If life were entirely predictable and safe, car insurance would rarely have occurred to anyone. But you never know what can happen around the next corner, especially when driving your car. This is precisely why, under Indian law, car insurance is no longer an option but a requirement.
You may think you’d rather spend your hard-earned money on necessities such as food, clothing, vacations, or even savings than a car insurance policy. However, car insurance being a must, is the kind of investment that you hope you never have to use. ##
Car theft, for example, predates the invention of the automobile. You could walk out of a mall after shopping to find your car has vanished, or you could walk right out of your garage. The situation is volatile, and your immediate concern should be to control your losses rather than pursue a mysterious thief.
Things to keep in mind for insurance of a stolen car:
- If your vehicle is stolen, an all-inclusive car insurance policy may compensate you for the total cost of the vehicle.
- The first step is to notify the police and file an FIR. Meanwhile, notify your insurance company as well (either by calling their toll-free number or dropping in at the nearest branch).
- Submit a copy of the FIR, all related documents (receipt, premium papers, VIN), and photographs of the vehicle to the claim desk.
- When your insurer writes off a stolen car for whatever reason, you must be adequately compensated to buy a comparable car on the open market. Vehicle insurance online & offline companies may confuse you with a market estimate. You have the right to demand enough to obtain a replacement in the same manner as you received your original car.
- If your car had a disproportionately high value due to its excellent condition, low mileage, safety device installation, or other modifications, it would be helpful if you could provide proof of that change, as well. Always keep printed records of your mileage, bill receipts, photos, and documents relating to what you’ve spent and when and where.
- In the event of theft, the insurance holder must register the claim by calling the insurance provider’s customer service centre. They may report your claim, assist you with the car insurance claim process, and provide you with a claim reference number for future reference.
Theft claims required documentation process:
- The policyholder completes and signs a claim form.
- The Car Insurance Policy (Original)
- Original Certificate of Registration
- The police report that was filed at the station.
- All the vehicle’s original keys
- The car’s original sales invoice or the tax receipt
- Notifying the RTO of the theft and obtaining signed transfer papers from the RTO using forms such as Form 29, Form 28, Form 30, and Form 35.
- Letter of indemnity bond subrogation
- Essential considerations when filing a theft claim
- Check to see if your policy covers theft of the insured vehicle.
- When you recognize the theft, file a claim immediately with your insurance company.
- You must notify the authorities and file a FIR. The same can be required during the documentation process.
- If you notify the police and your car insurance company promptly, your claim would be allowed.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. 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.