Transcript: Does Insurance Cover Stolen Car?
Although we’d love not to think about it, vehicletheft is real, and something you should consider when shopping for insurance. Have you ever wondered how your insurance might be affected, or if you'd even be reimbursed in the event that your car was stolen? We'll answer these questions and more in today's video: Insurance coverage for car theft.
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Auto insurance typically comes in different types of coverage: liability, comprehensive and collision. Liability insurance will cover damages to others in an accident that you cause.
Comprehensive insurance, on the other hand, is what we're going to focus on today. It will cover things such as theft, vandalism and other non-collision incidents.
Comprehensive coverage is the hero when it comes to theft. If your car gets stolen, comprehensive insurance will typically kick in to cover the loss. But remember, in order to submit a claim, you must have comprehensive insurance in your policy. It's not part of the basic liability insurance.
Here’s the catch. Even with comprehensive coverage, there's usually a deductible. Which is the amount that you'll pay before your insurance company covers the rest. And there's usually a limit on how much your insurance will pay, so make sure you're aware of your specific deductible limits.
If you drive a vehicle that's more likely to be stolen or live in a high theft area, your overall premiums might be higher. But a comprehensive claim will not cause your premiums to increase.
So let's say your car is stolen. What should you do? Make sure to call the police right away to report the theft. Next, call your insurance company and explain what happened, and they'll be able to walk you through the claims process.
Prevention is key. Consider installing some anti-theft devices, such as car alarms, steering wheel locks, or GPS tracking systems. These measures may even lower your insurance premiums.
And remember, insurance is here to protect you, but being proactive about car security can save you a lot of hassle and worry. If you have any questions about comprehensive coverage, deductibles or how car theft may affect your insurance, contact a BIG broker
or head over to theBIG.ca today. Stay safe.