Stolen car claims

February 1st, 2009 by admin

It is advisable that you keep all the certification to affirm non-standard security items that have been added to your car, such as a gear lock, alarm or tracking. Failing to meet the policy requirements may result in the rejection of a claim in the incident of your motor being stolen.A theft case must be opened and file number obtained from the police. If you fail to do so it could be construed as committing fraud and you could endanger your right to claim from the insurance company. Any delay in informing the police will greaten the possibility that the thieves will escape by giving them more time to escape with the motor.If the vehicle 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 at once. Supply them with the appropriate documents for non-standard security items and if the motor was driven by any other person than the insured at the time of the theft supply them with a certified copy of the driver‚ a license and identity documentation of the driver.If your vehicle is subject to a purchase to hire or lease then you should inform the appropriate financial institution. Determine the outstanding loan amount and bear in mind that you still have an responsibility to keep up the monthly repayments both on your motor debt and your insurance policy until your claim has been settled in full.If the insurance remunerate compensates you for your loss in the time that the vehicle is not recovered then you are no longer the owner of the stolen motor. The insurers would have noted their interest on the policy and would have to reconcile any unpaid debt before paying out the balance to you if the vehicle was subject to a hire Purchase or Installment Sale.The stolen car is now the property of the Insurance Company and if the car is recovered subsequent to your claim been paid the vehicle must be handed over to the Car Insurance Company. Failure to do so is fraud and a criminal offense.Most insurers give the insured first option to buy back the stolen motor if and when it is recovered. You should be aware of the circumstances that could significantly impact the value of the recovered car if you are interested in acting out this option.Before the insurance company paid our claim then the vehicle would have been scrapped. To re-sell this motor it will need to be re-registered as a Code 3 motor and identified as a Built Up vehicle on the registration certificate. If the VIN number has been meddled with then the police will assign a new VIN number beginning with AAPV. No dealer will pay the full market price for a car 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 buy it from the insurers.

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  1. Joan Brownfield said,

    on November 17th, 2011 at 6:49 pm

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