auto news desk, Car thefts are common in India. Vehicles are being stolen every day in big cities like Delhi. But such an incident causes a loss of lakhs of rupees to any person. Nowadays even the cheapest car is available for 4 to 5 lakh rupees. That’s why most people choose to buy a car by taking a loan. In such a situation, a question also arises that if such a car which was bought on loan is stolen, will you have to pay the EMI of the loan even after it is stolen? The answer to this question is yes. Even if your car is stolen, you will still have to repay the loan amount taken from the bank. But if you take care of one small thing, then you may not have to return the amount to the bank if the car is stolen. Because in this case insurance claim can be useful for you.
car insurance will save lives
If your car is stolen, which you have insured, then you can avoid huge losses. If your insurance policy covers theft claims, you can claim for car theft. In this case, the insurance company will pay the loan on the basis of the IDV (Insured Declared Value) of your car. If the claim money is left even after repaying the loan, then you will get it. However, it is a long process and sometimes it takes even a few months.
if the car is not insured
If you have not insured the car and it gets stolen, then you will have to bear heavy losses. In such a situation, it is possible that you may not even get the car back and you will have to pay the EMI as well. Hence it is advised to renew your car insurance before it expires.