Your Car Has Been Stolen? Insurance Companies Offer Advice

In the unfortunate event that your car gets stolen, there is sage insurance advice being offered by Carolyn Gorman, vice president of the Insurance Information Institute (III), a nonprofit insurance information organization in New York, and Sam Sorich, president of the Association of California Insurance Companies (ACIC).

Gorman calls on drivers to be prepared in the event their car gets stolen. She suggests that "you'll have already taken proper steps to ensure you have suitable insurance as well as having obtained the information you'll need to contact the police department for filing reports and for notifying your insurance company to begin the claims process."

"Many consumers who shop for the lowest auto insurance rates fail to consider some inexpensive options that can save them a lot of money down the road," reveals Gorman, citing replacement rental car coverage as an example, pointing out that it costs "only a couple dollars a month." Under normal circumstances, renting a car for one day "can cost more than a full-year of auto rental coverage."

She notes that most insurance companies wait an average of two to four weeks if the stolen car is not found before authorizing the purchase of a new car, so the victim could end up paying as much as $1,000 to rent a car during the interim if they don't have rental car replacement coverage.

Gorman urges auto insurance customers "to review their policies once a year to make sure they will cover your needs if your vehicle is stolen or damaged in a crash."

ACIC's Sam Sorich notes that "insurers play a vital role in combating vehicle thefts. Insurance companies have staffs that are dedicated to investigating theft claims." Sorich calls on drivers to support insurance company efforts by taking simple but effective steps, notably securing their vehicles. "Lock your cars, install anti-theft devices, and leave nothing in the car that might attract thieves such as purses or wallets."

Tips to Prevent Car Theft
Worried about the possibility of your car being stolen? If so, the National Insurance Crime Bureau urges you to follow a "layered approach" to auto theft protection by employing the following steps:

Common Sense:
Deploy the cheapest, most basic form of defense … lock your car and take your keys.

Warning Device:
Use a visible or audible warning device/alarm system that can help ensure that your car remains where you left it.

Immobilizing Device:
Keep a would-be thief from staring or taking your car by using "kill" switches, fuel cut-offs, and smart keys. They are among the devices which are high and low tech, but extremely effective.

Tracking Device:
Consider the higher end of high tech tracking devices. These are among the newer devices available, and they can alert both you and law enforcement the moment an unauthorized user moves your vehicle.