Does Four-Wheeler Insurance Cover You Against Vehicle Theft?

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Does Four-Wheeler Insurance Cover You Against
Vehicle Theft?
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• In India, it is mandatory for every vehicle owner
  to have at least third-party motor insurance.
  Third-party insurance covers you against
  third-party legal and financial liabilities
  during a mishap. While this kind of coverage can
  save you a lot of money, it is advisable to go a
  step further and purchase a
• Comprehensive insurance for car policy
  Comprehensive car insurance helps you stay
  protected financially against third-party damages
  as well as own losses due to accidents, natural
  calamities, and man-made disasters. Thus, apart
  from accidents, you also receive coverage against
  landslides, earthquakes, floods, riots, and other
  acts of vandalism.
• What about coverage for theft?
• The good news is that your comprehensive car
  insurance policy also covers you against theft.
  This kind of coverage is truly a boon in todays
  world where robberies have become so common. Like
  most car owners, you probably took out a loan to
  afford your vehicle. Theft can leave you
  emotionally and financially traumatized.
  Insurance can help you by carrying the weight of
  the financial losses incurred due to theft.

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• The process of raising a claim
• As soon as you notice your car has been stolen,
  you need to inform your insurance provider
  immediately. Call up your
• car insurance company on their toll-free number
  or get in touch with the agent, if you have been
  assigned one. They will guide you on the steps
  you need to take to file a claim. Next, you also
  need to file an FIR at the police station and
  inform the RTO immediately. At the RTO you will
  need to fill up a few forms.
• The claim for theft will need to be submitted
  along with supporting documentation. This
  documentation will usually include a copy of your
  car insurance policy, registration certificate,
  car invoice, RTO forms, FIR copy, and any other
  paperwork that the insurer requests. Make sure
  that you do not miss out on any documentation so
  that your claim gets processed without any
  hassles.

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• How much compensation is received under a claim
  for theft?
• Many vehicle owners often mistakenly believe that
  they will be compensated for the full value of
  their vehicle when they make a claim for theft.
  Unfortunately, this is generally not what
  happens. If you have a standard comprehensive car
  insurance policy with no add-ons, you will
  receive the IDV (insured declared value) of your
  vehicle mentioned in your coverage. The IDV is
  the current value of your vehicle in the market.
  The IDV depends on many factors such as the make
  and model, age, and city of registration.
• You can opt in for the return to invoice add-on
  if you want to receive the full invoice value of
  your vehicle. Do discuss with your insurer
  whether this add-on will prove useful for you.

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• Things to keep in mind
• Here are a few things to keep in mind when you
  file a claim for a stolen vehicle
• If the stolen car was under a loan, the
  compensation is paid to the lender by the
  insurance provider
• If the insurance payout is lower than the amount
  owed to the car loan financer, the difference has
  to be paid by the car owner
• All sets of car keys must be handed over to the
  insurance provider by the car owner once the
  claim is approved
• We hope this article has helped you. Drive safe!

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• THANKYOU