Car insurance is designed to provide protection for a variety of situations, including theft. However, the way theft is covered can vary depending on the type of coverage you have.
Does Car Insurance Cover Theft?
If you have comprehensive car insurance, you’re typically covered in the event of theft, as well as damage caused by vandalism, natural disasters, and other incidents like falling objects or water damage. Should your car be stolen, your comprehensive insurance will reimburse you for the value of your vehicle.
Comprehensive policies often cover stolen car parts as well, including damages from break-ins or vandalism. However, it’s important to remember that comprehensive coverage comes with both a deductible and a coverage limit. The deductible is the amount you pay out-of-pocket before your insurer steps in to cover the remaining costs, and the coverage limit is the maximum amount the insurance company will pay for a claim.
However, comprehensive insurance doesn’t cover theft if your car is a rental vehicle. If you’re renting a car and want theft protection, you would need to purchase a separate rental reimbursement plan.
Comprehensive insurance will also reimburse you for stolen parts of your car, provided they’re within the policy’s limits, once you’ve met the deductible. However, it typically won’t cover custom parts or accessories that were added to the car after purchase. Personal belongings stolen from your vehicle aren’t usually covered under a comprehensive plan, but you can protect them through home or renters insurance with personal property coverage.
Liability insurance, on the other hand, doesn’t cover theft. Liability insurance is designed to protect you in case you’re responsible for causing damage or injury to another person’s property with your vehicle, but it doesn’t extend to your own losses.
What to Do If Your Car Is Stolen
If your car gets stolen, it’s important to stay calm and take immediate action. Here’s what you should do:
- File a Police Report: The first step is to call the police and report the theft. Be prepared to provide essential details, such as the car’s make and model, color, distinguishing features, and VIN (Vehicle Identification Number). It’s also helpful to give the police information on where you last parked the vehicle and when you believe it was stolen.
- Contact Your Insurance Company: Once you’ve filed the police report, contact your insurer to file a claim. You’ll need to share the same information with them as you did with law enforcement. Your insurance provider will review your claim and start the process of determining your reimbursement.
If your claim is approved, you’ll receive a payment for the value of your vehicle, minus the deductible. It’s crucial to act quickly to ensure you’re covered and to start the claims process as soon as possible.
