If the vehicle was stolen from a parking lot where there is security, report it to the security office so that they can vouch that security was in place.Demand for written verification or this notification and then notify your insurer at once. If the motor was driven by another person than the insured at the time of theft then provide them with a certified copy of the driver’s license and identity documentation and also supply them with the appropriate documents for all non-standard security items.

When purchasing Car Insurance it is vital that you are aware, understand and stick with to the security conditions, such as immobilizers or tracking devices, stipulated in the policy. Keep all certification to confirm non-standard security items that have been added to your motor, such as a gear lock, alarm or tracking device. In the case of your car being stolen it could result in the rejection of a claim if you don’t meet the policy conditions. Following the correct process in the incident of your motor being stolen is equally important. All Insurers compulsory that on discovering that your car has been stolen it be reported to the cops right away. To avoid more loss and assist in the recovery of your car, the responsibility is on you as the owner of the car. A file number must be acquired by the police and a theft case have to be opened. If you fail to do so it could be construed as committing fraud and you could endanger your right to claim fro the insurance company. Any delay in notifying the police will increase the chances that the thieves will get away by allowing them more time to escape with the motor.

Inform the relevant financial institution if your vehicle is subject to a hire purchase or lease. You still have an responsibility to keep up the monthly repayments both on your motor debt and insurance policy until your claim has been settled in full so you will have to determine the outstanding loan in mind.If the vehicle is not found within a reasonable time and the insurance company compensates you for your loss you are no longer the owner of the stolen motor. If the vehicle was subject to a Hire Purchase or Installment Sale, the Insurers would have noted their interests on the policy and would have reconciled any outstanding debt before paying out the balance to you.If the motor is found subsequent to your clam being paid then the car must be handed over to the Insurance Company and the stolen vehicle will now be the property of the insurance company. If you do not do this then it is considered as fraud and a criminal offense.Most insurers give the insured first option to buy back the stolen motor if and when it is found. If you are interested in going for this alternative then you should be conscious of circumstances that could significantly impact on the value of the recovered car.The vehicle would have been scrapped before the insurance company paid your claim. The motor will need to be registered as a Code 3 motor and identified as a Built Up motor on the registration certificate if it has to be re-selled. If the VIN number has been tampered with then the police will assign a new VIN number beginning with AAPV. No dealer will pay the full market price for a vehicle and therefore you must ensure that if you buy back your car that you get a substantial discount on the market value thereof. Remember to insure the re-purchased car at the price that you paid to purchase it from the insurers to avoid over-insuring this asset.

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