Car Theft Claim
India is seeing a rapid increase in the number of cars stolen across the country. Car owners find it difficult to park their cars in unknown places due to the fear of theft or burglary. The lack of proper parking space makes matters worse, where car owners must park on the roads or in other unauthorized spaces.
Certain urban areas in the country see as many as 100 or more vehicles stolen in a single day. And the picture isn’t prettier in the rural areas either. Though scooters and bikes are at the heart of these thefts, cars are quickly making it to the charts as well. In the year 2018, over 2,25,445 vehicles were stolen, out of which only 16% of the cases were solved. This is reason enough to insure your car as soon as possible.
Need For Car Insurance
As a car owner, it is only naturalthat you be wary of such occurrences. And the rising number of crimes does not help the cause either. Are there any steps you can take to limit your risk as a car owner?The answer is resounding yes.
For starters, you can install anti-theft devices on your vehicle. There are a few GPS trackers that you can attach to the underside of the car so that burglars do not instantly notice them. Secondly, you can take care to park your car in a safe parking spot with security. Lastly, you must buy a car insurance policy. A comprehensive car insurance policy offers coverage for a myriad of situations and theft is one of them.
The primary purpose of buying a car insurance policy is to offer you financial assistance when things do not go according to plan. A comprehensive plan consists of a third-party liability plan and a host of other features.
Third party liability is the bare minimum requirement, as per the Motor Vehicles Act. It ensures that you do not have to worry about any legal or medical liabilities arising out of accidents involving other individuals or properties.
With a comprehensive plan, you also get cover for your own damages. If the car of the insured meets with an accident, either due to the mistake of the insured or someone else, the policy will pay for the repairs. The plan offers cover against natural calamities such as earthquakes, landslides, floods, etc. or man-made calamities such as riots, strikes, terrorism, etc.
Most importantly, a comprehensive plan offers coverage against theft or burglary as well. If the vehicle of the insured were to be stolen or burgled, the insurance company will compensate for the same. Though the compensation isn’t instant, it offers you the IDV or insured declared value of the car.
If you stay in an area that is prone to theft or burglary, you can even opt for the Return To Invoice add-on. Once you have the add-on and the vehicle gets stolen, the insurance company will pay you the price mentioned on the invoice of the car. This includes taxes and registration of the car as well. Though the add-on might cost you some additional amount, you can recover the entire amount.
Should your vehicle get stolen, here are the steps you will need to follow.
File an FIR at the nearest police station.
Reach out to your insurer and inform them about the incident.
Notify the RTO about the car being stolen.
Provide the insurer with all the documents that they need.
There are a few steps that you can take to enhance the security of your car but buying car insurance beats them all. It offers complete peace of mind and compensation in the case of theft.
Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.
This blog has been written by
Mukesh Kumar | Motor Insurance Expert | 36+ years of experience in insurance industry
A veteran in the insurance industry, Mukesh Kumar has the expertise of handling various functions like Business Development, Underwriting, Claims, Human Resources, Quality Management and Marketing. With rich knowledge of the industry, he loves to share his views on topics of insurance sector and takes special interest in educating people on advantages of having insurance.
Mr. Mukesh Kumar recommends "getting your two wheeler insured from HDFC ERGO, a brand serving more than 1 crore+ customers. With overnight repair services and more than 6,800+ network garages, you can be assured of help in event of any damage to your vehicle".