What you do when it comes to stolen motor claims

It is essential to that you are informed, understand and stick with to the security requirements, such as immobilizers or tracking devices, stipulated in the police when buying Car Insurance. It is advisable that you keep all the certification to confirm non-standard security items that have been added to your motor, such as a gear lock, alarm or tracking. Failure to meet the policy requirements may result in the repudiation of a claim in the event of your motor being stolen.Demand for written confirmation or this notification and then notify your insurer immediately. Provide 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’s license and identity documentation of the driver.If your motor is subject to a purchase to hire or lease then you should inform the relevant financial institution. You still have an obligation to keep up the monthly repayments both on your car debt and insurance policy until your claim has been settled in full so you will have to determine the outstanding loan in mind.

It is just as important to follow the correct procedure in the event of your car being stolen. All Insurers essential that on finding out that your motor has been stolen it be reported to the police at once. To avoid further loss and contribute in the recovery of your car, the onus is on you as the owner of the motor. A theft case must be opened and file number acquired from the police. If you fail to do so it could be construed as committing fraud and you could endanger your right to claim fro the insurance company. If you don’t inform this to the police then it will just increase the likeliness that the burglars will get away by giving them more time to get away with your car. If your car was stolen from a parking lot where there is security then you have to report it to the security office so they can vouch that security was in place.

If the insurance remunerate compensates you for your loss in the time that the car is not recovered then you are no longer the owner of the stolen car. If the vehicle was dependent to a Hire Purchase or Installment Sale, the Insurers would have noted their interests on the policy and would have reconciled any outstanding debt before paying out the balance to you.The stolen vehicle is now the property of the Insurance Company and if the vehicle 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 of the insurers usually give the insured the decision to buy the stolen vehicle back when it is recovered. You should be conscious of the circumstances that could significantly impact the value of the recovered motor if you are thinking in going for this alternative.The vehicle would have been scrapped before the insurance company paid your claim. The motor 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. The police will assign a new VIN number beginning with AAPV if the VIN number has been tampered with. No dealer will pay the full market price for a car and therefore you must ensure that if you buy back your vehicle that you get a considerable discount on the market value thereof. Remember to insure the re-purchased motor at the price that you paid to buy it from the insurers to avoid over-insuring this asset.