Theft Covers for Commercial Vehicles
Theft cover for vehicles comes under a comprehensive insurance policy. It is usually not part of a basic policy. If a vehicle is stolen, the insured can make a claim for it. However, there are some specific steps he needs to perform.
1. The insured must lodge the First Information Report (FIR) with the police once he discovers that his vehicle has been stolen.
2. The insured must reach out to the customer service center of the insurance company and inform them of the incident. This should be done so as to start the process of making the claim. The insured will be provided with a form. He will be required to fill in details like policy number, vehicle details as well as the date, time and description of the incident.
3. The insured has to then submit certain documents. These documents are a duly signed claim form, copies of the registration certificates of the vehicle, driving license of the driver, the first two pages of the policy document, the FIR and a letter addressed to the RTO intimating them about the theft.
4. Post the above-mentioned steps, the police submit a ‘non-traceable report’ and the request for claim gets approved. The insured is required to transfer the registration certificate of the vehicle to the insurance company. Along with the RC, the insured has to submit the vehicle key or sets of keys. He must also give a letter of subrogation to the insurance company.
5. For the reimbursement to take place, the insured needs to submit the original repair invoice along with the payment receipt to the insurer. Meanwhile, the surveyor sends his report and the amount of reimbursement gets approved. It takes around seven working days to get the approved amount reimbursed to the insured.
There are a few points to consider as well:
After submission of the RC to the insurance company, the insured must get a duplicate RC book from the road tax officer’s office at once.
In case the vehicle was bought on loan, the insurance company will reimburse the amount payable to the financier. In case, there is any excess amount over and above what was paid to the financer, it shall be borne by the insured himself.