Mr. Deep, resident of Ambala, Haryana, after getting his first job bought new car on 1st Dec. 2020 for ₹10 lakh. He got the same insured from the leading insurer after satisfying himself about the claim settlement ratio

CS Professional · Insurance - Law and Practice · PYQS · December 2021
Mr. Deep, resident of Ambala, Haryana, after getting his first job bought new car on 1st Dec. 2020 for ₹10 lakh. He got the same insured from the leading insurer after satisfying himself about the claim settlement ratio and other factors. After one year, renewal premium was paid on time for continuing the policy. One fine evening after returning from office parked the car in front of his house and went inside. His kids were waiting for him to come and take them for a ride. When the happy family came outside the house, they were shocked to see that the car was not there. Everything kept in the car like mobile cover, toys of kids, important documents, duplicate keys of house and car, driving licence etc. also went missing. Immediately they informed the local police station and started searching nearby areas and enquiring from neighbours to get some information. But all in vain and the happiness got converted into sadness. Mr. Deep filed the first information report and informed the insurance company about the car lost. Insurance Company asked Mr. Deep to submit all the documents for claim processing. Considering the given circumstances: Mention the process/documents which need to be submitted by Mr. Deep

Answer & Explanation:

In the event of theft of vehicle: The insured should lodge the First Information Report (FIR) with a police station immediately, inform the insurance company and provide them with a copy of the FIR. He should also submit the Final Police Report to the insurance company as soon as it is received and extend full cooperation to the surveyor or investigator appointed by the company. After the claim is approved, the Registration Certificate (RC) of the stolen vehicle has to be transferred in the name of the company and the insured needs to submit the duplicate keys of the vehicle along with a letter of subrogation and an indemnity on stamp paper (duly notarized) to the insurance company.

Topics: Motor Insurance

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