third-party injuries or theft, immediately approach the police station and register a complaint. Also, get a copy of the FIR which should be submitted to the insurance provider during claim process.
• Do not attempt to repair your car before the insurance provider's surveyor inspects the damage to the vehicle.
• Ensure you submit all the required details asked by the insurance provider. Documents like driving licence, claim form, policy copy, registration Certificate (RC) and repair bills should be submitted.
• When you have met with an accident, make sure you immediately take photos of the damage and the accident scene. This will be an evidence for your claim.
• It is important to know your coverage before going for claims. Make sure you have the appropriate coverage for your claims.
• Make sure you follow the deadlines. Submit all the claim details before the deadline for a smooth claim process.
• Make sure you have a copy of all the submitted documents for future reference.

 

Conclusion

Car theft can be a stressful incident. Therefore, it is essential to opt for Car Insurance that provides coverage for car theft.  Shriram Car Insurance provides coverage for car theft under the total loss. Opting for Comprehensive Insurance or Own Damage will provide coverage for car theft.

Additionally, promptly informing Shriram Car Insurance will help you get the claims at the right time. Report the car theft incident immediately and get the FIR Copy. While submitting all the required documents, a copy of the FIR and a non-traceable certificate should also be submitted for prompt claims processing.

FAQs

Will Third-Party Car Insurance provide coverage for car theft?

No. Third-Party Car Insurance will not provide coverage for theft. It will only provide coverage for third-party liabilities. Own Damage or Comprehensive Insurance will provide coverage for car theft.

 

What should be done to protect against car theft?

• Install anti-theft devices.
• Use car alarms and avoid leaving your car without locking.
• Always double-check that your car windows are rolled up fully.
• Try to park in a well-lit and secure place.
• Do not leave any valuables inside the vehicle which can easily be seen from outside.

 

What will be the claim settlement amount for car theft?

The claim settlement amount will be the Insured Declared Value with applicable deductibles and excess.

 

What should be done if the car is stolen?

When you know your car is stolen, immediately report the incident to the insurance provider and file a complaint with your nearby police station. Obtain an FIR copy and submit it while filing claims.