Will My Car Insurance Cover A Car Theft?

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Discussing Insurance Coverage Hello, my name is Linda Suzanne. Welcome to my website about insurance. When I was first living on my own, I went without many different forms of insurance due to budget constraints. Unfortunately, luck was not on my side, so that decision did not serve me well. After suffering several major financial losses, I looked into affordable insurance options that would protect me from further complications. On this site, I want to help everyone understand how to acquire the insurance coverage that works best within their budget. Thank you for coming to visit my site. I invite you to come back often to learn more.

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If you live in an area that is prone to car thefts, you'll want to purchase comprehensive car insurance that will provide you with coverage in the event of a car theft. You will not be protected through liability insurance in most cases because liability insurance is meant to protect you in the event of an accident.

Insurance Coverage

While car thefts have been going down overall, there are still some areas where car thefts are very high. For this reason, you'll want to make sure that you're adequately protected from potential car theft.

You may also want to purchase rental reimbursement insurance. This is intended for when your car is stolen and you need to drive around in a rental until you have received compensation for your car theft, up to a limit that is stated in your insurance policy. Once your claim has been processed, you'll be reimbursed for your stolen car and be able to use the funds to purchase a new car. 

Responding to a Car Theft

When your car is stolen, there are several actions you should take to make sure that you'll receive compensation for your stolen vehicle. You'll want to file a police report both so that your car might be recovered and so that you can provide evidence to your insurance provider that your car was stolen.

You'll need to provide the vehicle identification number and your license plate number. Provide the year, make, and model of your vehicle. Record the place and the estimated time of the car theft. Also, if there are any other ways it can be identified, such as a scratch on the car, describe that.

Next, you'll want to file an insurance claim. The type of information you must provide with your insurance claim varies depending on the insurance provider, but you will typically need to provide a certificate of title of the vehicle, the location of the keys, the names and contact information of those who had access to the vehicle, a description of the vehicle, and any property that was in the vehicle when it was stolen. 

You may not have the title if you have financed the vehicle or if you are leasing it. In this case, you'll want to provide the name of the financing or leasing company and your account number. Then, you can often have the remainder of what you owed paid off unless you are upside down on your car loan. 

Contact a company like Illinois Insurance Center Inc to learn more about how car theft affects your insurance.

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