If you are well-informed, making a theft claim for car insurance can be a stress-free and simple process. You just need to ensure that all details are furnished accurately and in a timely manner. Here, we take you through the steps on making a convincing theft claim on auto insurance.
The Safety Net Of Car Insurance
If you are a driver on Indian roads, you are mandated by the law to be in possession of a basic car insurance. That said, your auto insurance policy is a safety net that protects you from financial distresses due to accidents, theft or vandalism of your vehicle.
There is a specific procedure that needs to be followed when your car has suffered damages or has been stolen. In line with this, it is important to file an effective theft claim for your car, so as to avoid possibilities of claim rejections.
Follow the right procedure
When you find out that your car has been stolen, with minimum delay:
- File an FIR - Soon after the mishap, you should head to the nearest police station and lodge a complaint, that is also referred to as the First Information Report (FIR). This is important for the claim to sound compelling; so this step should not be skipped at all.
- Inform your insurance company - The next step is to inform your insurer. The company will have a procedure that is kick-started once they are intimated on the claim. Moreover, some insurers mandate that claims are reported within 48 hours from the time of the incident. So, it is crucial that you follow this step at the earliest.
- Inform the Road Transportation Office (RTO) - As per the law, you are required to notify the transport department of the theft. So, you should contact the nearest RTO for the same.
- Collect all the required documents - Once all the notifications are done, you have to start collecting the documents required to make a claim. After they are duly filled in, they should be submitted to the insurance company.
Every claim will have its own requisites for documentation. Some of the documents that are usually requested include:
- A copy of the original FIR
- Copy of the insurance policy documents
- The claim form, duly signed
- Driving license copy
- The original car keys
- A copy of the car’s RC
- Signed RTO transfer papers, with Forms 28, 29, 30 and 35
- Acquire the no-trace report - Also called the untraced vehicle report, this document can be availed from the police station. Without this document, the claim is unlikely to be processed. You should be aware that the police needs around a month to prepare this report.
When you inform your insurance provider of the theft, they will employ investigators to attempt tracing your car. This team will also assist you in acquiring necessary documentation from the police. These proceedings may take 60 days for completion. Also, if your car remains missing, it will take around 90 days (from the date of filing of the FIR) for the insurer to generate the IDV of your vehicle.
Once you have initiated the process this way, you would have filed a credible motor insurance claim. The entire process takes between 3-4 months; so you need to be patient and wait for the next steps from the insurance company.
GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017