My Car Has Been Stolen - Will My Insurance Go Up?

The Theft Of Your Car

Having your car stolen can be a traumatic experience. It can leave you feeling violated, anxious, and angry. It can also leave you wondering what it means for your car insurance. As you may already know, car insurance is a necessity for car owners, but having your car stolen can cause your insurance rates to go up.

When your car is stolen, you must contact your car insurance company and inform them of the incident. They will then assess the situation and determine if your rates will increase. In most cases, they will not increase your rates if you had comprehensive coverage on your car. Comprehensive coverage protects you from theft, vandalism, and other damages that may occur to your car.

What If You Don't Have Comprehensive Coverage?

If you do not have comprehensive coverage, then your car insurance company may increase your rates. This is because you are considered to be a higher risk driver. The insurance company may also require you to pay a deductible in order to cover the cost of the stolen car.

It is important to note that having your car stolen does not automatically mean that your insurance rates will increase. It all depends on the policy that you have and the coverage that you have. The best way to ensure that your rates stay the same is to make sure that you have comprehensive coverage on your car.

What If Your Car Is Recovered?

If your car is recovered, then you may be relieved to know that your insurance rates will not increase. In most cases, the insurance company will not increase your rates if your car is recovered. However, you may have to pay for any damages that were done to your car while it was stolen.

It is also important to note that if your car is recovered, the insurance company will not reimburse you for the stolen vehicle. This is because the insurance company does not cover stolen vehicles. They only cover damages that occur to your car due to an accident or other incident.

What If You Don't Report The Theft?

If you do not report the theft to your car insurance company, then you may be in for a surprise when it comes time to renew your policy. The insurance company could decide to increase your rates due to the fact that you did not report the theft. This is why it is so important to report all incidents to your insurance company, even if you don't think they will affect your rates.

What If You Have A Loan On The Car?

If you have a loan on the car, then the insurance company may require you to keep paying your premiums until the loan is paid off. This is because the insurance company is obligated to cover the loan until it is paid off. If you do not keep paying your premiums, then the insurance company may cancel your policy.

Conclusion

Having your car stolen can be a traumatic experience, and it can also affect your car insurance rates. If you have comprehensive coverage on your car, then your rates will most likely not increase. However, if you do not have comprehensive coverage, then your rates may go up. It is also important to report the theft to your insurance company and to keep paying your premiums if you have a loan on the car.

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