Hello, my name is Cliff Bolton. Welcome to my site about vehicle insurance. I wanted to learn all I could about insurance before I started driving to go into the decision-making process with ease. Once I started exploring the insurance industry, however, I could not stop reading. I learned all I needed to know to obtain car insurance and much, much more. I created this site to share this knowledge with my readers. I hope to help others tackle this important decision without worry. Please feel free to drop by daily to learn new information about this important topic. Thank you for visiting my site.
An insurance claim for a stolen car is probably one of the most expensive claims you can make to your insurance company. If your car is stolen, you need to do everything by the book and ensure that you don't face any complications while processing your claim. For example, you should notify all these four parties if your car is stolen:
There are several reasons the authorities are the first people you should contact. First, the sooner you report the theft, the sooner the police can get the word out and start looking for it; you might even be lucky enough to get your car back in pristine condition. Secondly, the insurance company cannot process your claim without a police report. Delaying the call to the authorities may even make you a suspect of insurance fraud, which will only prolong your claim processing. Therefore, if your car is missing, whip out your phone and call the police immediately.
The Insurance Company
Once you have contacted the police, call your insurance company. Again, there are various benefits to calling your insurer as soon as possible. First, most insurance companies require you to do this; in short, it is their policy and you agree to it when buying insurance coverage. Your insurance company will also be able to coordinate with the authorities in the search for your car. Lastly, this is the first step to getting your claim settlement in case your car is never recovered.
Note that you need to inform your insurer about your stolen car even if you don't have comprehensive coverage (meaning you won't be reimbursed for the car); as mentioned above, it's a requirement. Apart from that, it will help you with a repair claim should your car be recovered with some damages.
Your Leasing Company or Lender
Lastly, you also need to inform all other parties who have insurance risks on the car. For example, if you leased the car or you haven't repaired its loan, you need to inform the leasing company or loan financier respectively. This is necessary since, in both cases, you don't own the car fully, and the leasing company or lender should also be involved in the claim process.
Hopefully, you will never have to deal with the case of a stolen car. If your car does get stolen, however, and you have confirmed it, call the above parties and provide them with the required information.Share