According to the National Insurance Crime Bureau vehicle theft rates have been steadily increasing since 2014. In 2018 there were 748841 reported thefts which is a 2.4% increase from the previous year. This puts a significant financial burden on both insurers and consumers as insurance premiums typically increase after a car is stolen.
There are a few reasons why car theft affects insurance premiums. First stolen vehicles are often not recovered which means that the insurer has to pay out the full value of the car. Second cars that are stolen are often damaged or destroyed which can cost the insurer a lot of money to repair or replace. Finally car theft is a crime that is generally covered by comprehensive insurance policies which tend to be more expensive than other types of insurance.
The best way to avoid paying higher insurance premiums after a car is stolen is to take steps to prevent theft in the first place. This includes things like parking in well-lit areas using an anti-theft device and being aware of your surroundings when you are getting in and out of your car.
Is car insurance more expensive if your car is stolen?
Yes if your car is stolen your insurance premium will most likely increase.
How does car theft affect my insurance deductible?
If your car is stolen you will have to pay your insurance deductible.
How does car theft affect my no-claims bonus?
If your car is stolen you will lose your no-claims bonus.
How does car theft affect the value of my car?
If your car is stolen the value of your car will decrease.
How does car theft affect my car loan?
If your car is stolen you will still owe money on your car loan.
How does car theft affect my insurance premium?
If your car is stolen your insurance premium will most likely increase.
How does car theft affect my car insurance?
If your car is stolen your car insurance will be canceled.
How does car theft affect the value of my car?
If your car is stolen the value of your car will decrease.
How does car theft affect my car loan?
If your car is stolen you will still owe money on your car loan.
How does car theft affect my car insurance?
If your car is stolen your car insurance will be canceled.
How does car theft affect my car registration?
If your car is stolen your car registration will be canceled.
How does car theft affect my driver’s license?
If your car is stolen your driver’s license may be suspended.
How does car theft affect my credit score?
If your car is stolen your credit score may be affected.
How does car theft affect my car stereo?
If your car is stolen your car stereo may be stolen as well.
How does car theft affect my car alarm?
If your car is stolen your car alarm will not prevent the theft.
