If your auto insurance policy includes comprehensive coverage, you should be covered up to the Actual Cash Value (ACV) of your vehicle in the event your car has been stolen or damaged during a break-in.
However, the liability and collision portions of your insurance will not cover car theft.
What happens if someone steals your car?
Contact your insurance company after theft
After notifying police, contact your insurance company to start the claim process. That can protect you, should the thieves cause damage to other property with your stolen vehicle. If you’re leasing or financing the vehicle, contact that lender and notify them of the theft.
How long does it take for insurance to pay out on a stolen vehicle?
Most carriers have a waiting period (anywhere from 7 days to 2 weeks) to see if the car will be recovered. If it is not recovered, then you will be paid the actual cash value of your stolen car under the comprehensive coverage of your insurance policy.
What can you do if your car is stolen without insurance?
What do I do if my car is stolen?
- Contact the police immediately and file a stolen vehicle report.
- Report the theft to your insurance company.
- If the stolen vehicle is financed or leased, report the theft to your finance or leasing company.
- If the police recover your vehicle, make sure to notify your insurance company’s claims adjuster immediately.
Photo in the article by “Flickr”