Car thefts are categorized as one of the major crimes across the world. Unfortunately, most reported stolen cars have not been recovered due to faulty claims and a lack of vigilance from the police authorities. In such cases, seeking insurance policies is always a better option. They ensure the client's security, guarantee, and profit instead of loss.
However, more than just purchasing an insurance policy is required. All the appropriate documents and payment receipts are essential for a successful insurance claim. This article will help identify all the knowledge needed in case of car theft and explain how long does it take for insurance to pay out on a stolen vehicle.
Find Cheap Auto InsuranceCar Gets Stolen: What's Next?
Are you wondering, “My car has been stolen will my insurance go up?”As the name suggests, one of the main benefits of having a comprehensive auto insurance plan is having stolen car insurance. If your vehicle is stolen and cannot be recovered, your insurance company agrees to pay you the entire value of the vehicle.
The insured stated the car's value, any relevant deductibles, and depreciation all go into calculating the amount payable. A policyholder's deductible is deducted from the automobile insurance broker's assessment of the vehicle's current market value.
Auto Insurance Reimbursement
The excess cost will be reimbursed as auto insurance for the value of the reported stolen vehicle. Only until the police have declared your stolen car irretrievable can you file a claim on your insurance.
In most cases, it's not only the stolen car that causes worry and the automobile is usually undamaged, but the valuables inside should be removed. Sadly, comprehensive auto insurance coverage does not typically include loss of personal belongings or automobile accessories, unlike theft of vehicles.
Nonetheless, you may increase the coverage for theft of individual goods in your comprehensive vehicle insurance policy. As an add-on, there will be an additional fee associated with it.
How Long Does It Take for The Payment?
The question arises: How long does it take for insurance to pay out on a stolen vehicle? The answer is based on the length of the inquiry, which varies, but if the police can retrieve your car, most insurance companies will only pay you for up to one month. Your auto insurance theft coverage will pay for any damages if your vehicle is returned with them.
Make Your Claim Stronger
You can submit the claim form online or manually by attaching pertinent documents. If the police conclude that the car cannot be located or recovered, the request to claim will be processed. The insurance company might take some time to figure out how much to pay. For many reasons, auto theft is risky, and filing a claim might take a while.
If your car gets stolen, some steps must be fulfilled to submit a successful insurance claim.
● First, notify the authorities when you know your vehicle is taken. See the responsible security officer for additional details about the situation if your vehicle was parked in a paid lot. If your car has an anti-theft system and a tracker, you may start tracking it.
● Next, the car theft incident to the insurance company should be reported as soon as possible. However, it is only likely to submit a claim after a while. To prevent missing the time window, start the claim process as soon as you register a police report. Acquire the required form for the claim and complete it with the required details.
Claim Gets Denied: What Might Be the Reason?
There are also several cases where an insurance claim gets denied, and you are not paid any amount due to it. One of the most common cases is submitting a fraudulent claim.
● This happens when a policyholder claims to no longer own the automobile and that it was of no significant use and value.
● The insurance company may think the claim is false if they sold it while claiming it was stolen.
● Negligence from the car owner towards the vehicle safety also results in the rejection.
● While filling in the details of the claim form, incorrect or misleading information that might raise suspicion also results in rejection.
What Is Policy Deactivation?
Most people deactivate the policy so they do not have to pay monthly activation fees. They are mostly unaware of the deactivation if their car gets stolen, and an inactive policy directly leads to the cancelation of the claim. Other reasons that lead to claim rejection are leaving the vehicle unattended or, in some cases, if some family member or close friend steals the car.
Know About Your Rights
1.The Right to Attorney
One of the most crucial things you should do if your insurance claim for a stolen automobile is rejected is get in touch with a knowledgeable lawyer who deals with similar cases. They may assist you in reading your coverage, mainly if you need help comprehending all that needs to be protected.
Additionally, they can communicate with the insurance provider on your behalf. They will assist you in making things right if they think your claim should have been accepted. Insurance companies usually take a slightly different stance if you have legal counsel. They know your seriousness and that you will make it harder for them to fool you with faulty assumptions.
2.Right to Plea
You have the right to plea the verdict if you and your attorney feel the claim was wrongfully refused. Before you can file an appeal, you must ascertain the regulations, as most insurance firms have their procedures and guidelines in place.
You may need assistance from a lawyer in this area. The guidelines for placing a petition require sound proof with all the original documentation and payment receipts. Once you have everything you need for a strong petition, you must apply to appeal for your request to be processed and put forward in front of a high court judge.
Gap Insurance: What Does It Do?
You may settle any outstanding bills after an auto theft with gap insurance for an extra cost. You may add it as an optional extra to your coverage. If your insurance coverage does not cover the whole worth of your vehicle, gap insurance can help "fill the gap" and spare you from having to pay anything out of cash. Its coverage may be advantageous if you finance your vehicle.
Find Cheap Auto InsuranceSome Discount Tricks
For some people, issuing a vehicle insurance policy may be expensive. However, a few tips on getting a beneficial discount while signing your paperwork exist. If you have more than one car, getting an insurance policy from the same company will ensure a significant discount. Safety gear, such as trackers, child locks, airbags, etc., will provide a car prevention discount for the owner.
This will also enable the owner to get an additional cost charge for this equipment if the car gets stolen. When you buy a car, getting a policy gives you an extra discount when filing for a new vehicle. If you are a full-time student with excellent grades, you will get a healthy discount on your policy so that it ensures financial convenience.
To Sum It Up
If you question is, “my car has been stolen will my insurance go up?” Answer is Yes! However, insurance claims related to car theft may take weeks, compared to allegations involving damage repair expenses. Being patient, ensuring you have all the required paperwork, and starting the report submission process are the three most important things to remember.
To prevent thefts and the drawn-out claim procedure that follows, make sure your car is protected. Close the windows and keep the doors shut—only park in well-lit and secure places. Valuables should be kept from your automobile for a long time or overnight. First and foremost, you are the only one who can ensure the safety of your vehicle.