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What Does Insurance Cover If Your Car Is Stolen?

Having a car stolen is a nightmare that every driver wants to avoid. Unfortunately, these things sometimes happen. In such circumstances, it’s only natural to wonder what your insurance would cover in this type of scenario.

What to Do If Your Car Gets Stolen

Finding that your vehicle has been stolen is always an incredibly stressful experience, however, it’s important to take action quickly.

First, it’s important to make certain that the vehicle really has been stolen. It’s surprising how many people simply forget where they left their car or forgot they let someone else in their home borrow their car; therefore, it’s vital to take the time to check all the possibilities before making a report to the police. Once it’s clear that the car really has been stolen, the owner must call the police to file a report. The sooner this is done, the higher the likelihood of recovering the car. The police need to know a range of information about the vehicle in question, including its make and model, the last known location of the vehicle, and whether it has a fitted tracking device. This report will be needed by the insurer.

The next step is to call the insurer to report the vehicle as having been stolen. This is important, regardless of the type of car insurance policy held by the owner. The state’s motor vehicle department should also be told about the theft.

Car Insurance Theft Coverage

Not all car insurance policies cover theft of a vehicle as part of the coverage. There are several levels of car insurance coverage available from car insurance companies, such as MAPFRE’s auto insurance policies. Basic liability insurance is the minimum level required by law, but this level of coverage doesn’t cover the theft of a vehicle.

Also, simply having a fully comprehensive insurance policy doesn’t mean that the payout in the event of theft will be immediate. First, the insurer will need to investigate once the theft has been reported to them. Fraud must be ruled out before any claim is paid out.

Once everything has been finalized, the insurer will reimburse the policyholder the actual cash value (ACV) of their vehicle. This is the total amount paid for the vehicle less depreciation. The final payment will reflect the ACV with the deductible subtracted.

While full comprehensive coverage covers any damage incurred by the vehicle during a break-in, it won’t reimburse the cost of any personal items which were stolen from the car – such as a smartphone, laptop or other valuables in the car. Those items may be covered under a homeowners’ or renters’ insurance policy. Again, there will be a deductible to meet, and there may be coverage limits depending on the policy provider on certain types of items such as electronics or jewelry.

Personal items may be covered if you purchase certain endorsements like MAPFRE’s Enhancer Package or the AAA Package. Without any endorsement, contents of the vehicle would not be covered under comprehensive coverage.

To learn more about the basic components of Massachusetts car insurance, talk with an independent agent near you. To determine if you could save on your car insurance, get a free online quote with MAPFRE Insurance.

Please Note:This content is not intended to describe any specific coverage offered by MAPFRE Insurance. No coverage is provided, bound or guaranteed by this article. Available coverages, credits and discounts vary from state to state and are subject to eligibility criteria and policy terms/conditions, which will control in the event of conflict between this article and your insurance policy. For information about your policy, please review your individual policy contract and speak with your insurance representative.

MAPFRE Insurance® is a brand and service mark of MAPFRE U.S.A. Corp. and its affiliates, American Commerce Insurance CompanySM (Cal. COA 4928-8); Citation Insurance CompanySM; The Commerce Insurance CompanySM; Commerce West Insurance CompanySM (Cal. COA 1372-2); and MAPFRE Insurance CompanySM (Cal. COA 3039-5). Not all products available in all states.


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