Everything you Need to Know about Car Theft and Insurance

To ensure you feel safe and have some recourse in the event of an accident occurring, it is necessary to know how car theft and insurance relate to each other. Doing some research will allow you to gather all the information you need to know.

Exclusions

Don’t assume that obtaining a car insurance policy in relation to theft means you no longer have any concerns as far as car theft and insurance. There will be a number of situations that will result in you negating the coverage. These will be circumstances such as leaving the car unlocked, leaving the windows or sunroof open or allowing the car to be operated by an uninsured driver. Make yourself aware of these and abide by them to ensure that cover subsists.

Distinctions

There is a difference in the type of car theft and insurance that goes with it. You must ensure the policy covers everything you require it for, whether it is items being stolen from the car or the entire car being stolen. Similarly, the insurance companies are likely to make a distinction between situations where the car is stolen, such as the keys being stolen, car jacking and the car being stolen when it is parked. Make sure the wording is considered carefully to ensure all circumstances are covered.

Risk

There are a range of details that motor insurers will consider when deciding on the level of risk you present, in terms of the risk of car theft occurring. Details in respect of whether the car is stored in a secure location will be needed by the insurance company, which they will consider alongside their own research on the level of crime in the area in which you live. There will also be ways you can improve the risk, such as using a lockable garage or some type of immobilizer to prevent your car being driven without permission.      

Policy

A cars insurance policy will often not be limited solely to theft. There will be other insured acts that are also covered. Make sure you fully consider the section of the policy that relates to theft so you can ensure you get the full extent of coverage you need.  

Limit of Indemnity

When considering car theft and insurance, you will need to determine whether the sum the insurance company will offer in the event of the car being stolen is sufficient. This is especially relevant if it is a classic or rebuilt car that requires insurance coverage.  

Claim

Make sure you are aware of the requirements necessary for you to be able to make a claim. This will often involve informing the police at the first possible moment after the car has been stolen, and doing the same with the insurance company. Obtain a copy of the police report that is subsequent to their investigation so you have a reference number that police can be informed of.