Stolen Car Insurance Claims: Will you receive full compensation?

Experiencing the theft of your car is not only painful but also raises concerns about whether your car insurance coverage will fully compensate you for the loss. Stolen car insurance claims can be complex, with various factors impacting the compensation you receive.

Own damage and comprehensive car insurance policy cover theft/stolen car claims whereas third-party liability car insurance will not cover stolen car insurance claims. Let us dive deep into the difficulties of stolen car insurance claims, empowering you to navigate through the process with confidence and clarity.

Understanding stolen car insurance claims

Filing a claim with your insurance provider is the first step toward seeking compensation for your loss when your car is stolen. When a car is stolen, the policyholder must promptly report the theft so that investigation can take place. However, the extent of compensation you receive depends on several factors.

Factors influencing compensation

Here are some of the factors that influence compensation:

• Reporting the stolen car claim along with a FIR within 48 hours to the insurer will help the policyholder in compensation as per the insured declared value of the vehicle.
• Return to invoice add-on cover can be beneficial that ensures the policyholder will be compensated the ex-showroom price of the car if the car is declared stolen.
• Car insurance may include a deductible, which is the amount you’re responsible for paying out of pocket before your coverage applies.

Maximising compensation

Here are steps you can take to maximise compensation for a stolen car:

• Report the theft to law enforcement and insurance provider as soon as possible. Prompt reporting helps expedite the claims process and may be a requirement of your car insurance.
• Provide thorough documentation to support your claim, including the police report, vehicle registration and any receipts or documentation related to the car’s value and condition.
• Familiarise yourself with the details of your car insurance, including coverage limits, deductibles and any additional benefits or endorsements that may apply to theft-related incidents.

Conclusion

While the theft of your car can be a painful experience, understanding the claim process can help reduce some of the financial burdens associated with the loss. Familiarise yourself with car insurance, so that you can maximise the compensation you receive and expedite the claims process.

Remember to consult Kotak General Insurance to address any questions or concerns specific to the car insurance and circumstances. With the right knowledge and preparation, you can navigate through the stolen car insurance claims and secure the compensation you deserve.