Maia Davies

You should understand, be aware and adhere to the security measures, specified in the policy when purchasing car insurance. It is advisable that you keep all the certification to confirm non-standard security items that have been added to your motor, such as a gear lock, alarm or tracking. Failing to meet the policy demands may result in the rejection of a claim in the case of your motor being stolen.Following the correct process in the case of your vehicle being stolen is just as crucial. All Insurers compulsory that on discovering that your motor has been stolen it be reported to the cops at once. As owner of the car the responsibility is on you to prevent more loss and assist in the recovery of the motor.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 jeopardize your right to claim fro the insurance company. Any delay in notifying the police will greaten the odds that the thieves will get away by giving them more time to escape with the car.If the vehicle was stolen from a parking lot where there is security, report it to the security office so that they can certify that security was in place.Request for written verification or this notification and then inform your insurer immediately. If the motor was driven by another individual than the insured at the time of theft then supply them with a certified copy of the driver’s license and identity documentation and also provide them with the appropriate documents for all non-standard security items.If your vehicle is subject to a purchase to hire or lease then you should inform the relevant financial institution. You still have an responsibility to keep up the monthly repayments both on your vehicle 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 insurance remunerate compensates you for your loss in the time that the car is not found then you are no longer the owner of the stolen motor. The insurers would have noted their interest on the policy and would have to reconcile any outstanding debt before paying out the balance to you if the vehicle was dependent to a hire Purchase or Installment Sale.The stolen motor is now the property of the Insurance Company and if the vehicle is found subsequent to your claim been paid the vehicle must be handed over to the Insurance Company. If you do not do this then it is considered as fraud and a criminal offense.Most of the insurers usually give the insured the option to buy the stolen car back when it is recovered. If you are thinking in acting out this alternative then you should be aware of circumstances that could significantly impact on the value of the recovered vehicle.Before the Car Insurance Companies paid our claim then the vehicle would have been scrapped. To re-sell this vehicle it will need to be re-registered as a Code 3 motor and identified as a Built Up car on the registration certificate. If the VIN number has been meddled with then the police will assign a new VIN number beginning with AAPV. If you purchase back your motor, you must insurance that you get a substantial discount on the market value as no dealer will pay the full market price for a car. To avoid over-insurance this asset, make sure that you insurance the re-purchased car at the price that you paid to purchase it from the insurers.

This entry was posted on Thursday, December 25th, 2008 at 12:10 pm and is filed under Business.