June 18, 2024

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Does You Car Insurance Cover Theft?

Here’s what should be considered when filing an auto insurance claim on a car insurance mobile app:

Car thefts are among the most underreported crimes in India, with over 100 automobiles stolen per day in major urban areas. About 40,000 motor vehicle theft instances were recorded in Delhi alone in 2018. The situation needs to be significantly improved in rural areas or tier-two cities. Sadly, in many instances, stolen vehicles are never found.

If you don’t have insurance, a situation like this might have a significant financial impact. Nonetheless, it is essential to buy new car insurance online and recognise that any policy will not help in this situation. A necessary third-party auto insurance coverage can protect automobile owners in dire situations, such as a collision that injures other road users. Yet, if your vehicle is stolen and you must submit a claim, you will require a comprehensive policy.

What does a car policy cover?

Major insurance companies provide two types of policies: liability-only (third-party) and package (comprehensive). Automobile insurance carriers cover third-party damages up to a specified limit. Car theft and personal injury damages are also covered by comprehensive coverage. The plan additionally provides additional depreciation coverage, no-claim bonus (NCB) protection, etc. *

Some plans provide a daily allowance if your vehicle is stolen, meaning they will cover the cost of a rental car for the period stated in the policy. Within twenty-four hours following the theft of your vehicle, your insurance may additionally cover a courtesy/hire automobile.

Additionally, note that in some plans, partial theft of accessories is covered by the no-claims bonus. This implies that even if some automotive accessories are stolen (see your policy for a comprehensive list), you may file an insurance claim without jeopardising your no-claims bonus. *

Claiming if your automobile is stolen

A package coverage or auto insurance might be of considerable assistance if your vehicle is stolen. You must claim to receive the most excellent value for your automobile.

Here is how you should proceed:

1. Submit an FIR

When you discover your vehicle has been stolen, immediately contact the police. There are two advantages to filing an FIR early: It will assist you in persuading the insurance company to accept your claim, and your vehicle may be recovered sooner.

2. Notify the insurance company

Fill out and sign the insurance company’s claim form. You can submit the form with the FIR attached. Steps 1 and 2 should be completed concurrently. An FIR is not necessary when alerting the insurance company, but it will be required when submitting the auto insurance claim form. You can even do it on your app for car insurance

3. Inform the RTO

It is suggested that you report the theft of your vehicle to the Regional Transport Office (RTO) to protect yourself from any illegal activity using your vehicle. You will be protected if your vehicle is involved in an accident or utilised for unlawful conduct. 

4. Have the following documents on hand:

  • FIR copy from the police
  • RC copy of the car
  • A claim form completed and signed
  • Copy of driver’s licence
  • Copies of the relevant policy papers
  • Original car keys
  • RTO transfer paperwork that has been signed (forms 28, 29, 30)
  • If there is a current auto loan, the NOC and form 35 from the lender are required.

While the theft of your vehicle is the last thing you anticipate happening to you, it is always prudent to be prepared for this possibility and know what to do if it does. Ensure that your auto insurance is up-to-date with a car insurance renewal, and read the fine print! Stay protected with the right app for car insurance.

*Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.