What Is Loss of Personal Belongings Add-On In Car Insurance?
Updated On Oct 15, 2023
If you have a comprehensive car insurance policy, you will be reimbursed for the theft depending on the Insured Declared Value of your automobile You'll still need to purchase a new car insurance policy to cover your new vehicle. You can cancel your current car insurance policy after you obtain the claim amount. Car theft is a nightmare for everyone, particularly if you haven't purchased a car insurance policy. Having a sufficient car insurance policy would alleviate the financial burden that comes with car ownership.
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A comprehensive car insurance policy protects against car theft; however, it does not compensate for losing personal belongings if the car is stolen. If you want to insure/cover your personal belongings as an add-on cover in your car insurance policy, you will have to pay an additional premium.
What Is Loss Of Personal Belongings Add-On In Car Insurance?
Personal belongings in your vehicle may be stolen in some cases, resulting in a loss for you. A loss of personal belongings policy can be purchased for an additional premium. With this coverage in place, the insurer will pay for losses caused by the theft of your personal property from the insured vehicle.
Exclusions from Personal Belongings Coverage
Some of the exclusions in loss of belongings coverage are as follows.
If the theft occurred as a result of the policyholder's neglect, belongings that are not carried around by the policyholder
Theft-related damage that was not reported to the police within 24 hours of being discovered
Personal belongings of the policyholder that he or she has delegated to a third party
Any important documents are lost.
Belongings that were not reported in the police report
Damage to belongings left in the car overnight
You may also like to read:- What is the Significance of Personal Accident Cover for Owner-Driver?
Claim Settlement Procedure For Loss Of Personal Belongings Add-On
The following steps are involved in the claim settlement process for a loss of personal belongings cover:
Notify your car insurance company within 24 hours of discovering the burglary.
You must include your personal information, contact information, policy number, time and date of theft, and location of the incident when filing a claim.
File a first information report (FIR) at the nearby police station and get a copy of the FIR.
Documentation for the Claim Settlement Process
In the claim settlement process, you are expected to submit to the insurer the following documents:
Claim form properly filled and signed
The FIR copy filed by you
Final investigative report copy
Original invoice & receipts supporting the claim
Report on Property Irregularity
A Comprehensive Car Insurance Policy can be supplemented with a Loss of Personal Belongings Cover. Personal Belongings Covers come in a variety of forms, including coverage for losses, fraud, and electronic devices. They can, however, be bundled together. Before buying, renewing, or claiming, make sure to read the policy's exclusions. During the claim settlement process, the depreciation of the missing object would be measured.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.