Does auto insurance cover stolen vehicles? (2024)
Are you wondering does auto insurance cover stolen vehicles? The answer is yes if you have the right coverage. If you have comprehensive coverage, your vehicle will be covered. Comprehensive insurance is often included as part of a full coverage insurance policy, which costs an average of $132/mo.
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Daniel Walker
Licensed Auto Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Auto Insurance Agent
UPDATED: Oct 21, 2024
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Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Oct 21, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
Does auto insurance cover stolen vehicles? If you only have your state’s minimum liability insurance coverage, you will not be eligible to get a stolen car insurance payout in the event of a theft.
Instead, you will need to have full coverage insurance that includes comprehensive auto insurance if you want your stolen car covered. Keep reading to learn how your insurance company will handle stolen cars so you can buy the right car insurance coverage.
If you’re wondering, “How much will insurance pay for a stolen car?” keep reading to see how to estimate your car stolen insurance payout. If you want to purchase comprehensive coverage to protect your assets if your car is stolen, use our free quote comparison tool above to find the best rates on car insurance for theft.
- Insurance companies will pay on claims for stolen vehicles if you have comprehensive coverage
- The amount you’re paid will depend on the fair market value of your vehicle at the time it was stolen, minus your deductible
- Theft claims will not raise your auto insurance rates
Insurance That Covers a Stolen Car
Does insurance cover your car if stolen? You must carry comprehensive coverage to get paid for a stolen car. If you only request the policy options required in your state, you may not be insured after a collision or if your car is stolen. Instead, consider comprehensive and/or collision insurance.
Motor vehicle operators must meet the minimum auto insurance requirements by state on their vehicles. The basic coverage requirements, also known as liability, are similar in each state and typically cover bodily injury and property damage.
This might lead you to wonder, “Does liability insurance cover a stolen car?” While these coverages protect the driver and passengers of any vehicle impacted by the insured, the state minimum insurance doesn’t cover theft.
Now that you know the answer to, “Does insurance pay for a stolen car?” we’ll talk about how to file a car insurance stolen car claim.
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File an Insurance Claim if Your Car Is Stolen
Understanding the types of auto insurance can ensure you are reimbursed fairly should your car ever be stolen. You can only file an insurance claim for a stolen car if you have the right coverage.
So, does full coverage cover theft? Yes, comprehensive coverage, a component of full coverage, offers protection against stolen vehicles. Without comprehensive insurance, a stolen car isn’t covered.
Learn more: How to File a Car Insurance Claim
It’s essential to understand how your vehicle is valued. Due to depreciation, insurance companies do not cover the purchase price of your car. Instead, the company will look at the value of your vehicle on the day that it was stolen. This is your vehicle’s actual cash value, also known as fair market value.
To process the claim, the insurance company needs a copy of the police report. A representative will also interview you regarding the last time you saw your vehicle. Now that you know what happens after a car is stolen, we’ll talk about what happens if it gets recovered.
If Your Vehicle Is Recovered
When your vehicle is stolen, there is always a chance it could be recovered. If this happens before the claim closes, the insurance company generally considers the matter a damage claim. The insurance company determines the cost of repairs based on the threshold in your state — if your damages exceed this threshold, your claim will be treated as a total loss.
After you get your car back, you might be asking, “Does a recovered stolen car lose value?” Yes, a vehicle will fall in value if it was stolen and recovered later due to potential damages and the vehicle’s history report.
If Your Vehicle Isn’t Recovered
If your vehicle isn’t recovered during the time your claim is open, then your claim is considered a total loss. This means your car is valued based on comparable sales in your area.
Once your deductible is subtracted from the determined value, your insurance company will provide you with a check to compensate you for the remainder of your loss.
Now that you know the answer to, “What does insurance cover if your car is stolen and doesn’t get recovered?” we’ll discuss comprehensive and collision coverage.
Comprehensive and Collision Coverage
Just what is the difference between collision and comprehensive auto insurance? Collision covers car accidents, while comprehensive covers non-collision related events.
So, does car insurance cover it being stolen with comprehensive coverage? Yes, comprehensive insurance pays out to repair or replace your automobile if it’s damaged during a natural disaster, vandalized, or stolen. Comprehensive insurance is more expensive than liability, but offers you peace of mind should something unexpected happen to your vehicle.
On the other hand, collision insurance will pay if you are in an accident with another vehicle or object.
The more coverage you choose, the higher your rates will be. Another factor that may increase your rates is the deductible amount you choose. The higher your deductible, the lower your rates will be.
However, this also means that the insurance company will pay less for a claim. For example, if the claim is less than your deductible, then you wouldn’t receive a payout at all. It’s a good idea to choose a deductible that you can afford but not one that would leave you without a vehicle.
A Theft Claim May Raise Auto Insurance Rates
You may be thinking, “My car has been stolen. Will my insurance go up?” If you’re at fault or negligent at the time of the claim, this can cause your insurance rates to increase significantly. Even if your car gets stolen by no fault of your own, your rates will go up if you file a claim.
This does depend on the insurance company and how many claims you have filed in the past. So, shop with multiple insurers to find one with the right coverage for you.
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What You Need to Know About Getting a Stolen Car Insurance Payout
It’s a good idea to discuss every part of your policy with your insurance company before you buy auto insurance, so you know you have the right coverage for all situations, including automobile theft.
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If your car is stolen, does insurance replace it? To safeguard your vehicle, purchase a comprehensive car insurance policy that covers you in case of theft. A comprehensive and collision package with reasonable deductibles ensures you are properly protected in all situations and never left without compensation.
Frequently Asked Questions
Does insurance cover stolen cars?
Does insurance cover a stolen car? Yes, comprehensive auto insurance offers financial compensation for a stolen car up to its fair market value. However, if you only have your state’s minimum required coverage, insurance for stolen cars is not included.
Does insurance pay for a stolen car if the key is in it?
What happens if I leave my keys in the car and it gets stolen? Comprehensive coverage will pay out if your car gets stolen after you left the keys in it.
How can I file an insurance claim if my car is stolen?
To file an insurance claim for a stolen car, you need to have comprehensive coverage. This coverage protects your vehicle from theft. As part of the car theft insurance claim process, you’ll need to give your insurer a copy of the police report and explain when you last saw your car.
What if my stolen vehicle is not recovered?
What happens if my car is stolen and never recovered? If your stolen vehicle is not recovered during the claim process, it is considered a total loss. The value of your car will be determined based on comparable sales in your area. After subtracting your deductible, the insurance company will provide you with a check for the remaining loss.
What type of insurance covers a stolen car?
Comprehensive coverage is required to cover theft. Minimum state-required coverage does not include theft protection. It is advisable to consider comprehensive and collision insurance for better coverage.
If my car is stolen, how much money do I get with comprehensive coverage. With comprehensive, you’ll get your car’s actual cash value minus any deductible.
Are leased or financed vehicles covered for theft?
Drivers with car loans might be asking, “What happens if your car is stolen and you still owe money?” Leased or financed vehicles are covered for theft under comprehensive insurance. However, the insurance payout may be directed to the leasing or financing company to satisfy any outstanding loan or lease balance.
Will my insurance cover a stolen vehicle if it was left running and unattended?
Does insurance cover a stolen car if left running? Leaving a vehicle running and unattended is generally considered negligence, and your claim may be denied in such cases. Insurance policies often require you to exercise reasonable care to prevent theft.
What happens if your car gets stolen and you have full coverage?
Does full coverage car insurance cover theft? Yes, a full coverage policy with comprehensive coverage does cover theft.
Does car insurance cover theft of personal items?
Does car insurance cover theft of items? Generally, comprehensive coverage will pay for personal items stolen from your car.
What insurance covers stolen items from car besides auto insurance? In addition, you may also have coverage for items stolen from your car under a home or renters insurance policy.
How does an insurance company determine the value of a stolen car?
Each provider has its own stolen car insurance payout calculator that considers different factors, such as a car’s make, model, year, mileage, etc.
Does a car lose value if it was stolen? Yes, recovered stolen cars will depreciate in value.
Who is responsible when a stolen car hits your car?
In this scenario, while the individual who drove the stolen car is responsible, you’ll need to file a claim on your own insurance until you can get reimbursement after the driver gets apprehended.
How much does insurance pay for a stolen car?
You may be wondering, “How much does insurance cover for a stolen car?” Your insurance company will generally pay up to the car’s cash value minus your deductible if applicable.
How long does it take for insurance to pay out on a stolen vehicle?
A top question readers ask is, “When can I expect my insurance payout for a stolen car?” While the timeline for a stolen car investigation process varies, you can expect a car stolen insurance payout within 30 to 45 days.
How much does insurance pay for a stolen car after a $1,000 deductible?
How much will insurance pay for a stolen car after a $1,000 deductible? In this case, you’ll receive a check for your car’s actual cash value minus $1,000.
How much does insurance pay if your car is stolen with aftermarket upgrades?
You might be wondering, “If your car is stolen, how much does insurance pay if it had aftermarket parts?” Generally, your insurance pays for your car’s actual cash value, but coverage for aftermarket upgrades depends on whether they’re declared on your policy.
Does car insurance cover a stolen car catalytic converter?
Yes, a comprehensive insurance policy will cover a stolen catalytic converter.
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Enter your ZIP code below to view companies that have cheap auto insurance rates.
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Daniel Walker
Licensed Auto Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Auto Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.