What to do if the car gets stolen?

February 19, 2020/ALL AUTODEALERS

The ratio of Motor vehicle theft has been increased it has become a common crime in America. If you’re the person whose car has been stolen, report your stolen car to law enforcement and file a claim with the car insurance company. We all know the adrenaline rush we get at the time when we cannot find our car, you need to remain calm and think clearly about your next step.

Firstly, think about what you’ve done that put you in this situation to explain the reason for your missing car.

  • Do failure of payment led to repossession of car?
  • Did you park illegally which has led to the situation of vehicle tow?

If any of the reasons is not about your vehicle stolen and there’s another reason for your stolen vehicle. Firstly start the car insurance claim process.

How can I report my car to the police?

Be ready to tell everything to the police about your missing vehicle as they’ve numerous ways to find the stolen vehicle. If the car has a GPS device installed you should tell the police as they will help in tracking down the stolen car. The details which should police be aware about includes:

  • Color of the car
  • Distinctive features of car
  • License plate number
  • Car make, model and year
  • Vehicle identification number
stolen car thief

How to report the stolen car to the insurance company?

After informing the police, the next step is to contact the car insurance and report about the incident. The car is covered the comprehensive car insurance policy which covers the stolen vehicle. If in case, your vehicle is not covered under the comprehensive car insurance you should tell the insurer about the theft which will provide help towards the theft protection.

The information that the insurance company needs to know includes:

  • Contact information of your leasing or financing company
  • Description of your vehicle
  • Where the vehicle was last time?
  • Personal belongings in the car
  • Title of the vehicle
  • Location of all the keys of the vehicle

Note: Provide the appropriate and truthful information as the company will be investigating the same to settle the claim. Any wrongful information can cost you a dollar.

Is your stolen car is covered under the insurance policy?

The owner must acquire comprehensive coverage on the insurance policy to have coverage for the stolen vehicles. No matter from your vehicle has stolen an auto policy will cover all the loss.

What is the claim process?

The stolen car should be reported and documented as soon as possible to the police. The insurance company should remain aware of the situation inform them through agents use the customer service number for the same.

The insurance agent can assure whether you’ve comprehensive coverage entitled in your policy and then file the claim. The insurance companies take a minimum period of time to settle the car claim as they wait for the recovery of the vehicle. The insurance time starts from the day when your car is stolen not when you filed the claim. The agent will brief you about the time frame that would be required to finalize the claim.

What about the damages to the vehicle if it gets recovered?

Comprehensive coverage covers all the damages to the vehicle if it gets recovered. There is a chance thief must have destroyed the interior or took the infotainment system or wrecked the vehicle. The repairs must be covered under the comprehensive coverage.

How can I find a stolen car?

The Vehicle identification number (VIN) can be very helpful to look up for your car on the National Insurance Crime Bureau’s (NICB) VIN which works as a database for the stolen cars. The database can help you locate the stolen vehicle. The NICB department is connected with the insurance companies and law enforcement engines to find the missing vehicle.

How to deal with the total loss claim?

If your vehicle is stolen you have got the option of total loss claim on your hands. You can deal with the insurance adjuster through an agreement to adjust the current value of your vehicle minus the deductible. After the agreement is made you require the lender sign off the title if you’ve possessed the loan on the vehicle. Then, you should wave off the title to the insurance company as you don’t own the ownership of the vehicle.

If the vehicle has been recovered after the settlement of the claim, the insurance company holds the ownership.

What is the anti-theft device discount?

It depends on the area where you live and the probability of getting your car stolen. There are a number of insurance companies who offers discount for having the car alarm. The savings you retain are majorly based upon the payment of comprehensive coverage.

There are chances when you find the savings less as the anti-theft device discount is covered under the comprehensive coverage, not on the entire policy.

FAQ

What if I have multiple insurance claims?

Multiple insurance claims are bad warning sign for you. The insurance company will non-renew your policy when they find the two-at fault accidents by the same driver in period of 2-3 years. The companies work on set terms and guidelines which don’t allow the comprehensive claims two be more than two or three times in a period of three years.

What parts of the vehicles are replaced under the insurance?

It depends on the policy which you’ve acquired for your vehicle. If the policy covers OEM parts the replacement of parts will be from the same. If the policy doesn’t include OEM the replacement will be done by aftermarket accessories as they are less expensive which insurance company can offer.

What claims does comprehensive coverage include?

Comprehensive insurance everything except collision as it has liability involved in the accident. It includes theft, fire and certain weather damages in the claim.

How much time insurance company requires to pay for a stolen vehicle?

The company takes a waiting period of 7 days to 2 weeks in order to see the vehicle can be recovered. If in that period vehicle doesn’t recover, the company will pay the actual cash value of stolen cars under the comprehensive coverage under the insurance policy.

Do the vehicle value decreases after recovery?

Yes, the value goes low as it has been marked under the theft. However, if your vehicle is purchased as a used car or at a lower price then it won’t affect much at the time of reselling.

What happens to the car if it gets totaled?

If the value of the repair of the car is higher than the value, it gets totaled. The different states have a different formula for calculating the car is being totaled or not.