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Does Car Insurance Cover Theft From Car?
Learn How You Can Protect Yourself
By Amanda Moss
- Does Car Insurance Cover Theft From Car?
- Does Liability Only Cover Car Theft?
- Does Full Coverage Cover Theft From A Vehicle?
- Gap Coverage
- Homeowners & Renters
- When Your Car Is Stolen
- What Happens if You Lie About Your Car Being Stolen?
- Tips To Lower The Risk of Car Theft
- Frequently Asked Questions About Car Insurance Coverage for Theft
- INSURANCE SERVICES WE OFFER
- Does Insurance Cover Theft from Car Article
Does Car Insurance Cover Theft From Car?
Having your car stolen is a legitimate worry that many people have. Maybe your neighborhood has become a target recently. Maybe you keep your vehicle in a parking garage during work hours. Or maybe you like to run to the store late at night to grab that ice cream you’ve been thinking about all day. Whatever the case may be, what can you do to protect yourself from such a terrible injustice?
Does renters insurance cover car theft? Does car insurance cover theft from car? In this article we will answer those three questions.
Does Liability Only Cover Car Theft?
Does Car Insurance Cover Theft From Car? First, What is Liability? Simply put, it’s the most basic of insurance and protects you in case you were to cause an accident that resulted in bodily injury or property damage; thus having to pay out of pocket for those damages. It is required in almost every state.
But does car insurance cover theft from car? No, liability insurance does not. What about full coverage?
Does Full Coverage Cover Theft From A Vehicle?
Full Coverage is Liability + Comprehensive and Collision.
Collision covers any additional damages that may occur from colliding with an object or vehicle, regardless of who is at fault. Liability and Collision both do not cover car theft.
Comprehensive covers damage to your vehicle caused by non-collision events, such as weather. But does Comprehensive cover theft of a vehicle? Yes!
So, does car insurance cover theft from car? The answer is yes, only with comprehensive coverage added. But please note, though comprehensive coverage covers theft of a vehicle, it does NOT cover what is inside the vehicle. Also your insurer will pay you the Actual Cash Value of your vehicle. But keep in mind things like interest and depreciation.
Gap Coverage
If you are currently paying on your vehicle, you may consider adding Gap Coverage to your insurance policy because if the amount you owe is greater than the actual cash value of your vehicle, you could find yourself paying more than anticipated. Gap Coverage fills in the “gap” to an extent. Ask your insurance agent if Gap Coverage is for you.
Homeowners & Renters
Does Renters Insurance cover car theft? Does Homeowners Insurance? No, it does not. It does, however, cover the personal property inside of a stolen vehicle. Your home or renters insurance will provide you with the Actual Cash Value of your stolen items.
What does this mean? Let’s say you bought an apple iPhone (or Samsung I suppose) for $1,000 last year, but it’s been stolen. The actual cash value of the phone is now $700 because of depreciation and interest. You can, however, opt out of the actual cash value or replacement cost for a Addional price. Articles like expensive jewelry, camera, laptops may only be covered under a specific policy. So check with your insurance agent to see what your options are to protect the things you posses.
When Your Car Is Stolen
If your car is stolen, you need to act quickly and do these three things:
- Call the police to file an official report. This provides proof that your vehicle was stolen and increases the likelihood of recovering your vehicle.
- Notify your auto insurance company to file a claim.
- Notify your homeowners/renters insurance company to file a claim for any stolen items that were inside your vehicle.
What Happens if You Lie About Your Car Being Stolen?
Each State will react differently with a punishment for lying about your car being stolen. States such as California will give you a misdemeanor that is punishable up to 6 months in jail or a fine of $1,000.00, even if it is your first violation. It is best to check with your State to see what types of punishments there are for violations, or better yet, to just abide by the law and not lie so you can stay away from hefty fines and being behind bars.
Tips To Lower The Risk of Car Theft
- Keep your car locked at all times – even if you are only going to be away for just a few minutes.
- Park your vehicle in a well-lit area, like under a street light.
- Make sure your alarm is on and activated whenever you are away from your vehicle. If you don’t have an alarm, you might consider installing one.
- Do not leave your keys or valuables inside your vehicle.
- Always keep your windows closed completely when not inside the vehicle.
- Install a tracking system or a vehicle immobilizer system, which prevents thieves from hot-wiring your car.
Frequently Asked Questions About Car Insurance Coverage for Theft
Q1: Does car insurance typically cover theft from a car?
A1: Car insurance policies typically do not cover theft of personal belongings from your car. However, if you have comprehensive auto insurance, it may cover theft of the car itself, but not the items inside. For stolen personal belongings, you may need to rely on your homeowner’s or renter’s insurance policy.
Q2: Can I add coverage for theft of personal items to my car insurance policy?
A2: Some insurance companies offer additional coverage options, such as “personal property coverage” or “contents coverage,” that can be added to your auto insurance policy to cover theft of personal items from your car. Be sure to check with your insurance provider for available options and costs.
Q3: What should I do if my car is broken into and items are stolen?
A3: If your car is broken into and items are stolen, you should immediately report the theft to the police. Then, contact your insurance company to report the incident. Even if your auto insurance doesn’t cover the stolen items, your insurer can guide you through the necessary steps and provide assistance.
Q4: Does car insurance cover it being stolen?
A4: Car insurance may cover theft of the car itself, but it typically does not cover theft of personal belongings from your car. To cover stolen items, you may need to rely on your homeowner’s or renter’s insurance policy or consider additional coverage options offered by some insurance companies.
KEY TAKEAWAYS
- Liability only insurance will not cover theft of a vehicle.
- Auto Insurance does not cover any personal property taken from inside the vehicle, however, homeowners and renters policies do cover personal property.
- Comprehensive coverage will cover your vehicle in the unfortunate event your car was stolen.
So, does car insurance cover theft from car? Yes, comprehensive, otherwise known as “full coverage”, does!
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Does Insurance Cover Theft from Car Article
Headline: Does Insurance Cover Theft from Car
Description: Understanding Theft Coverage in Your Car Insurance
Author: Learn and Serve Insurance
Publisher: Learn and Serve Insurance
Main Entity URL: https://learnandserve.org/does-insurance-cover-theft-from-car/
Article Body:
- Theft from your car can be frustrating. But does your insurance cover it? Find out:
- Types of coverage that may protect against theft
- What to do if your belongings are stolen from your car
- Preventive measures to safeguard your vehicle
- For expert guidance on theft coverage and car insurance, call us at 1.888.445.2793.
- Let us help you understand and secure the right coverage for your car!
Last Updated on by Marlon Moss