The rise in stolen cars yearly should make everyone question whether their car insurance covers theft. If you have theft protection written in your comprehensive insurance policy, it's covered up to certain limits, which you can extend with additional coverage. Here's what you need to know about auto theft and comprehensive coverage.
Comprehensive coverage spans a wide range of damage, from falling rocks on your windshield to vandalism. However, does this car insurance cover theft? It does if it's listed in the plan, as different insurance companies write their specific policies. Comprehensive coverage can pay for replacing the car or its stolen parts. It also pays for damage from the break-in. However, it does not cover personal belongings stolen from inside the car.
You pay a deductible amount when you file a comprehensive coverage claim before the insurer pays the balance. A deductible is typically around $500, but you can adjust it based on what you want your monthly insurance payment to be. The higher the deductible, the lower your monthly cost will be. If you need a rental car, you'll need separate rental reimbursement coverage.
Yes, comprehensive coverage will pay to replace stolen car parts, provided the parts came from the original equipment manufacturer. It does not cover items that you've installed yourself, such as a custom audio system. Depreciation is a factor that reduces the value of stolen car parts.
You should notify your insurer immediately after discovering your car has been stolen. The insurer will then investigate the claim and promptly send a reimbursement check to the coverage limit of your comprehensive plan.
Catalytic converters are expensive emissions devices, which is why thieves steal them to sell to other thieves. Part of the reason these devices are costly is they contain platinum and palladium, which recyclers buy. If an intruder steals or damages your catalytic converter, your comprehensive plan should pay to replace or repair it.
No, comprehensive insurance does not cover personal items left in your car. Insurance companies warn customers not to leave items of value in their vehicles, even if locked. You can, however, use your personal coverage from a homeowners or renters insurance policy to pay for items stolen from your car.
You can lower your insurance costs by letting your insurance agent know you have invested in anti-theft technology. Tracking devices, also known as vehicle recovery systems, can locate your vehicle no matter where a thief takes it.
Take control of your car protection by ensuring your vehicle is always locked when you leave it. If you would like to know more about how car insurance covers theft, contact us today. Our team at John E. Peakes Insurance Agency is ready to set you up with a policy that helps you sleep better, knowing your car is financially protected.
