OK, so it’s something we all hope will never happen to us, but the chances are we all know of SOMEONE who has had their car stolen at some point.
Car theft sadly appears to be on the rise. The annual Crime Statistics from the Office of National Statistics (ONS) show that vehicle theft increased from 103,493 in 2017 to 113,037 (8.8%) last year. The increase may be in part due to new keyless technology (opening up opportunities for criminal hackers) and it may be connected to the overall reduction on police numbers but, avoiding the politics, we’ll let you draw your own conclusions.
At 360 Autoleasing, we ensure that our clients know exactly what to do should the worse happen – and what the loss of a vehicle means in the often-confusing world of car leasing. Let us make it easy as 1,2,3…
If you are unfortunate enough to find that your car has been stolen you should: -
1. Contact the Police
As well as getting them on the case with the details they will need to try to track down the vehicle, you will need to have a unique Crime Number - something which the appointed officer will be able to give you.
2. Contact your Insurer
Whilst it’s not your vehicle, and the thief is effectively stealing someone else’s property, that doesn’t let you off the hook as the car is your responsibility and it is your comprehensive Insurance policy which covers it. You need to let your provider know of the theft in the same way that you would if it were your own vehicle.
3. Contact your Lease Company
Contact numbers should have been provided to you when you took delivery of the vehicle but if these are still in the glove compartment, you can still get the details from your original contact. It is essential to make this call as soon as you can as there will be details to sort in the interim period, including the continuation of the monthly payments.
With these 3 essential calls made, what happens next?
This depends on the outcome – and there are 3 main outcomes when it comes to stolen cars. The chances are that one of the following will apply: -
a)The car is new found and therefore needs to be replaced
b)The car is found but has damage which must be repaired
c)The car is found and is so badly damaged that it is written off
Whilst option a) may be the simplest in terms of the time taken to resolve the case, there is one over-riding factor across all of the above which will determine what you do next – the Settlement Figure.
If the Insurance Company valuation of the vehicle is the same as the Settlement Figure then you simply start again with a new lease. However if that valuation is less than the Settlement Figure then there is a shortfall which will be your responsibility. This ‘gap’ in value can be covered by a special Insurance product, conveniently named GAP Insurance – actually standing for Guaranteed Asset Protection Insurance – but if this isn’t something you took out prior to the theft then sadly it is a sum you will have to find.
If you’d like to find out more about GAP Insurance – or perhaps just what kind of lease would be right for you - then get in touch via https://www.360autoleasing.co.uk/contact and one of our helpful team will give you the information you need.
8th of September 2020
Email : email@example.com
Telephone : 0330 057 7360
Company Address :
360 Autoleasing Leicestershire
Office 11, 6 Frederick Street
360 Autoleasing Leicestershire is a trading name of DMA Vehicle Solutions Ltd. We are a credit broker and not a lender, we are authorised and regulated by the Financial Conduct Authority. Registered No : 798165
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Registered Office : 5 The Square, Anlaby House Estate, Beverley Road, Anlaby, Hull, HU10 7AY
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