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One car is stolen every 48 seconds, and insurance gaps can add costs
U.S. insurers generally do not cover theft under liability coverage, so drivers may need comprehensive protection, especially when financing or leasing requires it.
Vehicle thefts in the United States are declining, but the National Insurance Crime Bureau estimates that one vehicle is stolen on average every 48 seconds, with the risk rising for popular models in big cities, according to Yahoo Finance. The outlet also notes that the theft experience can be compounded when insurance coverage does not match the type of loss.
Yahoo Finance points to the National Insurance Crime Bureau’s annual list of the most stolen vehicles and highlights that many drivers assume their policy will cover the full financial loss after a theft. The article says insurance coverage can fall short after the main claim is settled due to additional costs.
According to Yahoo Finance, liability insurance does not cover theft, and drivers should check whether they have comprehensive coverage. The piece adds that lenders typically require comprehensive and collision coverage for financed or leased vehicles, which can affect whether a policy will respond to theft.
Yahoo Finance also explains that some insurers pay the vehicle’s market value at the time of the loss, which can be less than expected if the car has depreciated. It says car insurance companies determine value using factors such as mileage, year, make and model, and accident history, citing resources like Kelley Blue Book and Edmunds to find a vehicle’s current actual cash value.