How much will my insurer pay for the stolen tyres?

I bought a Maruti Brezza car during the festive season last month and the very next day, two of the tyres were stolen. How much will my insurer pay for this loss and how soon can I expect it?

Mona Kwatra, Gurgaon

It is unfortunate that someone stole your new car’s tyres a day after you bought it. Although the car insurance you would have taken is effective as soon as you move out of the car dealership, there are restrictions on what is covered by the insurance policy. For instance, under the comprehensive motor policy, in the event of a loss, compensation for all the rubber and plastic parts is limited to 50 per cent of the replacement costs. This means that irrespective of how old your car is, depreciation will be deducted to the tune of 50 per cent of the cost of the new tyres and tubes. However, as the car is less than six months old, there will be no deduction whatsoever when it comes to replacing other parts like the wheel rims. Likewise, the labour charges for fixing new tyres will be payable in full. Therefore, the amount of compensation in your case will be limited to the cost of the other parts, 50 per cent of the cost of the tyres, and the labour charges. More importantly, since this is a case of theft, to be eligible to stake a claim with your insurers, you must report the incident to the police and lodge an FIR. Likewise, in case you have taken a zero depreciation cover, which is available when taking insurance on new cars, the loss of tyres will not be paid by the policy. The zero depreciation insurance only covers for damage to the vehicle, including tyres, due to accidents. Your case involves the loss of tyres, which were stolen and hence outside the coverage are of the policy, which is why it will not be paid for by the insurer.

olmdesk@outlookindia.com