Car insurance helps to cover the policyholder from various types of damages, including theft. However, car insurance covers certain types of theft differently.
Does Car Insurance Cover Theft?
Comprehensive car insurance covers damages from theft, water damage, vandalism, falling objects, and certain natural disasters, etc. If your vehicle is stolen, comprehensive car insurance will pay you for the value of the car. Comprehensive insurance also replaces stolen car parts and damaged car parts that happen due to break-ins or vandalism.
Comprehensive plans have a deductible and coverage limit. The deductible is the amount you need to cover before your insurer begins to cover the costs. The coverage limit is the maximum amount the insurer will pay for a covered claim. However, you should note that comprehensive car insurance does not extend coverage to rental vehicles. To receive coverage for theft for a rental vehicle, you will need to purchase a rental reimbursement plan.
Comprehensive auto insurance also helps to cover the costs of replacing car parts if they get stolen. The insurer will reimburse you up to the coverage limit after you meet the deductible. Generally, comprehensive auto insurance does not cover custom parts or additional equipment you added to your vehicle yourself. Also, it does not cover personal belongings that are stolen in your vehicle. You can get coverage for your belongings if they get stolen through other policies such as personal property coverage. Home and renters insurance typically provide personal property coverage.
On the other hand, policies such as liability insurance do not cover stolen vehicles or stolen belongings. Liability insurance only protects the policyholder from liability if they cause property damage or bodily injury to someone’s property with their vehicle.
What to Do if Your Car Gets Stolen
If your vehicle gets stolen, ensure you do not panic and take the following important steps. It is better to act faster and not get caught up with anxiety. The first thing to do after a car theft is to call the police. File a formal report and provide necessary information such as the model, distinguishing features, color, and VIN number. You may need to provide other details, such as where you parked the vehicle and when it was stolen. This will enable law enforcement to place a lookout for your car quickly.
After filing a police report, the next thing to do is to contact your insurer. You will need to file a claim and provide similar information to what you supplied to law enforcement. Your insurer will review your claim and start the process. If your claim is approved, you will receive a check for the replacement costs minus the deductible.
Have Questions? We Have Answers
Contact us at Secure Insurance Group for more information and help with finding an auto insurance policy that provides the coverage you need!