Discovering that your vehicle has been stolen can leave you feeling overwhelmed and vulnerable. However, reacting quickly and calmly will increase your chances of finding your car, help kickstart your insurance claim, and get you back on the road sooner. At Gibb Insurance Brokers we are here to guide you through this challenging time. Take a few minutes to review these steps and take action if your car is stolen:
Assess the Situation
First and foremost, stay calm. Check the surrounding area for parking signs that might indicate if your car has been towed. Contact anyone with a key to your vehicle to see if they took it without informing you.
Call the Police Immediately
If you determine your car has been stolen, contact the police right away to report the theft. Have key information on hand, such as the make, model, year, colour, vehicle identification number (VIN), and license plate number. If you can't find this information, call the police anyway. Be prepared to describe your car's last known location, any distinguishing features, and a list of valuables that were in the vehicle. If you've installed an aftermarket anti-theft system or vehicle tracking device, inform the police; this may improve the chances of recovering your stolen vehicle. Obtain a copy of the police report to provide to your insurer.
Report the Theft to Your Insurance Broker
Your auto insurance broker as soon as you can to report the theft. This will initiate your claims process and protect you if the thief causes damage or harm while driving your car. Be ready to provide as many details as possible, similar to when you reported the incident to the police. Remember, your car insurance will only cover theft if you have optional specified perils, comprehensive, or all-perils coverage. Review your policy or talk to your broker to understand your coverage.
Contact Your Home Insurance Company
If you had any belongings stolen from your car, report the theft to your home insurance provider to make a separate claim. Personal items are covered by home insurance, not car insurance, even if they were inside your vehicle.
Notify Your Vehicle’s Financing or Leasing Company
If your car was financed or leased, notify the financing or leasing company. If your car is not recovered, your insurance company will issue a co-payable cheque to the leasing or financing company, depending on your policy terms. Your lender will guide you through any additional steps required.
Arrange Alternative Transportation
You'll need another way to get around. Your insurance policy or extended car warranty may cover the cost of a rental car or other transportation methods, so consult your insurer or lender about your options.
Protect Your Personal Information
If any electronics or documents containing personal information were stolen, change important passwords and notify your bank, credit card provider, and a major credit bureau. Add a fraud alert to your credit file to monitor suspicious activity. Report lost credit or debit cards and identification directly to the issuing entities.
Stay Patient and Proactive
Investigations may take up to 30 days. Enhance the likelihood of your car being found by providing access to your anti-theft system if applicable and seeking security camera footage from neighbours. Maintain communication with your local police. If recovered, your insurer will decide whether repairing the vehicle is worthwhile based on the estimated costs. You may be offered a settlement per your policy terms if the car isn't recovered.
Preventative Measures: How to Minimize the Risk of Theft
1. Install Anti-Theft Devices: Enhanced alarms, steering wheel locks, and kill switches can deter thieves.
2. Use a Bluetooth Tracker: Place a tracker, such as an Apple AirTag, in an inconspicuous location in your car to help track its location if stolen.
3. Park Smart: Always park in well-lit, busy areas and avoid leaving any valuables visible through the windows.
4. Regularly Update Security Features: Ensure your car's locks, windows, and alarm systems are in good working order.
Protect What Matters Most
Car theft can occur despite preventative measures. Contact Gibb Insurance Brokers to ensure you have the coverage needed to protect you if your vehicle is ever stolen.