What happens if your car gets stolen? How much will my insurance company pay?
If your car has been stolen, the first thing to do will be to file a police report. Notify your insurance company as soon as you file the police report, this will help in case the thief has caused some damage to others with your car.
Also please note, your insurance company will not process your claim if you have not filed a report with the police.
It is also important to inform your RTO of the theft.
When you notify your insurance company, provide them all the details of loan/lease of your car along with the FIR.
Provide them with a description of your car, mileage, service record if any.
Also submit the list of personal items stolen along with the car.
Inform your financier immediately of the theft and ask them to discuss the case directly with your insurer this might expedite the claim process.
In case the police recover the vehicle, inform your insurer about the same.
If the vehicle is recovered, the Insurance company is liable to pay compensation on damages caused to the vehicle as per the terms and conditions of your policy and for stolen items if any, which are covered under your policy.
If the vehicle is not recovered, the police have to provide a Non-Traceable Certificate (NTC) and the court will have to give a final report under sec 173 Crpc.
If you have taken a car loan to purchase your car, the insurer will settle the amount directly to the financier. The settlement amount is on the Insured Declared Value (IDV). This might however differ based on usage and market value.
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