Does insurance cover stolen car [Well Detailed]7 min read
Over time we have received a search query “does insurance cover stolen car?” and thousands of people are demanding a detailed answer to their search.
We know how frustrating it is when your car gets stolen, most especially if you don’t have money to buy a new car at that moment.
Moreover, TheYoungBoss – your sure insurance plug has elucidated all you should know concerning the question does insurance covers stolen car?
Meanwhile, if you have comprehensive insurance from an outstanding auto insurance company, you don’t have to be bothered as the company will buy a new car for you.
Comprehensive insurance won’t just cover theft but damages that also happen to your car.
Also, the company is willing to pay you the actual cash value of your vehicle at that moment it was stolen or damaged; although your deductible will be removed.
We’ll cover other things you need to know on the topic does insurance cover stolen car in the subsequent section.
Let’s get started…
Does insurance cover the stolen car?
The answer to the question does insurance cover stolen car is typical YES only and only if the owner of the stolen car has comprehensive car insurance that covers his car even when it is stolen or damaged.
When your insured vehicle gets stolen or damaged, your comprehensive insurance will pay for the current value of your vehicle at the time of steal (actual cash value of your vehicle).
Moreover, all comprehensive insurance mandate you to pay a deductible (this is the amount you agreed to pay when purchasing your comprehensive insurance before your insurance company can now complete the remaining bill for you; for instance when your car gets stolen or damaged).
What you should do when your car gets stolen
While you have comprehensive insurance that will get you covered when your car gets stolen or damaged, there are certain things that you must do to ensure either the recovery of your stolen car or the replacement of it by your comprehensive insurance company.
Most scenarios when cars get stolen with the key inside the car happen in a gas station, small shopping center, or a quick roadside shop – as documented by Tim Lohmar.
Moreover, some cars get stolen at the car owner’s house even when the key is not inside the car and the car is locked.
If your car gets stolen by any means, below are some steps you should take immediately:
- Report the incident to the police immediately
- Contact your insurance company to notify them
- Utilize social media to inform your friends about your stolen car
#1. Report the incident to the police immediately
When your car is stolen, contact the police as soon as possible to notify them.
But have in mind that police will demand some of your car documents such as your vehicle identification number (VIN), your car model, your license plate number, your Car Company, etc.
Also, the police may likely collect other information from you such as; if you saw the thief that stole your car, can you identify the thief, etc.
#2. Contact your insurance company to notify them
After reporting to the police, they will give you an authentic report which you’ll present to your insurance company concerning the loss of your car.
Announcing the loss of your car to social media increase your chances of recovering your car back; as your friends will be in search to see if they will get the person that is driving your car.
Also, the thief will have fewer chances of taking the car to the mechanic or selling it to a third party.
Does Insurance Cover Stolen Car Parts
If you purchase liability car insurance, it will not cover your stolen car or the parts of your stolen car.
Moreover, comprehensive insurance is a type of full coverage that will cover both your stolen car and its parts. Does insurance cover stolen car?
Will My Car Insurance Cover Stolen Property?
Yes! Any property that is inside your stolen car will be taken care of by your comprehensive car insurance company.
Does Insurance Cover Stolen Car with Key in It
Yes! Comprehensive insurance covers your stolen car even if you left the key inside the car.
Although if you intentionally planned the stealing of your car, your insurance company may deny your claim.
To get a full understanding of the topic does insurance cover stolen car if keys are left, read my guide here.
Does Insurance Cover Stolen Car State Farm
State Farm comprehensive insurance will pay their insurers the cost of repairing their vehicle or even replacing their vehicle if it gets damaged or stolen.
Moreover, State Farm comprehensive insurance will not cover your vehicle if it got burnt by fire, damaged by flood, wind, etc. Does insurance cover stolen car?
What Insurance Covers Stolen Cars?
From our research, only comprehensive insurance is capable of covering your car even when it gets stolen by thieves.
So if you intend to get covered when your car gets stolen or damaged, seek comprehensive insurance.
How does insurance work if your car is stolen?
When your insured vehicle gets stolen, your comprehensive insurance company will pay for the actual cash value of your stolen vehicle; but have in mind that they will remove your deductible before making the payment.
In some cases, your vehicle’s actual cash value (ACV) may not be sufficient to pay for your loan with the insurance company.
Is car theft covered by insurance? – does insurance cover stolen car
Yes! A comprehensive insurance policy will cover your car theft, damages to your car due to an accident, etc.
Moreover, comprehensive car insurance is premium car insurance because of what it covers.
Does insurance cover stolen car?
Does full coverage include theft?
Any full coverage that is issued by a comprehensive car insurance company includes theft and other damages to your vehicle.
On the other hand, if you purchase liability insurance, it won’t cover theft because it only covers bodily injuries from an accident and some property damages.
What happens if the financed car is stolen?
When your financed car is stolen, all you need to do is to contact your financing company to lay the report to them.
In such a scenario, the financing insurance company will pay for your claim and you don’t have to pay anything.
How long does it take for insurance to pay for the stolen car?
In most cases, it takes up to 30 days before your insurance company will pay you for your stolen car, after filing a claim. Does insurance cover stolen car
What do thieves do with stolen cars?
Because selling the whole stolen vehicle may implicate the thief, they normally sell the car by parts in Chop Shops.
In the Chop Shop, the mechanic will dismantle the vehicle and remove any mark, number, or other thing that will identify that it is a stolen vehicle.
Anything that contains your Vehicle Identification Number (VIN) will be removed in this process and your vehicle will be sold in parts.
Does Geico cover items stolen from the car?
Yes! If you have comprehensive Geico insurance, it will cover any non-accident damages to your car such as theft, fire, natural disasters, etc.
Does the gap cover the stolen car? – does insurance cover stolen car
Yes! Since gap insurance is like additional insurance to your already auto insurance policy.
Gap insurance covers theft and damages to your vehicle.
To recover the money for your stolen car, you have to file a claim with your police report attached to it and take it to your gap insurance company.
We explained all you should know concerning the topic “Does insurance cover stolen car”.
Everything you need to do to aid the recovery of your vehicle when it gets stolen is well detailed in this guide.
We also answered FAQs that relate to the topic “Does insurance cover stolen car”.
Always visit TheYoungBoss – your sure insurance plug.