This is not a common question we get as agents, however, it’s a question we wish more consumers would ask. What most people don’t know about their policy is that their car is not automatically covered if is stolen and neither is the personal property inside your stolen vehicle. An insurance policy doesn’t automatically provide reimbursement if your vehicle is stolen from you, this is a misconception many consumers have.
In order to have your vehicle covered for theft you need to ensure that your policy provides comprehensive coverage on the specific vehicle. Having comprehensive coverage will ensure that you will receive reimbursement for the value of the vehicle at the time it was stolen. Most insurance policies also have a deductible included with the comprehensive coverage so be sure to verify that amount within your policy.
Another misconception we run into regarding vehicle theft is the theft of the contents of the vehicle when it is stolen. Many people believe that the contents are going to be automatically covered on your auto insurance policy and reimbursement for the personal property will come from the auto policy, however, this is incorrect. The only way to receive reimbursement for your personal belongings is to file a claim on your homeowner’s or renter’s insurance. If you don’t have a homeowner’s or renter’s insurance policy there is no coverage available for your personal property that was stolen within the vehicle.
Review your policies with you agent and make sure you have coverage for your vehicle and the personal property potentially inside your vehicle. While vehicle thefts aren’t common in certain areas, they are on the rise in urban areas and it’s important to make sure you are covered in the event your car is stolen.