A car insurance is an agreement between the policyholder and the insurer where the insurer promises to financially protect the policyholder in the event of a mishap. A car insurance is mandatory in India as per the Motor Vehicles Act where the car owners have to insure his or her car with a third-party liability cover at least. A car insurance can be either comprehensive, covering third-party as well as own damage liabilities or third-party liability covering third-party liabilities alone.
Your car insurance acts as a safety net that financially protects you from liabilities that you incur at the time of mishap. Your choice of car insurance determines the extent of your insurance coverage.
When your car has has been stolen, you have to file a theft claim and follow the following steps for a successful claim settlement
Following are the documents to be submitted to the insurer as and when requested:
Once you have raised a claim, the insurer will send an authorised tema or a person to carry out incident investigation. Before your claim can be processed, the insurer will investigate the incident. The surveyor authorised team for investigation will also help you obtain the necessary documents for claim settlement.
The time period required to complete the incident investigation is close to 60 days. In case your car is still missing, it would take around 90 days, starting from the date of filing FIR, for your insurer to calculate and determine the IDV of your car.
The entire claim process takes around 3-4 months, so you have to be patient and keep following-up with the insurer.
The content on this website is meant only for general information purpose and does not and shall not be construed as any solicitation, procurement, display, aggregation, marketing or advertisement of insurance products. BankBazaarInsurance is not an insurance intermediary and hence does not endorse or solicit any such products. The information on this website is derived from publicly available sources and BankBazaarInsurance cannot verify or confirm the genuineness, truth, veracity or authenticity of this information.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.