What you need to know if your car is stolen with insurance
When you become a victim of car theft, the very first thing that may come into your mind is knowing how to retrieve it back. The condition the vehicle is in is also another concern. Yet, you never let go of the idea that it may never be found again. In situations like this, it is best that you understand how car insurance and vehicle theft are related.
Car insurance has two main sections. First is the liability coverage that gives you protection in case you are responsible for the accident that caused property damage or physical injuries of the other party. The second one consists of additional or optional coverage. An example of which is comprehensive coverage.
Under the comprehensive coverage, a claim must be filed against your automobile insurance. The investigation will be done by the insurance provider and the local authority after claim filing; this will be the waiting period. In case your vehicle can no longer be recovered, that’s when the coverage will kick in.
Coverage will depend on the terms and conditions of the policy. If your vehicle is found and recovered, repairs will be done. But if it has been severely damaged, the insurer may declare your car as a total loss.
Car theft and insurance rates
Auto theft directly impacts car insurance premium rates. While it’s not something any vehicle owner would want to experience, the risk of the vehicle being stolen is calculated beforehand. So if your car is one that’s enormously targeted by vehicle thieves, expect to be paying a little higher on premiums.
Commonly stolen vehicle models
In 2015, there were 52,244 Honda Accords that were stolen in the United States. This is followed by the Honda Civic with over 49,000 units recorded to have been embezzled. Other vehicles that were among the favorites of car thieves are as follows:
- Chevrolet Pickup
- Chevrolet Impala
- Ford Pickup
- Toyota Camry
- Toyota Corolla
- Dodge Pickup
- Dodge Caravan
- Nissan Altima
Avoiding the risk
If you are in the market for a new car, opt for the model that isn’t on the list of car thieves’ favorites. Additionally, if you reside in an area where theft is rampant, install anti-theft devices on your car. In some states, insurance providers must provide discounted base rates if a passive anti-theft device is installed in the vehicle.