Not having insurance for your car is a bad idea, and can lead to a lot of trouble. Many things can happen when your car is stolen without insurance, such as the loss of your personal belongings, and possibly the loss of your job.
The most common types of things that happen when you have to replace or repair your car due to theft without insurance are:
- You will need to pay out-of-pocket for the repairs or replacement of the items inside the car.
- If you don’t have enough money saved up in case something happens, you may need to borrow money from friends or family members.
- If you don’t have enough time off work, you might lose your job because they won’t be able.
Are Items Stolen from Car Covered by Insurance?
In India, items stolen from a car are generally not covered by a standard car insurance policy. Car insurance in India primarily covers the vehicle itself against risks like accidents, theft of the entire vehicle, and damage to the car. Theft or damage to personal belongings inside the car, such as smartphones, laptops, or other valuables, is typically not covered by standard car insurance. To protect personal items stolen from your car, you would typically need a separate insurance policy, such as a homeowner's or renter's insurance policy. These policies often provide coverage for personal belongings even when they are outside of your home, including situations like theft from a car. It's important to review the terms and conditions of your insurance policy and consider additional coverage options if you want to protect your personal items from theft while they are inside your vehicle.
Does Liability Insurance Cover Stolen Car?
No, liability insurance does not cover a stolen car in India. Liability insurance, also known as third-party insurance, provides coverage for damages or injuries caused by the policyholder to third parties. It is mandatory by law and protects the policyholder against legal and financial liabilities arising from accidents where they are at fault. However, liability insurance does not cover theft or damage to the policyholder's own vehicle. To protect against car theft, individuals would need to opt for comprehensive insurance, which typically covers theft, as well as other risks such as accidents, vandalism, and natural disasters. It is important to carefully review the specific terms and coverage details of your insurance policy to understand the extent of protection against theft.
How Can One Make A Claim, If The Car Is Stolen?
The claim process for theft claim is similar to the repair claim process in case of car insurance subject to the requirement of few other documents:
- Intimate the insurance company regarding the theft of your car and get the claim intimation number from the claims team of the insurance company which should be used for all future communications.
- Original car insurance policy should be submitted to the insurance company
- Original Registration Copy of the stolen car
- FIR copy from the police
- Keys, accessories and warranty cards should be submitted to the claims team
- Official intimation to the RTO about the theft of your car and its discontinued use
- Letter of subrogation
- Claim voucher
- Any other documents as and when required by the insurance company
Are stolen car keys covered by insurance?
In India, coverage for stolen car keys can vary depending on the specific terms and conditions of your car insurance policy. Standard comprehensive car insurance policies typically cover theft of the entire vehicle but may not explicitly mention coverage for stolen car keys. However, some insurance providers offer add-on coverages or riders that include coverage for stolen keys. It's important to carefully review your insurance policy or reach out to your insurance provider to understand the extent of coverage for stolen car keys. If your policy does not include coverage for stolen keys, you may consider exploring additional add-ons or riders that offer protection against such incidents or consider separate key insurance policies for added security.
What Does Insurance Cover If Your Car Is Stolen?
When you buy car insurance, one of the perks is that you can claim for the value of your car if it is stolen. But what does insurance cover if your car is stolen?
The Indian government has set a new rule stating that the insurance company will have to pay the entire amount in case your vehicle is stolen. This means that even if you don't have any other coverage on your policy, you should still be able to get back some or all of your money.
The government has also made it mandatory for all vehicles registered in India to have an anti-theft device installed by November 2019. So, now there's no excuse not to get a tracker installed!