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People have many concerns when it comes to the protection of their vehicle. One of the biggest concerns is avoiding collisions. Another concern for many is different types of damage that can take place for the vehicle. Such as acts of nature. Then an extra concern is what if the vehicle gets stolen? Individuals want to know if their insurance protects them against this.

Having the Right Insurance


There are different types of vehicle insurance available. Drivers discover this when they go shopping for their insurance. Some get disappointed with their insurance choices. For example, if their car gets stolen. The insurance that is going to cover them for this type of mishap is comprehensive coverage. They may not have purchased this.  It does it cost more. But it is an important component of insurance and one that needs considering seriously.

The Reporting Procedure

For a vehicle theft, it needs reporting immediately.  The owner needs to create a  Police report.  They will ask a series of questions and take down a great deal of information.

Notifying the Insurance Company should be the next step. To alert them about the vehicle theft. Also, advising them about the filing of the Police report. The Insurance Company will start the claims process at this point.

There are specific procedures followed by the insurance company for the claim.

How Long Does It Take For the Insurance to Pay for a Stolen Vehicle?

Every insurance company will vary in the way that they handled their claims. Car theft claims have a waiting period.

They have to determine if there is car recovery. If so what state it will be in. In general, the waiting period is usually about 30 days.

If there is car recovery in the thirty days, it changes the claim process.

Also, if the car is not damaged, then there will be no expenses for the insurance company. But, if there are damages that are repairable then the insurance company is going to cover these.  In addition, there will be the deductible. It is applied to the insurance claim. If the car damage is beyond repair, then it will be a replacement claim. How much will, depend on the worth of the car at the particular time. The insurance company will likely use the Canadian red book to determine the value. As it applies to the make, year and model of the vehicle.

Do I Pay More for My Insurance Premiums for Vehicle Theft?

vehicle theft

Drivers ask if they are paying more for vehicle theft. As it applies to their premiums costs.

The answer to this could be yes or no. Insurance companies use different metrics. They use these to determine what price they are going to charge for their insurance packages. Cars that are more likely to get stolen are a greater risk for the insurance companies. As such this is evaluated in the premium setting. Also, there are specific areas or neighbourhoods where vehicle theft is more prominent. This is another metric that the insurance company will take into account. They rely on different and accurate statistics for gathering this type of information.

Will the Insurance Cover My Items in the Stolen Vehicle?

One of the big concerns with a stolen vehicle is of the contents of the vehicle. A lot of times a vehicle is stolen when it also has some important and expensive personal items. There are times that people leave various electronics in their vehicle. Such as their laptops or iPads or even cell phones. There are times when cars get found. But the contents left in the vehicle are missing. Unfortunately, these are not covered by the vehicle insurance even under the comprehensive.

Some individuals have home insurance or other insurance. This insurance may cover the contents stolen in the vehicle.

Should You Know About Gap Insurance?

There are many times that vehicles get stolen, and they are still under financing. This can cause a lot of stress for the vehicle owner. Even though the insurance company is going to pay out the book value of the vehicle. Many times the amount owing on the vehicle is more than this. Insurance shoppers want to perhaps take a look at Gap insurance. Gap insurance is an option that may be available by some insurance providers. What it will do is cover the difference between what’s paid on the car and what is owing.

Vehicle Theft Prevention


Preventative vehicle theft steps need practicing. Even though individuals have the best insurance.

One never gets the full value of their vehicle according to their perception. Having to replace the vehicle is a big hassle. Then if one doesn’t have the Gap insurance there can still be some serious costs that are not covered. It is important that every driver take as many steps to prevent the theft of their vehicle.

Not leaving items in the vehicle is a good first step. Thieves will often look to see if there’s anything of value in the car before stealing. If there is that in itself may entice the thief to steal the vehicle.

Making sure that locking the vehicle becomes a habit. Most people realize that leaving their keys in the ignition is a big mistake. Even leaving car keys hidden in the vehicle is not a good idea. Experienced thieves know where to look for these and it does not prohibit them from stealing the vehicle.

Making sure that the vehicle is parked in a safe place. It is another great step towards protection from vehicle theft.

With all the hassle that comes with a stolen vehicle, it can mean a future increase in premiums. The Insurance Company is dealing with a claim. It is part of the data reviewed for policy renewal.

But, it is important that those buying insurance look at all their options.  It is a big mistake to just settle on insurance based on low premiums. There is a lot to know about insurance. Having good knowledge about this can make the difference between having excellent coverage. Plus, still be able to get affordable rates.

About the Author: Ashley Miller

Ashley is an insurance content professional and very knowledgeable on all related subjects. Ashley has over 12 years of insurance content writing experience working with various insurance companies throughout her career.