Car theft is a common problem faced by many car owners worldwide. Losing a car due to theft can be a traumatic experience, leading to significant financial losses. A comprehensive four wheeler insurance policy can come to the rescue in such situations. It covers damages or losses incurred due to accidents, theft, fire, natural calamities, and other unforeseen events. A comprehensive policy also covers third-party liabilities arising due to accidents involving your vehicle.
Car Insurance Policy
Car insurance policies cover damages or losses incurred due to accidents, theft, fire, natural calamities, and other unforeseen events. These policies also cover third-party liabilities arising due to accidents involving your vehicle. It is mandatory to have a third-party liability insurance policy as per the Indian Motor Vehicles Act, and it is advisable to opt for a comprehensive insurance policy for complete financial protection.
Bajaj Allianz Car Insurance
Bajaj Allianz Car Insurance is a popular insurance provider in India that offers comprehensive car insurance policies. The company provides various add-ons to enhance the coverage of your policy. The add-ons include zero depreciation, an engine protector, roadside assistance, etc. Bajaj Allianz Car Insurance also offers its customers a range of discounts and rewards. It discounts the premium amount based on the car’s age, policy duration, and other factors. Additionally, a customer can earn rewards points on every policy renewal. These points can be redeemed later to get discounts on future premiums.
How much can you get in an insurance claim for a stolen car?
The amount you can get in an insurance claim for a stolen car depends on your vehicle’s Insured Declared Value (IDV). The IDV is the maximum amount your insurer will pay you in case of theft or total loss of your vehicle. The IDV is calculated based on the current market value of your car minus the depreciation.
For instance, if the IDV of your car is Rs. 10 lakhs and it gets stolen, you can expect to receive the entire amount from your insurer. However, if your car is very old, the IDV may be lower, and you may receive a lower amount in the claim settlement.
The claim settlement process
To claim insurance for a stolen car, inform the police immediately and file an FIR. You should also inform your insurer and provide all the necessary documents, such as the FIR, policy documents, and vehicle registration certificate. The insurer will conduct an investigation and verify the claim. Once the claim is approved, you will receive the settlement amount as per the policy terms and conditions.
Check vehicle insurance is crucial to ensure complete financial protection for your car. A comprehensive four-wheeler insurance policy, such as the one offered by Bajaj Allianz Car Insurance, provides various add-ons to enhance your policy coverage, including zero depreciation, engine protector, roadside assistance, key and lock replacement, and more. By carefully selecting the right add-ons, you can customize your coverage according to your specific needs.,, In case of theft, the amount you can get in an insurance claim depends on the Insured Declared Value (IDV) of your car. IDV is the current market value of your car, which is determined by deducting the depreciation value from the car’s initial purchase value. Choosing a policy with the right IDV ensures that you receive adequate compensation in case of theft or total loss of your vehicle.
If your car gets stolen, it is important to inform the police and your insurer immediately. You must file a First Information Report (FIR) with the police and obtain a copy. Submit the FIR copy and other required documents, such as the policy copy, registration certificate, driving license, and more, to your insurer to initiate the claim settlement process.
The claim settlement process involves several steps, including inspection of the vehicle, verification of documents, and settlement of the claim amount. The insurer may appoint a surveyor to inspect the vehicle and assess the damages. The surveyor may also verify the documents and the circumstances of the theft to ensure that the claim is genuine.
Once the claim is approved, the insurer will provide compensation based on the IDV of the car and the coverage under the policy. The compensation amount may include the cost of the vehicle, taxes, registration charges, and other expenses incurred in purchasing the vehicle. The insurer may deduct the applicable depreciation value and the deductible amount, if any, from the claim amount.
A comprehensive four wheeler insurance policy is essential to protect your car from theft and other unforeseen events. Bajaj Allianz Car Insurance provides various add-ons to enhance your policy coverage. In case of theft, the amount you can get in an insurance claim depends on the IDV of your car. Therefore, it is important to choose a policy with the right IDV. If your car gets stolen, inform the police and your insurer immediately and follow the claim settlement process carefully.