Vehicle theft is on the rise in Malaysia. Statistics from the Vehicle Theft Reduction Council Of Malaysia Berhad (VTREC) reported 2966 theft cases, comprising motorcycles, cars and commercial vehicles in 2022. This is a jump from the previous year, which recorded 2658 cases. Theft can be devastating for most people as it can cause a lot of stress and unwanted financial loss.
So, being prepared for theft is crucial, as it can happen to anyone. Apart from improving the safety of your vehicle through other means, getting it insured for theft is necessary to claim potential loss. Let us share the steps in filing a theft claim and address some common questions to help you better understand the process.
Who is eligible for this claim?
Although theft can happen to anyone, not all policyholders or victims are eligible for theft insurance claims, unfortunately. You can only submit a theft claim if:
a) You own a comprehensive insurance policy
b) You have third-party, fire and theft (TPFT) coverage
Apart from this requirement, the policy must be active to submit a claim successfully. If the policy has expired, it has to be renewed before being able to submit a claim.
Vehicle theft claim procedure
Theft claims can be irksome because they are more time-consuming than other types of insurance claims. If your car has been stolen, follow the steps below to file a claim with your insurance provider:
- Go to the nearest police station to report the incident immediately.
- Provide complete information about the stolen vehicle and other details of the incident.
- Once the report is made, contact your insurance company to inform them of the theft.
- Fill out the claim form and prepare other necessary documents (refer below).
- Submit the claim form and documents to your insurer within 7 days of theft.
Documents needed for claims procedure:
- Insurance claim form that has been filled out
- A copy of the police report
- Copy of NRIC or Business Registration Card
- Copy of driver’s license
- Copy of Vehicle Registration Certificate
Please note that theft claims procedure can go on for at least 6 months or more if the police investigation continues. Hence, please stay in touch with the insurance company to avoid unexpected problems or delays.
What if only the battery is stolen?
It is common for vehicles to be stolen for batteries only, as it is a valuable part that can be sold for cash. If you encounter this, you might wonder if you can still claim insurance. The short answer to that question is yes, provided you have a 1st party car insurance.
Under this policy, your insurer may cover loss of battery due to theft as well as other damages to the vehicle. Nonetheless, check with your insurance company if they can cover stolen battery for your car. Next, determine the cost of replacing a new battery and get a quotation for other repairs. Compare that amount with your car insurance deductible to decide if it’s worth filing for an insurance claim.
If the deductible amount in your comprehensive policy is higher than the cost of replacing the battery, it may not be worth filing an insurance claim, as it can affect your NCB insurance rate, which in turn influences the car insurance premium for the following year.
Renew the right insurance
Vehicle theft can happen to anyone. So, always stay protected by getting the right insurance policy for your car. A comprehensive policy covers a range of damages to your vehicle, one of them being theft.
If you haven’t considered getting a comprehensive or a TPFT policy for your car, it may be time to reconsider that choice. Renew your policy easily with Bjak and choose the best coverage from the top insurance brands in Malaysia. Click the button below to learn more.
Bjak is one of Malaysia’s biggest insurance comparison websites, offering policies from over 10 brands. Get your free insurance quote from Bjak today!
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