Imagine walking out of your home and to your surprise your car is gone. After panic subsides, what do you do? The first reaction, naturally, is this covered by my insurance? If you have comprehensive coverage on your car insurance, the loss is covered. On some declarations pages, comprehensive is also referred to as “other than collision”.
We know how much people are trying to cut costs out of their budgets- but nothing is more important than having adequate coverage in your Auto Insurance. Comprehensive coverage can be added to your policy without having collision on your Auto Insurance. It is important to have an in depth conversation with your insurance agent regarding your policy.
Comprehensive Coverage pays for your vehicle if it is ever stolen or damaged by causes other than collision. That means that if you walk out of your front door to head to work and your car is gone, you will have coverage for your vehicle. For example, with Comprehensive Coverage on your policy you are protected against damages caused by fire, wind, hail, flood, theft vandalism, or hitting a deer are all covered. Comprehensive Coverage will also pay for a substitute vehicle expense of up to $25/day or $750/total, if your car is stolen. Almost all policies have deductibles that will apply to the loss. The most common deductible is $500, but you can have almost any deductible you want, ranging from $0 to $5000.
Filing the claim:
If you are a victim of a stolen vehicle, call the police immediately to have a theft report filed. The police need to be able to put your vehicle identification number (VIN) in their data base as a stolen vehicle. Next call your insurance company to file the claim. On most policies there is a waiting period for filing your stolen vehicle claim. The standard wait is 48 hours from the time of theft. Many cars have additional damage if recovered. This damage is covered but subject to your comprehensive deductible. If the car is found and the damage is under your deductible the insurance will close the claim. You will have to pay for the damage under your deductible amount. Theft claims are typically not chargeable claims, and have little or no effect on your premium. If your vehicle has caused damage to anyone else’s property, the property damage section of your liability would cover this part of the claim. Property damage rarely has a deductible associated with it. You will need to consult with your agent to verify your policy.
Most cars that are retrieved by the police are found within the first 3 days. Joy riding is the most common reason for car theft. Many cars are found in different states abandoned on the side of the road. The laws change for the assailant if they are caught after crossing state lines.
If you have liability cover now and would like to know what it would cost to add Comprehensive Coverage on to your policy then contact our office, or get a free Louisville Auto Insurance quote online today.