If your vehicle has been stolen, you likely feel violated and frustrated. If you've never been through this before, you may be curious as to what to expect from your insurance company. Below are three things to keep in mind when reporting theft to your insurance company and a few tips on how to handle it.
You'll Be a Prime Suspect
In order to protect themselves from fraud, your insurance company will likely consider you the prime suspect in your vehicle's disappearance.
While you may feel like a criminal throughout the process, please keep in mind that this is a common procedure and is not meant against you personally. Your insurance company may take a look at your current financial transactions as well as check into your payment history with the car dealer or leasing agency. Your insurer will likely also ask you a number of questions, such as who has access to your vehicles on a regular basis and whether you noticed any suspicious activity before the theft took place.
Reimbursement Is Not Guaranteed
Unfortunately, your insurance policy may not cover theft or other non-collision related events.
Comprehensive coverage, an optional coverage option offered by insurance companies, is necessary in order to receive reimbursement for a stolen vehicle. This does not mean, however, that you shouldn't report your vehicle stolen just because you won't receive reimbursement. It's still important that you notify the police and your insurance company immediately upon the theft to protect yourself in case your stolen vehicle is involved in a crime or accident.
Reimbursement Is Not Immediate
There are a number of steps involved in the theft investigation process, both by the police and your insurance company, and this can lead to delays in reimbursement.
For example, your insurance policy may specify a waiting period before a car can be considered stolen for the purposes of reimbursement. You may also be investigated for fraud, which can add considerable time to your wait. Fortunately, there are a few things you can do to speed up the process, such as replying to all correspondence from the police and your insurance company as soon as possible and providing your insurance company with all requested paperwork and information immediately. Your level of cooperation will have a huge impact on the process.
To learn more about auto insurance that covers theft, consult with your insurance agent or a company such as D A Insurance Brokers today.
Share27 July 2016
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