Car insurance and common auto theft myths

Each year in the United States, more than one million cars and trucks are stolen. That’s a huge number that seems to be growing, and sooner or later, you may become a victim. In addition to the headaches of dealing with the police and trying to locate replacement transportation, auto theft costs a lot of money. As car insurance companies have to pay to replace stolen vehicles, those costs are passed on to consumers in the form of higher car insurance premiums. 

Although it is impossible to completely eliminate the risk of auto theft, the smart consumer knows how to minimize his or her risk:

• Keep your car locked.
• Use an approved antitheft device.
• Make sure that you have adequate car insurance.

Despite the prevalence of car theft in the United States, a number of myths persist. We will address these below.

Here are a number of myths and misconceptions regarding vehicle theft and car insurance:

Myth: Thieves only want new or sporty vehicles.

This is not necessarily true. While sporty cars do pose a risk, the most common thefts are of family cars. Furthermore, many somewhat older and used cars are frequently stolen as they may be useful to thieves for parts that are no longer available from the manufacturer. Your 2003 Corvette may pose a theft risk, but your 1999 Accord may be at risk, as well.

Myth: If your car is stolen, your car insurance will provide a rental until it is found.

That may or may not be the case, depending on your policy. You should look over your policy carefully to see exactly what it does cover in the event of theft. Keep in mind that older cars that no longer carry comprehensive insurance may have no coverage at all in the event of theft. 

Myth: Stolen vehicles are usually found in good shape.

About half of all vehicles are located, but many of them are in poor condition. They have either been wrecked by the thieves that stole them or they have been stripped of all useful parts and discarded. If your car has been stolen, you have, at best, a 50/50 chance of getting a useful car back at all.

Myth: You can install your own antitheft device; it’s easy to do so..

Partly true. Some simple devices, such as The Club, are easily installed by owners. Most sophisticated alarm systems require professional installation in order to make sure that they work properly. If you care about keeping your car, you will find a reputable installation company and let them do their job.

Several cars are stolen in this country every minute. The more prepared you are, the better off you will be should you be victimized by this crime. The alternative, of course, is to do nothing. On the other hand, doing nothing may lead to the loss of your vehicle, and you don’t want that, do you?

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