Blog How Does Insurance Work If Your Car Is Stolen?

Jan 9, 2021

Make Sure You're Insured Against Car Theft

Man breaking into a automobile through the door

Auto theft is one of the many threats to your vehicle. Making sure you are covered when you are considering insurance can help lower the risk and costs of a stolen car.

According to Statistics Canada, over 86,000 vehicles were stolen across Canada in 2018. Even with the advancements in technology, taking preventative measures to protect your automobile from theft can make a difference.

With numbers rising around theft, what should a driver to do protect their car, truck, or SUV?

What Does Insurance Cover If Your Car Is Stolen?

If you have the right insurance in place, it will cover an automobile that has been involved in theft.

Protection against auto theft is not included in basic car insurance quotes. If you have basic policy limits, you may not have it included. It is available in optional packages such as comprehensive insurance.

This type of endorsement will help :

  • Replace a stolen vehicle
  • Replace parts that are stolen or damaged
  • Repair damages to your automobile from theft or a break-in

What Are My Options For Car Theft Insurance?

You can add protection against auto theft by adding any of these additional modifications to your insurance :

  1. Comprehensive : This pays for the cost to repair or replace your automobile as a result of unforeseen situations.
  2. All Perils : In addition to theft protection, it provides protection against loss if your vehicle is taken by someone living in your home.
  3. Specified Perils : If you don’t want to add comprehensive but want theft protection, you can add a specified peril.
  4. Gap Insurance : Comes in handy during total loss claims, such as stolen car. It is the difference, or gap, between how much your vehicle is worth and how much you owe.