Returning to your neighbourhood mall’s parking lot, you notice that your car is no longer there. Thinking you’re in the wrong parking aisle, you walk up and down several aisles and realize your car has been stolen. What do you do?
The four-step process in case of theft
- Police report release: Contact the police as soon as possible. They will fill in and give you the number of the report.
- Contact your insurer: Call your insurer or broker as soon as possible. Send him a copy of the police report number.
- Agree on a settlement: Your insurer will replace your car according to the terms and conditions under your policy.
- Indemnity payment: Depending on the agreement, your insurer may indemnify you or reimburse the car dealer directly.
Are you covered?
Yes, if you purchased coverage for damage to your vehicle. That’s Section B of your policy (Comprehensive or All Perils). Your insurer will deduct the amount of your policy deductible from the compensation amount.
Your insurer will wait 30 days before compensating you. This is normal in case your vehicle is recovered by the police. Many stolen vehicles are, in fact, abandoned shortly after they are stolen.
If your car is not recovered, the insurer will discuss the replacement or reimbursement terms and conditions for your car with you. These conditions are spelled out in your policy.
Source: InfoAssurance
