Stolen car insurance

Does Car Insurance Cover Theft?

You have probably heard the stories on how cars of other people were stolen many times. However, it can occur not only with other people but with you too. And if a thief stoles your car, this problem will become very urgent for you, and you will have to do something with it.

There are several factors that influence the amount of payment you’ll receive from the insurance company. Those factors are your insurance policy, type of your car and the amount of money that you still have to pay for your car. If you don’t have any coverage, don’t expect to be paid. But even if you have it, no guarantee that you would be paid exists. You can discover how much you will be paid after calling your insurance company.

If you see that there is no your car on the place where you have left it, first of all you will have to ensure that it was not towed. After you make sure that the car was really stolen, contact the police, the insurance company, and your car’s title holder. Do everything immediately and don’t waste time.

If you have suitable auto insurance coverage, your car insurance company will pay for the stolen car. However, the particular amount of the payment you receive will depend heavily on many various factors.

To know more on how many autos are stolen in the USA, the existing types of coverage, and how to prevent the car’s theft, read this article.

Statistics on car theft in the United States

Based on the statistics, about 10,000 cars are stolen in the USA every year. It is not definite what the most preferable cars for theft are. As for Texas, trucks are the most preferable choice. However, in other states, Toyota and Honda models are stolen more frequently than other models. It is important to understand that some cars are stolen because of their parts, so thieves steal not only the latest cars.

Thieves opt for older cars because these cars can have valuable parts. Besides, ordinary people in the street are less likely to pay attention to a car that does not look so new and expensive. Stolen cars are usually transported to other places. Sometimes, stolen cars can be sold as new ones thanks to the usage of a new VIN and new plates. In other cases, stolen cars are disassembled and their parts are sold.

The other option is transporting cars overseas and selling them there. Some cars are used only once during crimes and then disassembled and sold on parts. There are plenty cases when a car was taken for a ride and then left somewhere abandoned. Some owners manage to recover their stolen cars, but in most cases a stolen car turns in a total loss.

Stolen car insurance coverage

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Not all insurance policies include auto theft. However, if you have opted for comprehensive insurance for you auto, you probably obtain coverage for a stolen auto.

But you should remember that there are different types of vehicle theft, and you may not have coverage for each one of them. For this reason, if you have any doubts on this issue, review your policy or ask your agent.

Those auto owners who have comprehensive auto insurance are provided with coverage on plenty of incidents that are not related to accidents, including theft. If you car has been stolen, you may be required to follow particular procedures to make your claim effective. Your policy may oblige you to install security equipment in the vehicle. Your coverage may not work if you had left the keys in the car’s doors and it caused the theft. Besides, if you had loaned the car and the loaner failed to return it, you may not receive insurance payment.

In any case of theft, you must contact police to file a report and notify your insurer immediately. In case your car is leased or financed, you will also have to contact the title holder of the car.

Your insurance company will pay based on the policy you have. It may pay you either full or partial value for the stolen car depending on the car’s depreciation. It may result in that you will owe additional money to the financial company even though your insurance company fully pays your claim.

You will receive a payment from your insurance company depending on the recovery process conducted by the police. But you should know that it would be probably never recovered if this process already takes more than 72 hours. Around 70% of all stolen cars are recovered in the USA. If police manages to recover your car, the insurance company will pay only the amount for damages incurred by theft.

Vandalism, accident related damages, or a stripped car can be included into such damages. In any case, you will have to provide the police report to the insurance company to receive any payment. You have to act quickly, because an auto insurance company can negate the claim in case of a substantial delay from the time of the car’s theft.

How to secure your car?

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There are easy steps to prevent the car from getting stolen and secure it. Car factories install special devices that prevent cars from theft. However, you can install some other devices too. There are also other easy steps to make during parking or driving that can be very useful.

Most modern cars have the VIN in its glass. This device informs a thief and shows him that the car can be easily identified after the theft.

Audible alarm systems that most new cars have may also be very useful due to that they can block the steering column or ignition of the auto. If you car doesn’t have such a system, you can ask a qualified installer to install it.

Tracking devices are very useful too. Thanks to this device it is possible to find a car using GPS. The GPS tracking device is very useful when it comes to recovering cars that were stolen. Besides, finding such a car is much easier if it has this tracking system.

There are also some useful habits that can secure you car. For instance, if you leave something valuable in your car, don’t put in plain sight. If a thief sees valuable things inside, he may be tempted to break into and steal it. And if you want to hide something in the auto, don’t do this in front of a potential thief as well. You’d better do it before getting a place of destination. If a thief sees you hiding something, he will know that your car contains valuables.

Choose those parking slots that are located in well lit areas. Your car should be kept locked. Before sitting inside, ensure that nobody hides in the car at its back seat. Make sure your car’s doors are locked.

If you employ security devices with your car and follow the abovementioned instructions, you will probably prevent your car from theft. But if the theft occurs, you must get in touch with the police, the insurer, and the title holder. Complete all the necessary paperwork. If you have auto coverage, apply with a claim to the insurance company. It is necessary to notify the insurer even your coverage is not comprehensive. Your insurance payment could be suspended for the time your car is absent.

Comprehensive insurance appears to be the best solution when it comes to a theft of a car. For this reason, it is recommended to choose comprehensive insurance. However, different providers have different terms, so you have to choose accurately.