Auto Theft Insurance 

Auto theft insurance is an insurance policy made in the event of car theft. It covers expenses incurred in buying a new car or getting your car back from whoever stole it. In getting an auto theft insurance cover, there are several information you need to find out.

This article is focused on explaining everything you need to know about auto theft insurance. Let’s begin by discussing one of the most asked questions about auto theft insurance.

What happens if your car gets stolen and you have full coverage

The normal thing that happens if your car gets stolen and you have full insurance coverage is that your insurance company would compensate you with the exact amount needed to repurchase the stolen car. Yes, this is usually the case even if your car gets stolen with the keys too.

In cases where you receive your car, and damage has been sustained by the car, your insurance company would cover all expenses needed to fix the car. Full coverage also helps cover the expenses related to your car’s glass being broken or any form of vandalism. Well, this usually depends on the terms of your insurance provider.

How much will insurance pay for a stolen car

Usually, your insurance would pay the exact amount of the car at the time it was stolen minus the deductibles (the deductibles depend on the insurance provider). The deductibles are the amount that you’ll have to pay before receiving the car amount value.

The deductibles are usually agreed upon at the time you want to buy the insurance policy. So, it should not come as a surprise to you when you pay for deductibles.

It is good to note that your insurance company may increase the amount of premiums you’ll pay after your car theft claims. This is because your insurance provider may view you to be at a higher risk hence the increase.

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What insurance covers stolen items from car

Home content insurance is that insurance policy that covers stolen items from your car. It also covers stolen items from your house. Well, this depends on the terms of the policy. In some cases, a comprehensive car insurance policy may cover stolen items from your car too. However, there are some things to note when making claims on stolen items from your car. Here are the things to take note of:

1. There must be a proof of forceful entry

Home content insurance policy would only make payouts if there is proof of forceful entry into your car. If possible, show evidence of your broken car glass or damaged car before making claims.

2. Stolen Items Must Be Included In Policy

Another mistake people make is not to include important items in the policy. So, ensure that items such as credit cards, house keys, jewelry, and documents are included in the policy. This would put you on the safe side when issues concerning theft come up.

3. There must be a proof of purchase

The items that are included in the home content insurance should have valid receipts that back them. These documents must be available to provide proof that you are the rightful owner of these properties.

What happens if your car is stolen and you still owe money

If your car is stolen and you still owe money to your lender, your lender should make provisions available to recover the car. However, if efforts prove futile, then your lender would ask the insurance provider to declare a full loss on the car.

Therefore, canceling the insurance policy made on the car. However, you may still be asked to make payments on the car until it is completed.

Moe Insurance-related posts can be found at Stocktechy.

Conclusion

Auto theft insurance can be quite confusing. However, with the right information, you’ll see that it is one of the best insurance policies to sign up for. Thanks to this article, you’ve been able to see answers to top auto theft insurance questions. Kindly share this information with friends who may be seeking to sign up for auto theft insurance.