My Lease car has been stolen. What do I do?

Stolen lease car. What do I  do?

Get a Crime Number

Lease car stolen – Report the theft to the police immediately. Please provide them with all the necessary information about the vehicle, including its make, model, colour, and registration number. Get a crime number.

Lease Car Stolen –Tell your Insurer 

Notify your car insurance provider about the theft and provide them with the details and the police crime number as soon as possible and the name of your finance provider (Not the leasing broker). 

The insurance company will guide you through the claims process. You can expect them to initiate the process right from your first phone call or at least provide precise instructions on the required documentation.

What about a Courtesy Car?

The insurance company may provide a courtesy car, but it is subject to the policy details.

This facility is not available from the Leasing broker or the Finance Company. 

Inform the Funder – Lease Car Stolen

After you’ve spoken to your insurer, inform your leasing or finance company that owns the vehicle about the theft and give them the police crime number and the insurance claim number.

It is important to note that you must continue to pay your monthly rental for the vehicle even though you no longer possess it. The contract shall remain valid and enforceable, without any suspension or cessation, even in the occurrence of theft.

Things to Remember;

  • Report to the Police – obtain a crime reference number.
  • Call your insurance company and inform them – ask about a courtesy car.
  • Inform your finance company & keep paying for your vehicle.

Write Off

In the event that a vehicle is not located, it is classified as a “total loss,” subsequently triggering settlement negotiations between finance and insurance companies.

The insurance company will provide a market valuation for the vehicle, which the finance company must accept or negotiate. 

Insurance Excess and Rental Shortfall

Once the agreed amount has been settled, you will be responsible for paying the insurance excess as the end-user. When you complete this process you will get confirmation that the issue has been resolved.

When your account is settled, your monthly rental payments will end, and you will be ready to lease another vehicle.

Lease Car Stolen FAQs

What happens if the insurance payout is less than the outstanding lease payments?

There may be a difference between what your insurer pays out and what you still owe in rentals to the finance provider. If this is applicable, you will be responsible for any shortfall.

What happens to the lease payments made while waiting for a settlement?

Any payments made between the incident and the settlement will be taken off your outstanding balance, which may reduce the shortfall.  

What happens if the car is recovered after the payout?

There is no obligation or guarantee of receiving funds after the completion of your contract. 

What happens to personnel effects?

This depends on your policy. If your car insurance does not cover them, check your house policy.

Can I insure against any shortfall?

Contract Hire GAP Insurance covers remaining rental payments and the difference between the insurer’s settlement and market value in total loss claims. It may also cover the initial rental and insurance excess.