It’s a nightmare situation- you park your car safely in the parking lot – you run into the grocery store – you get to the parking lot, and you realize there is a space where your vehicle should be. Gradually it dawned on you that it has been stolen. Don’t panic, be calm, stolen vehicles are usually covered by auto insurance companies, mainly if it includes Third Party, Fire, and Theft or Comprehensive coverage. This article tells you what you need to know when your vehicle is stolen.
My Car Was Stolen – Report To The Police And Your Insurer?
First, you must report your car as stolen to the police then your insurance company. Ensure you have all your vehicle details nearby, such as the registration number, make, model, color, and car keys. The car keys? The car keys are essential because if you claim insurance for your stolen car without the car keys, you may not get your insurance claim. This is because the insurance policy covers theft but not negligence. If you leave your keys in the car and it was stolen, the theft is viewed as your carelessness. Delivering the keys proves there isn’t any carelessness on your part. More so, it serves as proof of no foul play or the intention to swindle the insurance company.
Making A Claim If Your Car Is Stolen
If your car is stolen and you’re paying your premium by installments, you may need to continue paying until your policy is expected for renewal. Your insurance company may hold back to check whether the vehicle is found. If, after settling, you and the car were found, then they will keep the vehicle. But if the vehicle isn’t found, your insurance company should pay you. It’s reasonably estimated worth, which is the amount that you could have sold it for.
You might probably not be satisfied with how much your insurance company is offering you, then you need to prove the car was worth more. Try checking online to evaluate the car or using car price guides. An insurance pay-out may end your policy; however, this relies upon the policy. If you paid everything forthright, you possibly won’t get the remainder of your premium refunded.
Delays In Settling Claims
Sometimes, your claims might take a while to resolve. However, the Malaysian law states that your insurance provider must make a sensible proposal of settlement within three months of filing a insurance claim. There can be delays in settling the claim if neither one of the sides concedes liability or isn’t thoroughly evaluated. This implies there isn’t sufficient written proof to help the claim. You or the other driver may, thus, be approached to send in more proof. This may imply that the insurance claim takes longer than three months to settle.
As soon as liability has been conceded and enough proof has been created for the claim to be evaluated, your insurance company should settle it within the stipulated three months. Safeguarding your vehicle should be possible with a little bit of caution and good judgment. You ought to consistently be constraining the amount of a risk you leave yourself to theft. Never leave your keys in the vehicle, or your doors opened.