How much will your car insurance company help in the event of your car being stolen or broken into? Will you be able to recover lost costs or will you have to drum up the finances yourself? According to Nerd Wallet, 2014 saw more than 1.17 million car break-ins, accounting for an average of $835 per incident. Vehicle thefts alone averaged $553.
Here’s a look at what your insurance will likely offer you in the event of either of these happening to you.
You Need to File a Report
Regardless of the type of auto insurance you have, you will need to file a police report. Without this, there is no proof that your vehicle was stolen or broken into. The police report will detail all the items that were taken if the car was broken into and have a rough value of your losses. There’s also a chance that you will get everything back, meaning the insurance company doesn’t need to pay out in the end.
You’ll also need to get in touch with financial institutions to cancel any credit or debit cards that were in your car at the time. Not doing this could lead to your insurance company not fully paying out, as you didn’t take steps to protect yourself financially after the incident.
Only If You Have Comprehensive Coverage
Having the minimum liability coverage isn’t going to be enough for your insurance to help in the event of a theft or break-in. You will need to have the upgrade of comprehensive coverage, which will help in the event of theft, fire, and weather damage. The amount your coverage will help with depends on the insurer and level of comprehensive coverage you took.
Most policies will cover the valuation costs of your car when stolen. This will help you replace your vehicle, and will also be the amount less your deductible.
For Specific Items
When it comes to theft, most policies will only cover elements that are permanently attached to vehicles, including rims and stereo systems. If your bag or other valuables were in the car, your insurer may not cover it. You’ll need to claim through your home insurance or personal coverage for these items.
Damage occurred during the break-in will usually be covered under your comprehensive coverage. Other damage that cannot be accounted for in the break-in (or theft and eventual recover) will not be covered.
You will need to make sure you protect your car from a break-in or theft. While you may have comprehensive coverage and have filed a police report, if you were found negligent, you will not receive help from your insurer. For more information, talk to a professional like Owen Insurance Agency, LLC.
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