Page 27 - Insurance Times September 2015 SAMPLE
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those involved in the theft, for which a criminal case was So whenever a vehicle gets stolen, the bank asks the
pending, would not absolve the insurance company of its aggrieved party to inform police about the same so that
liability to settle the claim within 90 days. The National insurance claim can be collected from the insurance
Commission concurred with the reasoning of the District companies. After getting the claim, the vehicle becomes
Forum, holding the insurance company liable to settle the property of the insurance company. It is at their disposal
claim. how they want to use the same.
The definition of call of nature is an idiom that means you Attending to nature's call is one of the musts in life, just
need to urinate or defecate. An immediate report to the like eating and sleeping. When nature calls, one cannot do
police is also mandatory in case of vehicle is stolen or when anything but answer. The vehicle theft is one of the most
third party injury/death/property damage is involved. Delay common crimes in the country, the vehicle thieves works
in informing the Company and the police (wherever round the clock to come up with new modus-operandi (MO)
required) will prejudice your claim and the Company may to steal vehicles. Car theft is fast emerging as the fastest-
deny the liability. growing illegal enterprise in the country.
It is not just a matter of recovering your vehicle, but Small and mid-sized cars stolen from Delhi and towns in the
ensuring your vehicle is not used to carry out a criminal or NCR region are sold off in the North Eastern States and Nepal
a terrorist act. It is a matter of common knowledge that while the high-end cars picked up from the capital find their
as and when vehicles are seized and kept in various police way to buyers as far as Mumbai, Bangalore and Chennai.
stations, not only do they occupy substantial space in the Similarly, vehicles stolen in Mumbai, Pune, Nagpur, Bangalore
police stations but upon being kept in open, are also prone and Hyderabad are disposed off in Northern States.
to fast natural decay on account of weather conditions.
According to grey market estimates, the stolen car industry
Even a good maintained vehicle loses its roadworthiness if in India could be generating a turnover of close to Rs 200
it is kept stationary in the police station for more than crore, making automobile thefts one of the most lucrative
fifteen days. Apart from the above, it is also a matter of "career" options for many adventurers and a way for quick
common knowledge that several valuable and costly parts money. Despite the obvious risks, chances of anyone landing
of the said vehicles are either stolen or are cannibalised so up in prison are rather slim.
that the vehicles become unworthy of being driven on road.
Five years ago, car thieves would steal whatever cars they
When a vehicle is lifted, the person who owns it claims the could lay their hands on. Today a thief steals on demand. It
insurance money over the stolen vehicle from the insurer. has been found that most of the robbers involved in the
Every time a two-wheeler is lifted, the owner of the vehicle business of vehicle thefts are from Uttar Pradesh and Bihar
lodges an FIR with the police and files a claim with the and the reason for this is that at these places, the vehicles
insurance company. The insurer then pays the claimed are easily sold without any botheration.
money to the vehicle owner.
The Regional Transport Offices (RTO) outside Mumbai are
Now, if the stolen vehicle is found by the police, it has to be not as alert as it is in Mumbai, as far as the vehicles are
claimed by the insurance company who owns it after paying concerned. Especially in small districts and villages, people
the claimed money to the actual owner. After paying this do not even bother about the registration of the vehicles
money, the company becomes the owner of the vehicle. and purchase it since it is available on the low cost. Also
Now once a particular vehicle is recovered by Police, they The documents of the vehicles are easily made without
inform the concerned company about it. much of legal problem.
However, it has come to light that even though the stolen References
vehicle is recovered, the finance companies are least
interested in taking their possession. When the bank finances 1. http://www.fareye.in/blog/?tag=delhi-car-theft
a vehicle, it's solely interested in getting its money back.
2. http://india.gov.in/check-status-stolen-vehicles-delhi-
and-neighbouring-states.
3. http://eb-iaati.org/news/entry
4. http://indiankanoon.org/doc/78323346/
5. http://www.team-bhp.com/forum/
The Insurance Times, September 2015 23
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