When a person gets their vehicle stolen, often they will first call the police to file a report in the hope they can find your vehicle. However, what if your vehicle is never found? What if the vehicle is found and it has been stripped of its parts or is on fire. Some crazy things occur when a vehicle is stolen. Often it is not until the vehicle has been stolen do the owners look to their insurance policy and see if stolen vehicle or vandalism is covered. Signet Insurance Group will help answer your questions as to whether or not your policy will cover a stolen vehicle.
Comprehensive Auto Insurance Coverage
Not all auto insurance policies will cover stolen vehicles. If your auto insurance doesn’t cover stolen vehicles, but you have comprehensive coverage, you will be given a check for the current value of your vehicle. If your vehicle was stolen and found, but the vehicle sustained damages while stolen, comprehensive coverage will cover the cost of repairs. Comprehensive coverage will come with a deductible that will be applied to the repairs. It is a common misconception that you must have “full coverage car insurance” for car theft. Technically, there is not a full coverage insurance product, so lenders will often define “full coverage” as a policy with both comprehensive and collision coverage. Depending on your insurer, comprehensive coverage is a separate coverage you can add-on to your auto insurance policy. For insurance providers that have comprehensive coverage separate, it often doesn’t cost much more to add it on to the policy.
Car Insurance Coverage for Custom Parts & Equipment
Vehicles that have custom parts and equipment that have custom features such as a music system, these vehicles will have more value. However, will your auto insurance cover custom parts and equipment? Most insurance companies cover only factory value and factory parts. If you invest in custom part and equipment, you can add a CPE (custom parts and equipment) coverage if the insurance company provides it. If you have a vehicle with custom parts, look for CPE coverage to help cover the cost of those custom parts and equipment.
Loans & GAP Coverage
With comprehensive coverage the actual cash value of your stolen vehicle is minus your deductible. Often you owe more money on a loan than you will have to finish paying off the remainder of the loan yourself. When you first buy a car, know that the second you take it off the lot, your vehicle’s value will drop and often you will owe more money for a long period of time. This is where GAP insurance can help. GAP insurance can cover a percentage of the difference owed and the actual cash value. If you will need help paying off the remainder of a loan, or if a vehicle is stolen or even totaled, GAP insurance can help pay part of the remaining balance.
Home, Business, Life & Auto Insurance Agency in Henderson, North LV, Reno, Spring Valley, Enterprise, Sunrise Manor, Paradise & Las Vegas, NV
If you live in an area where car theft is a concern, you will want to look over your auto insurance policy. If you find you are not happy with your auto insurance, contact Signet Insurance Group and begin a new auto insurance policy today. We will help find the best coverage for you!
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