The stolen motor claim guide

December 10th, 2008 by admin

You should understand, be aware and adhere to the security measures, stated in the policy when purchasing Cheap Car Insurance. Keep all certification to affirm non-standard security items that have been added to your car, such as a gear lock, alarm or tracking device. Failure to meet the policy conditions may result in the repudiation of a claim in the case of your vehicle being stolen.It is just as important to follow the correct procedure in the event of your vehicle being stolen. It is compulsory by all the insurers, that when you discover that your car has been stolen, that you immediately report it the the cops. To avoid more loss and assist in the recovery of your car, the responsibility is on you as the owner of the motor.A file number must be obtained by the police and a theft case have to be opened. Failure to do so could endanger your right to claim from the insurance company and could be construed as committing fraud. If you don’t inform this to the police then it will just increase the possibility that the thieves will get away by allowing them more time to get away with your vehicle.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.Notify your insurer at once and demand for written confirmation of this notification. Supply them with the appropriate documents for non-standard security items and if the car was driven by any other individual than the insured at the time of the theft provide them with a certified copy of the driver‚Äôs license and identity documentation of the driver.If your car 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 vehicle debt and insurance policy until your claim has been settled in full so you will have to determine the outstanding loan in mind.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 car was dependent to a hire Purchase or Installment Sale.The stolen motor 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 Insurance Company. If you do not do this then it is considered as fraud and a criminal offense.Most of the insurers usually give the insured the decision to buy the stolen car back when it is found. If you are thinking in acting out this option then you should be aware of circumstances that could significantly impact on the value of the recovered car.Before the insurance company paid our claim then the vehicle would have been scrapped. The car will need to be registered as a Code 3 motor 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 meddled with. No dealer will pay the full market price for a car and for this you must ensure that if you buy back your vehicle that you get a substantial discount on the market value thereof. Remember to insure the re-purchased motor at the price that you paid to purchase it from the insurers to avoid over-insuring this asset.

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