23% of Auto Insurance Policies Don’t Cover Auto Theft. Does Yours?

Auto theft is now the top property crime in America. According to the FBI, a vehicle is stolen every 28 seconds in the United States, and 35% of stolen vehicles are never recovered.

But drivers beware: Nearly one quarter of auto insurance policies don’t include comprehensive coverage, and therefore are not covered for auto theft.

Are You Covered for Auto Theft?

If your auto insurance policy doesn’t include comprehensive coverage, you aren't covered for auto theft. Comprehensive coverage provides coverage against non-vehicle related losses such as auto theft, vandalism and storm damage. Unfortunately, this coverage isn’t required in most states, and 23% of insured drivers nationwide don’t purchase it, according to the National Association of Insurance Commissioners.

If your vehicle is damaged as a result of a break-in, comprehensive coverage will cover the damage up to your policy limit. But if your policy doesn’t include comprehensive coverage, you won't be covered for damage caused by a break-in.

Auto Theft Costs Everyone a Pretty Penny

Even if your car isn’t considered a “thief magnet,” you’re still shelling out hundreds of dollars per year because of car thieves. Auto theft accounts for roughly 25% of comprehensive coverage premiums, adding between $200 and $300 annually. If your vehicle model has a high auto theft rate, chances are your premium will be even higher.

If auto thefts continue to rise, comprehensive coverage rates may rise too, making it more important than ever to keep your costs low with a low-cost auto insurance policy.

To Prevent Auto Theft, Use Common Sense

If you drive a vehicle, you owe it to yourself (not to mention your bank account) to protect it. A 2007 conducted by the Opinion Research Corporation found that 21% of Americans have left their car unlocked, 33% leave their vehicle running while unattended, and 7% hide spare keys inside their vehicle.

With those numbers in mind, here are a few common sense tips that can help you keep your vehicle safe:

• Install a car alarm
• If you have a garage, park inside whenever possible
• Install a visual deterrent, such as a steering wheel lock
• Never leave valuable items inside your vehicle
• Park in well-lighted areas

As if protecting your vehicle weren’t incentive enough, a number of insurers offer auto insurance discounts to drivers who invest in anti-theft devices. If you’re looking for an affordable car insurance policy, consider shopping around for a free auto insurance quote with InsWeb.com.