Call Us 303.960.5290 ☰ ˟
  • Home
  • Personal Insurance
    • Car Insurance
    • Classic Car Insurance
    • Homeowners Insurance
    • High Value Homeowners Insurance
    • Condo/Townhome Insurance
    • Renters Insurance
    • Rental Property Insurance
    • Flood Insurance
    • Umbrella/Excess Liability Insurance
    • Builders Risk
    • Motorcycle Insurance
    • Recreational Vehicle Insurance
    • Boat and Watercraft Insurance
  • Commercial Insurance
    • Business Owners Package (BOP) Insurance
    • General Liability
    • Commercial Property Insurance
    • Commercial/Business Auto Insurance
    • Umbrella/Excess Liability Insurance
    • HOA/Homeowner Association Insurance
    • Cyber Liability/Data Breach Insurance
    • Directors & Officer Insurance
    • Apartment Building Insurance
    • Restaurant Insurance
    • DayCare Center Insurance
    • Flood Insurance - Business
    • Liquor Liability
    • Farm Insurance
    • Workers Compensation
    • Surety Bonds
  • Make A Payment
  • Blog
  • Resources
    • How Insurance works
    • 10 Steps to Starting a Small Business in Colorado
    • Insurance Glossary
    • Frequently Asked Questions
    • Why Choose a Broker
    • Privacy Policy
    • Calculators
  • About Us
    • Service You Can Expect | Denver West Insurance Brokers
    • Location
    • Testimonials
    • Contact Us
Logo (303) 960-5290


Home > Blog > Does My Auto Insurance Policy Cover a Stolen Vehicle?
SUNDAY, JANUARY 26, 2020

Does My Auto Insurance Policy Cover a Stolen Vehicle?

Thief Breaking into a car

If you've ever had your car stolen, you know what a major pain, inconvenience and expense this can be.   According to Colorado Crime Statistics, in 2018 , 21,000 vehicles were stolen across the state.  Almost 16,000 cars were eventually recovered but that means 5,000 people will have to replace their car, most likely before they were planning on it.

The good news is that if you carry 'Comprehensive' coverage on your auto policy, you will be reimbursed for the market value of your car by your insurance carrier.  And most companies will not 'surcharge' you or increase your rate due to a comprehensive insurance claim.  Like many things in life, prevention is good way to avoid the hassle and expense of having your car stolen. Below are a few of the expenses and hassles you can avoid.

30 Day Waiting Period

Most insurance carriers require a 30 day waiting period before they will pay to replace your car.  This is to allow time for the local police to locate your car, alleviating them from paying a claim. This means you will have to find an alternative mode of transportation during this time period.

Rental Car Coverage

If you were smart enough to purchase 'rental car' coverage on your auto policy, the insurance carrier will pay for a 'like kind and quality' type of replacement vehicle for you to drive during this waiting period.

Deductible

All Comprehensive Coverage on an auto policy will payout, but you would be responsible to pay the deductible amount listed on your policy, before the insurance will pay out.

Depreciated Car Valuation

After you have endured the policy waiting period and the insurance carrier has agreed to pay the market value of the car, they use the 'depreciated value' or 'market value' of the car as the valuation basis. This means they will pay you the approximate value of the car that you could reasonably get if you had sold the car to a private party in your area.  While most carriers are ethical in this valuation, you most likely will loose the equity value you had in the car, and of course your deductible.

Being the victim of a car theft is not fun and can be expensive, therefore taking preventative measures is good way to protect yourself from being a victim.

7 Tips To Prevent Your Car from Being Stolen

  • Never leave your car running while not being attended
  • Never leave your keys in your car while unattended
  • While driving always keep your doors locked and windows mostly rolled up
  • Try to park your car in a closed garage or in a well lit area
  • Install a GPS tracking device
  • Install a car alarm, but these can be a nuisance to your neighbors and have a tendancy to be ignored by the public
  • Be Aware if Your Car is on the List of the Most Stolen Vehicle Type
  • The agents at Denver West Insurance Brokers always recommend carrying Comprehensive coverage on your auto policy until your car drops in value where the replacement value of the car (less your deductible) doesn't make sense to carry the coverage. Give us a call today! We'll help you decide what auto coverage makes the most sense for your household. We are a local independent insurance brokerage located on the west side of Denver in Golden Colorado. We serve the communities of Arvada, Wheat Ridge, Lakewood, Morrison, Evergreen and Littleton.

Posted 5:09 PM

Share |


NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015

  • just good information(56)
  • home insurance(44)
  • auto insurance(32)
  • commercial insurance(23)
  • business insurance(22)
  • small business insurance(20)
  • homeowners insurance(16)
  • renters insurance(10)
  • car insurance(9)
  • automobile insurance(7)
  • investment property insurance(7)
  • landlord insurance(7)
  • liability umbrella insurance(5)
  • vehicle insurance(5)
  • commercial auto insurance(5)
  • life insurance(3)
  • liability insurance(3)
  • property and casualty insurance(3)
  • hoa insurance(2)
  • rental home insurance(2)
  • landlord home insurance(2)
  • professional liability insurance(2)
  • commercial liability insurance(1)
  • londlord homeowners insurance(1)
  • homeowner insurance(1)
  • commercial general liability insurance(1)
  • general liability(1)
  • home owners insurance(1)
  • commercial automodile insurance(1)
  • term life insurance(1)
  • special event insurance(1)
  • landlord homeowners insurance(1)
  • online internet store insurance(1)
  • commercial automobile insurance(1)
  • investnment property insurance(1)

View Mobile Version
Why Independent Agent?:

Because independent insurance agencies, like Denver West Insurance Brokers, represent a number of different insurance companies, and can compare coverage and prices to find the best possible value for your individual circumstances. As independent agents, we are members of the Denver and surrounding metro community, and we’re committed to doing business face-to-face and being your advocate in times of need.
Continue Reading


Logo
A Member of Alliance Ins Group
722 Washington Ave #C205
Golden, CO 80401

Ph: 303.960.5290
Fx: 303.988.8390
Logo
A Member of Alliance Ins Group
620 E. Main St.
Frisco, CO 80443

Ph: 970-930-2200
Fx: 303-988-8390


Social Social Social
Home Blog About Us Meet Us Contact Us

Powered by Insurance Website Builder