When your car is stolen you may be expecting it to appear like magic. As the time passes you start realizing that it will never happen. It has gone for good and you need to look at other options to get your money back at least. At this stage, you would be very happy to know that you have comprehensive car insurance coverage in place. Otherwise, you will have to pay for another automobile soon out of your own pocket.
Is it likely to come back?
It is unlikely you will see your automobile back in one piece unless it was kids who stole it or one of your family members took it. If stolen vehicles are still missing after 2 – 3 days, the chances are they will not be found. Perhaps professional thieves have already dismantled it and are selling the parts now. They can strip down a car of its parts within two or three hours. Furthermore, they can make more money from parts than they would ever make from the car. The risks of getting caught will be much lower as the parts are not identifiable.
Otherwise, you may be lucky that a kid took it and it will be found. There is a chance of it being found in wreck condition as well. So, the odds are not good. About 50% of stolen automobiles are never seen by the owners again. This makes you think about insuring it properly for theft.
How to insure for theft?
Comprehensive coverage is the part of a policy that pays for thefts. It is an additional coverage on top of the minimum liability required by your state. This portion covers many other things indeed except collision. They are generally sold as a package together. Any vandalism, theft, fire and weather damages are included within comprehensive coverage as well. So, it is a valuable protection to have and you may be able to buy it under full coverage auto insurance cheaply.
When you have a new car, you would not normally hesitate about buying this protection. However, you could think about it when the auto is about 7 – 8 years old. Then, it may make sense to look at the cost of insurance and how much is the vehicle worth. Remember to take out the deductible since this amount will come out of your pocket if you ever make a claim. Then see how much additional premiums you need to pay and compare it with the loss you would suffer if something happened to your car.
You have to always keep in mind that if something happens to your car you will only be paid the open market value of it or the repair costs. Motorists keep missing this point and they keep overestimating their vehicles’ value. In turn, it may lead to paying too much for insurance, which will only pay for a real loss at the time of the claim and not how much you paid for your automobile when you bought it a few years ago.
Other Solutions
The best thing is to stop thieves taking your car. If you have increased security in yours, they will move onto easier targets. An alarm system and immobilizers would be nice to have. Also, you should always remember to lock your auto. It may sound like silly advice but many people leave the key in it as well.
You will save money on auto insurance premiums as well when you increase the security installations. So, it is likely that you will get your money back over a few years from the premium savings. But mostly, you really don’t want to lose your car if you can prevent it simply because you don’t want to deal with all the aggravations that come with it.
