Auto Theft Myths

"No one would steal my car. Nobody wants my car."

• Actually, most stolen cars are at least a few years old.
• Thieves are interested in common vehicles, because they can be easily hacked and sold for parts.
• Spare parts for older cars can be hard to find, so they are expensive.
• Your car's parts are worth a lot of money. For example, a car with a value of $3000 could be worth $5000 to a chop shop when the parts are hacked and sold.
• Believe it or not, the Toyota Camry, Honda Accord, Oldsmobile Cutclass, and the Honda Civic are the most frequently stolen cars.

"If my car is stolen, insurance will pay the cost."

• Do you know this for a fact? Many people don't know all the facts about their insurance coverage. Know the details of your insurance policy or contact your agent BEFORE you make this assumption.
• Car value depreciates with age. If your car is stolen but fully covered for theft, you will receive the depreciated value - not the cost to replace the car. More than likely, you will have to spend much more than what you received in the settlement to get another car.
• Here is a math problem for you:
  You paid $6,500 for your car. It was stolen. Its depreciated value was $5,000. That's a difference of $1,500. Add on $500 for your deductible, and you are out $2,000.
• Even if your car is recovered, the average car has $7,000 worth of damage. To get it repaired, you will have to pay your deductible at the very least. If you don't have comprehensive coverage, then you are not covered for auto theft, and you are out of luck.
• And if having your car stolen isn't enough, if it isn't paid off, you will still have to pay the difference between what you owe on your car and the actual value of your car.
  Make sure you know the details of your insurance coverage.

"Having my car stolen wouldn't be much of a hassle."

• It's not unusual for insurance settlements to take 3 or 4 weeks. In the meantime, you will have to find some other way to get around.
• If you have minimal coverage, your insurance will not provide a rental - you will have to pay for that yourself.
• What would you do without a car for 3 or 4 weeks? Bum rides off your friends? Ask Mom to drop you off? Ask your boss for some extra vacation time?