Comprehensive car insurance coverage will cover you if you’re a victim of car theft

Will Car Insurance Cover Theft?

Auto insurance has a set of options, and not all forms of it cover instances such as theft. For the most part, car insurance is about protecting you financially when your car is damaged in some way. Types of coverage include liability car insurance, comprehensive coverage, collision insurance, and medical payments coverage.

Out of all of these, comprehensive coverage will cover you if you’re a victim of car theft.

What Counts As Car Theft?

Car theft may conjure images of your entire vehicle being stolen. But that’s not always the case – this also extends to certain items taken from your vehicle, like your keys, for instance.

What Doesn’t Count As Car Theft?

Since the definition of “theft” in this context is so broad, we have to address what doesn’t count as car theft. The fact that your car has disappeared does not always mean it was stolen. If your car was towed because you were illegally parked or you had missed payments, then the insurance company will not reimburse you.

Car insurance fraud also fits in this category. Some will try to make fraudulent claims in order to collect insurance money. This is illegal and easily detected. Common practices include reporting the car as stolen (when in reality the perpetrator simply abandoned the vehicle), filing a claim for a car that was never purchased, and reporting a car as stolen to a law enforcement agency after the scammer has sold his or her car via the black market in a foreign country.

How Does Reimbursement Work?

Comprehensive coverage not only covers the stolen vehicle but any vandalism or other damage to it (e.g. broken windows) if it is recovered.

The amount your insurer disburses will be your car’s current value minus the deductible. For example, if your car has an estimated worth of $5,000 at the time it was stolen, and you had a $1,000 deductible, you will get $4,000. 

However, there are a series of steps you need to take in order for this to happen. 

First, file a police report as soon as you can. You’ll need such items as a copy of your car title, leasing company or finance contact information, a list of personal items that were in your vehicle, and as many details about your car’s appearance and condition that you can provide.

You can alert your insurance company of the theft after this and take matters from there.

Another benefit is that comprehensive coverage isn’t limited to theft. Damage incurred from natural disasters also applies in this situation.

Get Your Coverage From The Best

The last thing you want after being the victim of car theft is to suffer financial consequences. Without comprehensive car insurance, you won’t get the justice you deserve. Call us today at (803) 802-7507 to learn more about what you can do to protect yourself from the worst-case scenario.