If you’re thinking — does car insurance cover theft — the answer is yes. Now, let us see what type of insurance policy covers the theft of the vehicle.
What’s covered by a car insurance policy?
Car insurance policies are of two categories: comprehensive and third-party liability coverage.
As the name suggests, a third-party liability plan offers coverage for damages to third parties. These plans have a limit on how much the insurer will pay to the third party. You will not receive coverage if your car gets stolen.
A comprehensive policy covers theft of the vehicle, accidents, third-party liabilities, own damage cover, etc. Some comprehensive car theft insurance policies offer the following benefits in case your car is stolen —
- Daily allowance for Car Theft: If your car gets stolen, the insurer may provide you with the cost of hiring a rental car for a certain period, as mentioned in your policy document.
- Courtesy/Hire Car: Some insurers even provide a replacement courtesy/hire car within 24 hours after the vehicle is reported stolen.
- Partial Theft Coverage: In case some parts or accessories are stolen, you can get them replaced without losing your no-claim bonus.
Steps to file a claim if your car is stolen
Here's how to file a claim in case your car gets stolen.
You are immediately required to file an FIR upon discovering the theft of your vehicle.
Notify your insurer and submit the duly filled claim form along with a copy of the FIR.
The next step is to notify the Regional Transport Office (RTO) to avoid legal issues if the car is misused. You have to provide the RTO with the vehicle’s Registration Certificate, FIR copy, your driver's license, and a copy of the insurance claim form that you submitted when making a claim.
You must keep certain documents ready. The list below will be handy.
- Copy of FIR
- Copy of the RC of the vehicle
- A duly filled and signed claim form
- Photocopy of your driving license
- Copy of your car insurance policy document
- Original keys of the car
- Duly signed RTO Transfer Forms 28-30
- In the case of ongoing car loan, NOC and Form 35 from the financer
Conclusion
Car theft insurance can be covered by a comprehensive car insurance plan. It will also provide other benefits like allowances for hiring a rental vehicle and coverage for partial theft. By following certain simple steps, like filing an FIR, contacting your insurer, informing the RTO, and also keeping the necessary documents at hand, you can navigate the claims process efficiently.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the relevant industry. It is advised to verify the relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.