How to Handle Stolen Vehicles and Insurance

Remember to keep your car secure. The number of daily car thefts frequently increases from June through August. In 2019, there were 721,885 cars stolen in the U.S. This statistic creates an average of around 1,978 steal vehicles every day. What happens to all those stolen cars ? Are they recovered ? When should you put in a claim ? Is buying a salvage, previously stolen car worth it ?

Do stolen cars lose value?

unfortunately, if your car is stolen and recovered, it may lose rate. Note the consumption of “ may. ” Your vehicle may retain its original value, but certain conditions need to be met.

  1. Your car is recovered within the time limit specified by your insurance policy.
  2. The vehicle is in the same condition it was before its theft.

When your car is recovered within your policy ’ south time limit and is in the same condition as before it was stolen, it keeps a clean title. Your time restrict will vary depending upon your policy and insurance company but frequently ranges from 21 to 30 days. A clean title is what guarantees the same resale value as before the car was stolen. however, if your car doesn ’ t meet these conditions, it will depreciate, and it may even become a salvage fomite. For a car to become a salvage vehicle, either the monetary value of repairs for the car must exceed the car ’ s actual value, or the car is returned after the insurance payout has been made. Your insurance company will write the car off as a entire personnel casualty and take it into their self-control. The cable car ’ s future deed will be referred to as a salvage title, flush if the cable car is in perfective condition. previously stolen cars with a salvage title can lose anywhere from 20 % to 40 % of their original value .

How do I prevent my vehicle from being stolen?

There are many easy steps you can take to minimize the likelihood of your car being stolen. A lot of crime is opportunist – if the opportunity were not there, then the crime credibly wouldn ’ metric ton happen. Some things that are rid and slowly to do include :

  • Lock your vehicle’s doors.
  • Remove the keys from your vehicle.
  • Don’t leave any spare keys near the vehicle.
  • Close all your windows (even if it is hot).
  • Park in well-lit areas where a car thief would be visible.
  • Avoid leaving valuables such as laptops, phones, and wallets in your car.
  • Stay aware of your surroundings.

Some other helpful anti-theft ideas for your vehicle are:

Install an audible alarm system if your car doesn’t already have one.

There ’ s a good prospect your cable car already has an alarm clock system. You ’ ve probably by chance hit the button for it before on your car clicker. The dismay begins to blare, and you panic as all the systems start to wail. You then fumble with your keys as embarrassment floods your system because you have convinced yourself everyone is staring at you. Yeah – that alarm system. If you don ’ t have one, it is a powerfully recommended anti-theft tactic .

Install a vehicle immobilizer system.

You ’ ve seen the movies where the audacious heroes have to make a quick pickup, so they hotwire a car. It ’ sulfur big because they get away ! then you remember person owns the poor cable car after you watch it get totaled in an explosion. fortunately, most cars manufactured after the mid- ‘ 90s can ’ t be hotwired. however, if your car dates back far, you can purchase vehicle immobilizer systems that will make your car lock in improving or seize if person tries to hotwire it. With a vehicle immobilizer system, no car thief or action champion will be able to make a quick getaway in your car .

Install a tracking system.

No, a vehicle tracking organization international relations and security network ’ metric ton authentically anti-theft, but it can help you find your steal cable car a set faster. The devices you can buy are often GPS and cell tower-based, and you can normally access the information on your smartphone. They ’ rhenium besides great for when you forget where you park after grocery store patronize !

How does insurance apply if your vehicle is stolen?

If you have a comprehensive car insurance policy, then you are covered if your vehicle is stolen subject to the comprehensive deductible. however, it ’ randomness substantive to keep in take care that the come your policy company will pay out will be nobelium more than the come listed in your policy. This restrict generally equals your car ’ s actual commercialize value. When you make a claim for a steal car, there is normally a waiting time period of around three to four weeks to see if the vehicle is recovered. If your vehicle international relations and security network ’ t recovered during this meter menstruation, you will receive a payout up to your policy ’ second limit. comprehensive coverage is important, but if you owe more for your car than the car is worth, it would be a good plan for you to consider a col policy policy. If your car is stolen and not recovered, gap indemnity can cover at least a percentage of the remainder of your vehicle loan .

What do I do if my car is stolen?

The two most significant things you need to do if your car is stolen are to file a police report and an policy claim. Remember , before filing an insurance claim for a stolen vehicle, you must file a police report. A police report will often need data such as :

  • VIN and license plate number
  • Year, make, and model of your car
  • The place and estimated time of the theft
  • Did you have any personal property in the car when it was stolen?
  • What are identifying features of your car? (Bumper stickers, scratches, dents, etc.)
  • Do you have a vehicle location device?

When filing an policy call, you will credibly be asked for information like :

  • Copy of the car’s title
  • Location of all vehicle keys before and after the theft
  • Names and contact information for all people with access to the vehicle
  • A description of the vehicle (mileage, service records, etc.)
  • Your auto lender’s contact information
  • Your policy account number

Can I buy a previously stolen car with a salvage title?

You can buy a car with a salvage title. It may even be an opportunity for you to buy a nice vehicle at a discount price. however, it would be best to do a couple of things before purchasing a car with a salvage title .

  • Do a vehicle history check. Salvage title requirements vary from state to state, and cars qualifying as salvageable in one state may not be considered salvageable in your state.
  • Have the car inspected by a reputable repair shop. There may be damage that’s difficult to see right away. Before you buy a salvaged car, make sure it is in a condition you are willing to pay for.
  • Check with your insurance company. Not all insurance companies insure vehicles with salvage titles. Make sure yours does before making any final purchases.

It is a common misconception that you can ’ metric ton finance or insure a salvage fomite. You can find options for both !

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