Car theft is on the rise. According to the Claims Journal, the national average of car thefts are up 30% since 2017. Thefts of catalytic converters and entire vehicles are happening at unprecedented rates across the country and are another reason auto insurance rates are increasing.
Why is car theft on the rise?
There are multiple reasons for increased theft, including strained financial resources, social media pressures, and the rising value of vehicles and vehicle parts. Catalytic converters are particularly popular because of the precious metals they are made of—platinum, palladium, or rhodium.
How can I prevent car theft?
Is car theft covered by auto insurance?
Car theft may be covered under comprehensive coverage, which is sometimes called other-than-collision coverage. If coverage applies, you would be responsible for paying the deductible. If you are unsure if your auto insurance policy covers theft, contact your insurance agent.
If your vehicle or parts of your vehicle have been stolen, contact the police and your insurance company. Use these tips to help protect one of your biggest investments and as a reliable source to get you where you need to go.