Moonlight Ballroom Blog

Car InsuranceA file number must be obtained by the police and a theft case have to be opened. Failure to do so could endanger your right to claim from the insurance company and could be construed as committing fraud. Any delay in notifying the police will greaten the possibility that the burglars will get away by allowing them more time to escape with the vehicle.If your car was stolen from a parking lot where there is security then you have to report it to the security office so they can vouch that security was in place.Demand for written confirmation or this notification and then inform your insurer immediately. Provide them with the relevant documents for non-standard security items and if the motor was driven by any other person than the insured at the time of the theft supply them with a certified copy of the driver’s license and identity documentation of the driver.Inform the relevant financial institution if your car is subject to a hire purchase or lease. Define the outstanding loan amount and bear in mind that you still have an responsibility to keep up the monthly repayments both on your vehicle debt and your insurance policy until your claim has been settled in full.If the motor is not found within a reasonable time and the insurance company remunerate you for your loss you are no longer the owner of the stolen motor. If the vehicle was subject to a Hire Purchase or Installment Sale, the Insurers would have noted their interests on the policy and would have reconciled any outstanding debt before paying out the balance to you.If the motor is recovered subsequent to your clam being paid then the car must be handed over to the Insurance Company and the stolen car will now be the property of the insurance company. If you do not do this then it is considered as fraud and a criminal offense.Most insurers give the insured first option to buy back the stolen vehicle if and when it is recovered. You should be aware of the circumstances that could significantly impact the value of the recovered vehicle if you are thinking in going for this alternative.The vehicle would have been scrapped before the insurance company paid your claim. To re-sell this vehicle it will need to be re-registered as a Code 3 motor and identified as a Built Up vehicle on the registration certificate. If the VIN number has been tampered with then the police will assign a new VIN number beginning with AAPV. No dealer will pay the full market price for a motor and therefore you must ensure that if you buy back your vehicle that you get a substantial discount on the market value thereof. To avoid over-insurance this asset, make sure that you insurance the re-purchased car at the price that you paid to buy it from the insurers.