If your car is stolen, the coverage provided by your auto insurance policy depends on your insurance type. There are several types of auto insurance, but not all cover theft.
The professionals at Phil Klein Insurance Group, servicing West Bloomfield, MI, can help you find an auto insurance policy that includes theft coverage. If car theft is a common issue in your area, or if your car model is at high risk of theft, you may need insurance that provides this specific coverage.
Which Type of Auto Insurance Covers Theft?
Among the various types of auto insurance, only comprehensive coverage includes theft. Comprehensive coverage is the highest level of auto insurance and offers extensive coverage.
Besides theft, comprehensive coverage also pays for repairs to the other driver’s vehicle if you cause a collision. If your vehicle is damaged in a collision, comprehensive auto coverage will pay for your vehicle’s repair, even if you’re at fault. Moreover, comprehensive auto insurance covers events not caused by a collision, such as damage from fire.
Do I Need Theft Coverage?
If you financed your vehicle with a car loan, you would likely need to get comprehensive auto coverage, as most lenders require it. Even without a car loan, it’s wise to opt for comprehensive coverage if you’re concerned about car theft. Comprehensive auto coverage offers the highest level of financial protection and can be beneficial for high-value, brand-new vehicles.
Interested in learning more about insurance that covers theft? Talk to Phil Klein Insurance Group professionals, servicing West Bloomfield, MI. We’re here to answer your questions!
