Get clued up on stolen vehicle claims

When the time comes for purchasing Car Insurance it is vital that you are aware, understand and adhere to the security conditions, such as immobilizers or tracking devices, stated in the policy. Keep all certification to authenticate 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 demands may result in the denial of a claim in the case of your motor being stolen.It is just as important to follow the correct procedure in the event of your motor being stolen. It is essential by all the insurers, that when you discover that your car has been stolen, that you right away report it the the cops. As owner of the car the obligation is on you to prevent further loss and contribute in the recovery of the car.A theft case must be opened and file number acquired from the police. If you fail to do so it could be construed as committing fraud and you could endanger your right to claim fro the insurance company. Any delay in informing the police will increase the chances that the thieves will get away by giving them more time to get away with the motor.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 certify that security was in place.Inform your insurer immediately and demand for written verification of this notification. If the car was driven by another person than the insured at the time of theft then provide them with a certified copy of the driver’s license and identity documentation and also provide them with the relevant documents for all non-standard security items.If your motor is subject to a purchase to hire or lease then you should inform the appropriate financial institution. You still have an obligation to keep up the monthly repayments both on your car 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 car is not recovered within a reasonable time and the insurance company compensates you for your loss you are no longer the owner of the stolen vehicle. If the car was dependent to a Hire Purchase or Installment Sale, the Insurers would have noted their interests on the policy and would have settled any outstanding debt before paying out the balance to you.If the motor is found subsequent to your clam being paid then the motor must be handed over to the Insurance Company and the stolen vehicle will now be the property of 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 option to buy the stolen car back when it is found. You should be conscious of the circumstances that could significantly impact the value of the recovered car if you are interested in acting out this option.The vehicle would have been scrapped before the insurance company paid your claim. To re-sell this car it will need to be re-registered as a Code 3 motor and identified as a Built Up vehicle on the registration certificate. 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 motor and therefore you must ensure that if you buy back your car that you get a substantial discount on the market value thereof. To avoid over-insurance this asset, make sure that you insurance the re-purchased motor at the price that you paid to purchase it from the insurers.