Nobody ever wants to have their car stolen, but the truth is that there are bad people out there in the world just itching for the perfect opportunity to commit crimes. If it happens to you, here are a few essentials that you should know:
Auto insurance does typically cover stolen vehicles, but it does depend on the type of coverage you have on your auto policy.
Comprehensive Coverage: This is the type of insurance that typically covers theft. Comprehensive coverage protects against non-collision-related incidents, including theft, vandalism, and natural disasters. If your car is stolen and you have comprehensive coverage, you should be able to file a claim with your insurance company to get compensation for the loss.
Collision Coverage: This type of coverage is for damage to your car resulting from a collision, not theft. So, this kind of coverage will not help you in the event of your car being stolen.
Liability Coverage: This covers damages to others if you’re at fault in an accident but does not cover theft or damage to your own vehicle.
Uninsured Motorist Coverage: This helps if you’re in an accident with a driver who doesn’t have insurance, but it doesn’t cover theft.
If your car is stolen, you should report it to the police and your insurance company as soon as possible. Your insurer will guide you through the claims process and help determine the compensation based on the value of your vehicle and the specifics of your policy.
It’s very important that you report your car being stolen immediately the police and to your insurance company. If your car is recovered, a claims adjuster will assess the damage and determine the cost of repairing it.
Comprehensive coverage can help pay for the any damages to your car while it was out of your possession. You would still be responsible for your deductible. If your insurance company deems your car to be a total loss, you will receive the actual cash value of your car minus your deductible.
You should ask your insurance professional how many days you will be covered for a rental car under your current auto insurance policy.