What to do in the event of a vehicle theft…

If your vehicle has been stolen and has not been recovered, Insurers will liaise with the police before considering a total loss settlement under your Policy. Thomas Carroll will work with you to progress the claim and to obtain the appropriate financial settlement under your Policy.

To reach this stage, Insurers will need to have investigated the circumstances of the theft and have confirmation that any warranties under the vehicle have been adhered to. An example of this might be that the vehicle was locked and the keys on the policyholder’s person at the time it was taken. At this point, the claim will be deemed as ‘validated’ and negotiation of settlement can commence.

In order to offer the appropriate settlement for your vehicle, Insurers will need to consider the known overall condition of the vehicle. Consideration for settlement is based on the generic market value for the make and model of the vehicle but will also take into account the age, mileage, specification, bodywork, and service history and the value will be adjusted accordingly.

To assist negotiations with this process, Insurers will require:

  • The DVLA’s V5 registration document
  • Copy valid MOT (if appropriate)
  • All sets of keys
  • Copies of the vehicle service history
  • Details of any finance and contact details for settlement

As a rule, there is no provision under a motor policy for a temporary courtesy vehicle when dealing with a theft claim and as such, it is vital that the claims settlement is expedited to avoid prolonged inconvenience to the Policyholder in the absence of his vehicle.

Should the offer of settlement by Insurers be deemed inadequate and rejected, the Policyholder will need to provide evidence of like for like vehicles on the market for his preferred value.

For guidance with notification of a claim, please contact your appointed Thomas Carroll Claims Executive, email us at claims@thomas-carroll.co.uk or call us on 02920 853788.