What to do if your car is stolen?

As a car owner, it is obvious that you will be passionate about your vehicle. As such, you are ready to take all those measures to protect your car from chances of threat. However, no matter what great care you are taking, there are chances for the burglars to prey on your car. This statement gets the support from the rising rate of the car thefts across the country. In instances, you find yourself in such situations, you should take some steps that are necessary to secure your financial interest. Here are the key steps that you should take in such instances, rather than worrying about your car.

Steps To Take After Your Car Is Stolen?

First and foremost, ensure that the car has really been stolen. In several instances, it has been found that car owners forget where they had parked the car and start looking at other places, forming the idea that their car has been stolen. If you find someone, near the place where you have parked the car, you should ask the person, if he/she has seen someone, driving the car from that slot.

Once, you have done the necessary checks and it has been determined that the car has been actually stolen, you should inform the incident to the police, as early as possible. Likewise, you require intimating your insurer as well as the financier, if you have financed the car. If you are delaying to intimate such incidents to the insurer, the company may not entertain your request for compensation.

What if my car is stolen, will my insurance cover it?

You will certainly feel relived to know that you can get adequate compensation for such instances, provided if you have covered your car with the suitable coverages. This implies, you will not be liable to the reciept of any compensation, if you have simply purchased the liability coverage. However, if you have already covered the car against the risks like thefts, you will be getting a compensation as per the actual market price of the car, should you are able to prove your case.

Another instance that can come up is that your belongings inside the car gets stolen, but, nothing happens to the car. If you have taken the renters insurance of homeowners insurance, you will be eligible to receive compensation in such instances, if you are not at fault by any means. In this regard, even if you are having suitable coverage, you should only raise the claim if you find that the extent of losses for such instances is going to some extravagant extent. Else, it will be wise not to raise the claim. Getting some insignificant claims will disturb your eligibility for no-claim bonus that will definitely entitle you for bigger benefits.

Now another instance that can happen is that your car gets stolen, but you recover it after a few days. In such instances, there are chances that you either get it back in the perfect condition or you explore that your car has been damaged.

What is going to happen in such instances?

Well, in the majority of the cases, the insurer will require you to wait for a few days, before you get the compensation for the stolen car. In the majority cases, this waiting period spans for 30 days from the date you intimate the company about such events. If, in between, this span, you get back the car, you will not be getting compensation for the car stolen. However, depending on the extent of the damage incurred by the car, you will be liable for the receipt of compensation for such damages.

However, if you find back the car and see that the damages are to the minimum extent, it will be wise not to raise the claims for some insignificant amount of money. It is for the reason that such claims are going to affect your no-claim history.

But, if your insurer finds the car in the completely damaged state, they will be paying as per the present valuation of the car, and not as per the amount of contribution that you have made towards the policy.

How To Prevent Auto Theft In The Future?

No matter you have already experienced the instances of your car getting stolen or you are yet to make such experiences, there are certain ways to escape such threats. For instance, you can think of installing the remote control or the GPS tracking system that will enable you to repel the burglars as well as track their movements with the stolen car. You can even think of installing the alarms that will notify you when some unsolicited parties try to snatch your car. You will be delighted to know that the insurer is likely to offer you some concessions if you are installing such defensive mechanisms.