« This Reverse Phone Detective Reviews Site Might Have Something For Your Peace Of Mind | Home | Computer Problems? Ask a Teen »
Don’t know how stolen vehicle claims work?
By admin | February 4, 2009
It is essential to that you are informed, understand and stick with to the security conditions, such as immobilizers or tracking devices, specified in the police when purchasing auto insurance. Keep all documentation to authenticate non-standard security items that have been added to your car, such as a gear lock, alarm or tracking device. Failing to meet the policy stipulations may result in the rejection of a claim in the incident of your vehicle being stolen.Following the right routine in the incident of your vehicle being stolen is just as crucial. It is obligatory by all the insurers, that when you find out that your car has been stolen, that you immediately report it the the cops. As owner of the motor the responsibility is on you to prevent more loss and contribute in the recovery of the motor.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. Any delay in notifying the police will greaten the chances that the burglars will get away by giving them more time to get away with the car.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.Request for written verification or this notification and then inform your insurer immediately. Supply them with the appropriate documents for non-standard security items and if the vehicle was driven by any other person than the insured at the time of the theft supply them with a certified copy of the driver’s license and identity documentation of the driver.Notify the relevant financial institution if your motor 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 vehicle is not recovered then you are no longer the owner of the stolen car. 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.The stolen vehicle is now the property of the Car Insurance Company and if the car is recovered subsequent to your claim been paid the vehicle must be handed over to the Insurance Company. Failure to do so is fraud and a criminal offense.Most insurers give the insured first option to buy back the stolen car if and when it is found. If you are thinking in going for this alternative then you should be aware of circumstances that could significantly impact on the value of the recovered vehicle.Before the insurance company paid our claim then the vehicle would have been scrapped. The car will need to be registered as a Code 3 car and identified as a Built Up motor on the registration certificate if it has to be re-selled. If the VIN number has been tampered with then the police will assign a new VIN number beginning with AAPV. No dealer will pay the full market price for a vehicle and therefore you must ensure that if you buy back your car that you get a considerable discount on the market value thereof. To avoid over-insurance this asset, make sure that you insurance the re-purchased vehicle at the price that you paid to purchase it from the insurers.
Topics: Business |