We know the Auto insurance is everywherein United States . Because is the home of the highest amount of cars in the world. There are 240 million vehicles in US, which means there are 240 million cars to steal in this country. Vehicle theft is huge in America. An estimated $10 billion business, car theft shows no signs of slowing down. In fact, according to the FBI, in the US every 30 seconds we have a stolen car.
Does Your Auto Insurance Policy Cover Theft?
So with all these fact about stolen cars, how can you protect yourself? You maybe need to know does my auto insurance policy even cover theft?
Car insurance policy holders are not typically covered for theft unless they have purchased comprehensive Auto insurance. This insurance covers any damage to the car including theft, vandalism, fire, natural disasters, etc. The comprehensive insurance is not required by law, but because of the additional coverage, some people choose to include this type of insurance on their Auto insurance policies. The insurance company recommend the people with newer and more expensive cars to choose the comprehensive insurance.
Also another kind of insurance coverage, liability insurance, will not cover theft of your car. The liability insurance protects against claims that your actions caused bodily harm or property damage. Even though liability insurance is important to have, and law required the liability insurance in many states, it will not cover your car in case of theft.
What Types of Theft Does Auto Insurance Cover?
As mentioned, if you have a comprehensive car insurance policy, your insurer will cover the cost of a theft. But, which type of thefts will your policy cover ? Your comprehensive policy will cover incidents related to theft like :
- The damage that occurs if someone broken your vehicle ; for instance, your insurance will cover shattered windows, busted door locks, or a damaged ignition system if someone they damaged them during an attempted or successful break-in.
- Also , if someone stole your car, your comprehensive auto insurance policy will cover the value of your car.
- If someone vandalized your vehicle during an attempted or successful break-in, the provider of your comprehensive auto insurance policy will cover the cost of the damage.
Will Auto Insurance Replace / Pay For Your Whole Car if Someone Stole it?
If somebody stolen your vehicle and you have comprehensive coverage, your insurer will cover the cost of the stolen vehicle. So, this type of insurance policy will only cover the Actual Cash Value (ACV) of the stolen vehicle. The auto insurance adjuster will determine how much your vehicle is actually worth and you will receive that amount from your provider. It’s highly recommended that you file a police report as soon as you learn that your car is stolen and then contact your insurance carrier to find out how much they will pay out for your stolen vehicle.
Does Insurance Cover Stolen Items From Inside Your Vehicle?
However , if someone stole any personal items from your car during a break-in. Your auto insurance will not cover the stolen items, unfortunately. The comprehensive auto insurance only covers the parts of the car that are permanent, so if you left any items inside the car will not cover. For instance, if a tablet, clothing, wallet, or cell phone left inside your vehicle is stolen, your insurance will not cover the cost to replace the item. So, if you have homeowners or renters insurance, there is a chance that these policies will cover the stolen items.
To find out if your renters insurance policy or homeowners will cover personal items that have been stolen from insde your vehicle, contact your provider. If these items are covered, you’ll need to file two claims. Someone with your auto insurance carrier and one with your homeowners or renters insurance provider.
Does Auto Insurance over Stolen Car Parts?
The comprehensive auto insurance policy will cover the permanent components and features of your car, either inside or outside. For example, this type of insurance will protect your hubcaps, however, there’s a catch most insurance providers only cover the parts that came with the vehicle. But most Auto insurance providers will just cover original factory parts. So, if you want to protect aftermarket parts, you will need to purchase additional insurance coverage.