What if Your Leased Electric Car Gets stolen or Broken
H. Karan Kumar
Updated on Sept 19, 2023 | 6 min read
Having a brand-new car is an exciting experience, but unfortunately, car theft is a reality that car owners, including those with leased vehicles, need to be aware of. In India, cars are one of the most stolen assets, and high-value vehicles are particularly vulnerable.
Although modern electric cars are equipped with advanced in-car safety technology, car thefts are still on the rise. Knowing what steps to take is essential if you find yourself in the unfortunate situation of having your lease car stolen. This guide will provide a comprehensive overview of what to do if your lease car is stolen.
What to Do
- Inform the Police
Once you have confirmed that your lease car has been stolen and checked for any other losses, the first action is to contact the police immediately. Provide them with as much information as possible, including the location where the car was stolen, its appearance, registration plate, make, model, year of purchase, and any other relevant details that might aid in the investigation. The police will open a case and may schedule a personal interview to gather more information.
- Notify Your Insurance Provider
After reporting the incident to the police, the next step is to contact your car insurance company. It’s important to remember that the situation does not change because the car is leased; the process would be similar if you owned the vehicle outright.
Inform your insurance provider about the theft and follow their instructions. They will require the outcome of the police investigation to proceed, as they will be responsible for covering the cost of the car if it is not recovered. The settlement figure and agreement between the finance company and your insurance provider may influence the outcome.
- Inform Your Leasing Company
In addition to notifying your insurance provider, informing your leasing company or broker about the theft is crucial. If you are dealing directly with the leasing company, they will need to be told to coordinate with the finance company.
The finance company will work with you and your insurance provider to discuss a settlement figure for the lease contract. It’s essential to note that the finance company will continue charging you the monthly vehicle fee until the case is resolved.
Sometimes, there may be a disagreement between the finance company and your insurance provider regarding the settlement figure. In such cases, you may be responsible for paying the difference between your insurance company’s agreed amount and the finance company’s settlement figure. To protect against financial loss in these situations, some customers opt for Guaranteed Asset Protection (GAP) insurance, which can be incorporated into the monthly lease fee.
What Happens If the Car Is Not Found?
If the police cannot locate your stolen vehicle, your insurance company must cover the costs, and a settlement figure must be agreed upon. The specific details of the settlement will depend on the terms of your insurance policy and the agreement between your insurance provider and the finance company.
Minimising the Risk of Car Theft
While dealing with a stolen car can be a distressing experience, there are steps you can take to minimise the risk of car theft in the future. Here are some precautions you can consider:
Keep Your Vehicle Locked at All Times
One of the simplest yet most effective ways to prevent car theft is to ensure that your vehicle is always locked. Whether you are at home or out and about, make it a habit to lock your car. Even if you are stepping away for a few minutes, taking this extra precaution can deter potential thieves.
Safeguard Your Car Keys
Always keep your car keys in a safe and secure location. Consider using a safe box or supporting your keys out of plain sight in your bedroom. Keeping your keys fast reduces the risk of them falling into the wrong hands.
Utilise Your Garage
If you have a garage, use it to protect your leased car. Parking your vehicle in the garage and securely closing the doors significantly decreases its chances of theft. This additional layer of security acts as a deterrent to would-be thieves.
Install CCTV Cameras
Consider installing CCTV cameras around your property, especially if you don’t have an anti-theft system. While cameras may not physically prevent someone from stealing your car, their presence can be a deterrent. In the unfortunate event that your vehicle is stolen, the footage captured by the cameras can be instrumental in aiding the police investigation and recovering your vehicle.
Conclusion
Experiencing the theft of a lease car can be distressing and frustrating. However, by taking immediate action, such as contacting the police, notifying your insurance provider, and informing your leasing company, you can minimise the impact and increase the chances of recovering your stolen vehicle.
Additionally, implementing preventive measures like keeping your car locked, safeguarding your car keys, utilising your garage, installing CCTV cameras, establishing a neighbourhood watch community, and avoiding high-crime areas can help protect your lease car from theft in the first place. Remember, it’s always better to be proactive and take necessary precautions to safeguard your valuable assets.
