Stolen Car Insurance Claim Process Page Content
Stolen car insurance policy coverage
Insurance in every state in the United States requires that comprehensive stolen car coverage must have been purchased previous to a stolen car incident for the compensation for the stolen car to be paid. One insurance misconception is that home-owners insurance will cover a stolen car if it was stolen from a private residence. This, however, is not the case. If a car is stolen from a residence, only an auto policy that includes comprehensive stolen car coverage will pay for the stolen car. A basic rule of thumb to follow is that auto policies cover automobiles and home insurance covers homes. It is important when purchasing insurance to assess your stolen car risk:
- Do you drive one of the most stolen cars?
- Do you live in an area with a high stolen car rate?
- Do you park your car on the street or in a secured area or garage?
Stolen car insurance claim process
The first thing to be done in the event of a stolen car is to file a stolen car police report. Next will be to notify your insurance carrier about the stolen car. Upon notifying the insurance company, the stolen car police report will be required. At the time of reporting the stolen car to the insurance company, the insurance claim adjuster will be able to inform you whether or not comprehensive stolen car coverage is included on your policy and begin the stolen car insurance claim process.
Some insurance companies require a minimum claim period for a stolen car claim to be finalized and payment to be issued. This claim period is typically 30 days, this is to verify whether the stolen car can be recovered by the police. The stolen car claim period begins at the time the car was stolen, not when the stolen car claim was filed. While filing a stolen car insurance claim, ask what the waiting period is for the stolen car claim to be finalized and payment to be issued.
Stolen Car Insurance Claim Investigation
Insurance adjusters thoroughly investigate any theft claim situation whether in relation to a stolen car or other property. There will be many questions involved in the stolen car insurance claim process, these questions will usually be recorded and included as a permanent part of the stolen car insurance claim file. Part of the adjuster's job is to detect insurance fraud so be patient and don't take any questions personally. Some information required during the stolen car insurance claim may include:
- A copy stolen car police report
- The vehicle identification number (VIN)
- The make and model of the stolen car
- The mileage of the stolen car
- The location the stolen car was last seen
- The color of the stolen car
- Any identifying marks, dents, dings or bumper stickers
- Whether keys were left in the stolen car (if so, this could eliminate the insurance company's liability to pay)
- If you have ever been convicted of insurance fraud (this is sometimes asked to evaluate a persons reaction)
Stolen Car Total Loss Claim
If a car is stolen and not recovered, it's called a "stolen car total loss claim." The claim adjuster will assess the current value of the stolen car and subtract the insurance deductible. If payments are still being made toward the stolen car, the lender will have to sign off the title to either you or the insurance company. Once the title of the stolen car is signed over and payment is issued, you will no longer be the owner of the stolen car. If the stolen car is ever recovered after this point, a selling arrangement and price will have to be made with the insurance company to buy the stolen car if you want to buy it back. That is to say if the insurance company agrees to sell the stolen car back, which they may not due to potential liability issues.
Damages If The Stolen Car Is Recovered
Comprehensive stolen car coverage will also cover any damages that occurred if the stolen car is recovered. Sometimes a stolen car will have interior damage or exterior damage to the body. All damage repairs will be covered by the insurance company minus the deductible. If the stolen car is recovered but has extensive damage to the body and / or frame and deemed unsafe to be driven, it will be classified as totaled as a "stolen car total loss claim." In this case, you will be paid for the current value of the car minus the deductible.
Coverage For Personal Property In A Stolen Car
Many times a stolen car will have personal property that was stolen along with the car, such as a GPS, stereo system, CD's, and iPod, etc. Most auto insurance policies do not cover personal property that is stolen along with the stolen car. Separate home owner's or renter's insurance must be previously purchased for such items to be covered in a stolen car incident. Then, of course, the problem is that separate insurance premiums and deductibles must be paid for coverage. One way to avoid separate deductibles is to have all your insurance under one carrier that offers the different types of insurance policies.
Insurance Discount For Anti-Auto-Theft Device
A huge factor in having a car stolen is the location someone lives. Most major insurance companies will offer a discount for having an anti-auto-theft device installed on a vehicle. Some anti-auto-theft devices may get better discounts may be more than others, such as a GPS tracking device. However, the discount is mostly based on the amount of comprehensive insurance purchased. The amount saved seems nominal on the account that the discount is based solely on the comprehensive coverage and not the entire police.
Auto Insurance Policy With Stolen Car Coverage
It's best to be clear on precisely what your auto insurance covers and what it does not cover by reviewing it with an agent or reading all the "fine print" of your policy coverage. Having a car stolen is stressful enough, knowing exactly what a policy covers can be real a moment of relief. When ordering car insurance, be sure to specify if you want to be covered and be sure to ask for discounts! Some items to mention for auto insurance discounts:
- Age; if above 25
- Good driving record; no accidents or moving violations
- Insurance; has held insurance coverage for a long period
- Safe driver discount; no accidents
- Secure parking structure - especially if both home and work
- The car is used only for work
- Anti-auto-theft device installed
- GPS tracking installed
How To File A Stolen Auto Police Report
The first step in any occurrence of theft is to report the incident to the police immediately. This helps you recover the stolen item if it gets confiscated and helps with an insurance claim process on the account an official police report is required to file a claim.
Here are the general steps to file a police report:
- Call the non-emergency phone number for the local police station or law enforcement agency where the item was stolen.
- Obtain the physical address and go to the police station or law enforcement agency.
- Once there, go to the stolen property department if applicable.
- While creating a stolen property police report it's important to provide the theft detective or clerk with as many details as possible, especially the item's serial number, any identifying marks or stickers. Also include when, where and how the item was stolen.
- Once you have completed the report, be sure to obtain a copy and retain it for follow-up and recovery.
It's important to file a police report for theft, no matter how big, small or valuable the stolen item is, because it helps the police know a thief's (or thieves) M.O. and to control theft by using crime data to increase patrol in areas with a high or rising crime rate. Sometimes an area's theft rate can skyrocket because people don't report theft incidents because the stolen item isn't of high monetary value. This is called petty theft and is how a petty thief can continue stealing because the police are not made aware of their activity.
How To Report A Stolen Auto Online
Get the world on your case! Here are the steps to create an online Stolen Auto report for free:
- If not yet registered, click the "Register" link at the top right-hand side of the page or click the "Report" button at page top.
- Enter your information and click the "Register" button.
- Open the email account used for registration, open the verification email and click the link in the email body or copy and paste it in your browser address bar and press the "Enter" or "Return" key.
- Log in to the Stolen Lost Found Online website
- Click the "Report" link in the main navigation bar or the "Report" button at page top.
- Select the appropriate category.
- Select the appropriate sub-category.
- Select to post as Stolen.
- Enter as much information about the Stolen Auto as possible - the make, model and serial number are especially important. Also helpful are any identifying marks and photos if available.
- Click the "Submit" button.
That's it. Once the Stolen Auto report is submitted it will post on Stolen Lost Found Online immediately and will appear on the search engines within a day. By reporting online you literally make a world of difference for recovering your Stolen Auto, long into the future.
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Stolen Car Insurance Claim Process Conclusion
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