Full Coverage and Theft

(updated – Jul. 25, 2017)

Did you know one of the most common crimes in the world is car theft? This is why many car owners opt to include theft coverage in their insurance policies.

Is Your Car a Target?

One factor worth considering when trying to decide whether or not to include theft coverage is how popular your car is in the world of car theft. Thieves tend to target cars that are the quickest and easiest to sell, so if your car happens to be a popular model, it’s chances of being stolen are much higher.

According to the Insurance Information Institute, here are the top 10 most stolen cars in 2016.

Is Your State a Target?

Where you live may also effect your decision on theft insurance. Here are the states that have had the highest theft rate in the US in 2015.

Is It Worth the Added Cost?

Many feel that they can’t afford to add theft insurance to their car insurance policies. However, before passing on this coverage option, first consider if you could afford the cost of loosing your car to a thief. If you have a car worth $10,000 or more, a lost like that could easily put you in a financial bind. If you don’t have sufficient savings in your bank account, you may even have to go without a car until you can save up enough to buy another one.

If, however, your car is only worth $2000, you have a lot less to lose should your car disappear all of a sudden. Keep in mind, however, that theft insurance for a less expensive car also costs a lot less per month, so it still might be worth investing in theft coverage regardless. A good strategy is to request quotes both with theft coverage and without to see what the difference is. Once you know exactly what the extra cost is per month, it will be easier to decide whether or not your car is worth protecting from theft.

How to Make Theft Insurance Affordable

Car insurance companies give generous discounts to theft insurance if your car is well protected. Two things you can do to take advantage of these discounts are:

• Find a insurance company offering a competitive price on full coverage insurance by using our free QuoteScout™ search engine.
• Add an alarm system to your car if it doesn’t already have one. This is the best way to encourage an insurer to offer you a lower a full coverage premium.
• Park your car in your garage if you have one and inform your insurer that you do so. Believe it or not, this makes a difference to insurance companies

Ways to Manage Risk Without Coverage

If you don’t opt to get theft coverage, then there are things you can do to minimize the chances that your car gets stolen. In addition to the two above you should also follow these guidelines:

• Keep your car locked at all times. Most cars that are stolen are unlocked. Locking your car is one of the best deterrents for car theft.
• Don’t be tempted to hide a copy of your car key in your car. Yes, doing so can save you from being locked out of your car, but most thieves know precisely where car keys can be hidden.
• Always park in well-lit places. Dark spots are the most popular for thieves.
• Make a small investment on a steering wheel lock. These types of locks are very visible and discourage thieves quickly.
• Above all, never forget to bring your keys with you when you leave your car. Forgotten keys is an open invitation to have your car stolen. IMPORTANT: It’s worth noting that even if you have comprehensive coverage, many insurers include a provision in their policy that negates theft coverage if keys were left inside the car.

Whether or not you decide to get theft protection, it is always good to know what the risks are. Armed with this knowledge you should be in a better position to decide on a level of coverage you are comfortable with.