How Long Will It Take To Have a Claim Paid For a Stolen Car?
Having your car stolen is like getting yourself stabbed in the back. Such a feeling is exasperating and totally devastating—how much more if your car was not insured. Well, situations like this one would surely make your realize how important it is to have a car insurance policy. For a person whose insured car was stolen, his or her primary concern is how long it would take for his or her provider to pay for his or her filed claim. Answers always vary depending on the circumstances around the claim. A thorough investigation is thoroughly and strictly conducted prior to the release of the requested claim. Investigators would look into certain discrepancies, inconsistencies, and anything suspicious about the claim. However, in spite of having a clear and suspicion-free claim, insurance companies still differ in their philosophies of settling thefts for vehicles.
Generally, claims for a stolen car are released within two weeks to thirty days. Some companies would only make their claimants for two weeks, with the thinking that if his or her vehicle wasn’t recovered within a few days, it is unlikely to be recovered in the succeeding days. Others would take up to 30 days, believing (and perhaps hoping) that the vehicle may eventually be found by that time. Either way, insurance companies would usually provide the claimants with a rental car for a stolen car, which, in a way, is a great help, for cars are really necessary in such a huge country as the United States. They provide such accommodation even if the claimant’s insurance policy does not include rental coverage. Insurance companies set limits to the amount of rental cars, though.
There are other factors that may delay the release of your claims for a stolen insured car. Some of the factors are determined by the claimant’s behavior, while others depend on the insurance company itself. One of the factors that may delay the release of your claims is the Special Investigations Unit (SIU) of your provider. If for instance, your claim has not been released for over 30 days, the Special Investigations Unit department of your insurance policy provider might be involved for such delay. Insurance companies are required to have their own SIU department by the government, and their investigations tend to get really scrupulous.
Another reason for possible delays of the release of your claims is your failure to submit all the requested documentation as support to your request. An example of which is an Affidavit of Theft. Incomplete documents might add up to the SIU’s suspicion that your reported claim might be a fraud. So, in order to avoid such unwanted speculation, make sure that you submit all pertinent documents to support your filed claim.
Other aspects that insurance companies look into before they pay their client’s claim for a stolen car are the build, model, and age of the said stolen vehicle. Of course, when a car is too old, it should not have been insured; or it is very much unlikely to be stolen.
Now that you know the possible situations that may cause the delays of your requested claims for a stolen car, it would be best to avoid them.