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 increase the possibility that the thieves will get away by allowing them more time to get away with the vehicle. 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.
It is essential to that you are aware, understand and adhere 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 authenticate non-standard security items that have been added to your motor, such as a gear lock, alarm or tracking. Failing to meet the policy requirements may result in the denial of a claim in the incident of your car being stolen.It is just as important to follow the correct procedure in the event of your car being stolen. All Insurers essential that on discovering that your car has been stolen it be reported to the police right away. To prevent more loss and assist in the recovery of your car, the obligation is on you as the owner of the vehicle.Notify your insurer immediately and request for written confirmation of this notification. Supply them with the appropriate documents for non-standard security items and if the motor was driven by any other individual than the insured at the time of the theft provide them with a certified copy of the driver’s license and identity documentation of the driver.Inform the appropriate financial institution if your vehicle is subject to a hire purchase or lease. Determine the outstanding loan amount and keep in mind that you still have an obligation 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 motor is not found then you are no longer the owner of the stolen car. The insurers would have noted their interest on the policy and would have to settle any outstanding debt before paying out the balance to you if the car was dependent to a hire Purchase or Installment Sale.The stolen car is now the property of the Insurance Company and if the vehicle is found 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 motor if and when it is found. If you are interested in going for this alternative then you should be aware of circumstances that could significantly impact on the value of the recovered vehicle.The vehicle would have been scrapped before the insurance company paid your claim. To re-sell this motor it will need to be re-registered as a Code 3 motor and identified as a Built Up car on the registration certificate. 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 vehicle 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 car at the price that you paid to purchase it from the insurers to avoid over-insuring this asset.