Does car insurance cover theft?

You can customize your policy with Comprehensive Coverage for an extra layer of protection from things besides a collision, including theft. If you lease or finance your car, this coverage may be required.

What is Comprehensive Insurance Coverage?

When your car is damaged for any reason besides a collision, Comprehensive coverage will pay the cost after your deductible is met.

Think of it as an extra layer of security for the unexpected. Damage caused by things like a storm, flood, fire, vandalism, or theft are all incidents when Comprehensive would kick in to help cover costs.

What to do if your car was stolen?

Here are some tips to help you recover quickly from the situation.

Man considering stealing a car, While unfortunately there are no sure tips to guarantee your stolen car’s safe return, these tips will help you stay calm and help speed up the investigation and insurance claim process. 

Call the police immediately

Once you’ve taken a few moments to make sure your car wasn’t just towed (or that you didn’t simply forget where you parked), call the police. They will want to know:

  • Make, model, year, and color of your car
  • Any distinct features of your car
  • License plate number
  • Vehicle identification number (VIN)
  • Information about your GPS or tracking system, if you have one
  • Where and when you last saw your car

Contact your car insurance company

Submit a claim with your insurance company within 24 hours of the theft, or as soon as possible after you’ve filed a police report. If your insurance company requests additional information, get it to them as quickly as possible.

In addition to the information you provided the police, your insurance company may request:

  • A list and description of any valuables that were in your car, such as a laptop or other electronic equipment, workout gear, textbooks, or tools
  • A copy of the police report
  • Be prepared for the possibility the car may not be returned

It’s estimated only half of the vehicles stolen are recovered. Cars are often stolen solely for the parts, which means they can quickly get dismantled and disappear. In the event your car is returned, it’s possible it may be damaged or missing parts because of these circumstances.

Make sure to inspect your car if it’s returned

If you do get your car back and it’s in derivable condition, you want to make sure you carefully inspect it first. Put on a pair of rubber gloves, grab a flashlight, then thoroughly look through your car for anything that isn’t yours. If you find anything, notify the police. You don’t want anyone to get hurt, and you certainly don’t want to get pulled over with anything unexpected in your car.

Keeping your vehicle protected in the future

Now is the time to think about taking new measures to deter would-be thieves from touching your car again. Consider anti-theft devices such as a new alarm system or GPS tracking device. As an added bonus, you may even be able to get an anti-theft discount on your auto insurance premium.

What is collision insurance?

Coverage for damage to your car caused by hitting another car or object (like a tree or fence). This is an optional coverage in most states, meaning you can choose to add it to your policy.

Do I need collision insurance?

If you don’t have it, you could be on the hook for paying for repairs completely out-of-pocket. If your car is new or has good value (or you just don’t want a hefty repair bill), collision coverage is probably right for you. Keep in mind, you might be required to have collision insurance if you finance or lease your car.

What is Collision Insurance Coverage?

When your vehicle is damaged in an accident, Collision Insurance is coverage that pays the cost of repairing or replacing it, regardless of who is at fault.

This includes collisions with another vehicle or an object, like a guardrail or a tree.

Understand your auto insurance coverage options

Most car insurance companies tell you what they cover, but how does car insurance coverage work if you need to use it? We’ve broken down some common coverage to help make sense of it all.

CTP insurance for cars — how to apply for it

Why is so much attention paid to insurance? Why do I need it and when do I need to insure my car? These questions are increasingly being asked by beginners in driving a vehicle. It is important to understand that before you get behind the wheel, you first need to apply for a CTP insurance policy. Failure to comply with the rules entails administrative liability. If you want to learn all the details of how insurance works, as well as the terms of its registration, then read the information provided.

Content

  •  What is MTPL? 
  • Why do I need insurance?
  •  Who needs car insurance? 
  • What you need to apply for a policy 
  • Procedure procedure
    •  Online 
    • At the office of the insurance company 
  • Cost of insurance
    •  How to calculate the cost 
  • How to choose an insurance company Terms of registration
  • Terms of registration

What is MTPL?

 OSAGO is a type of compulsory motor liability insurance. What does this mean? Having issued the policy, the insurance company undertakes to compensate for the damage to all injured participants in the accident, if you were the culprit. That is, do not confuse CTP with CASCO. OSAGO does not insure your car or your life. according to the concluded contract, the insurance company undertakes to pay compensation only to third parties, and not to the policyholder himself, within the established limits. 

Why do I need insurance? 

As we have already said in the definition of OSAGO, this type of insurance implies compensation for material damage caused to all participants in an accident that occurred through your fault. Due to the fact that insurance is mandatory and strictly controlled by authorized bodies, this allows you to exclude the concealment of the culprit of an accident from the scene of the accident, as well as to compensate for the damage to the victims, because not everyone has such a financial opportunity, and the cause of an accident can be anything. In other words, the insurance company will cover all costs within the limits (up to 500,000 rubles).

 Who needs car insurance?

All drivers who are allowed to drive a vehicle must be insured. If a person gets behind the wheel, it can already cause an accident and cause damage to other road users. Even if you do not own a car in your personal property, this does not exempt you from liability. If you drive a certain car, you must be included in the insurance. Violation of the established rules can lead to administrative liability. In addition, the absence of a CTP insurance policy does not give you the opportunity to register your car.

What you need to apply for a policy

If you have never taken out insurance before, then read the mandatory list of documents that you will need to present to the insurance company:

  • passport number; 
  • vehicle registration certificate; 
  • certificate of registration of a vehicle; 
  • driver’s license; diagnostic card – the result of a technical inspection of the car, if it is more than 3 years old.

If the car is also being driven by other people, then you will need to additionally provide their driver’s licenses.

Procedure procedure 

To date, CTP can be issued in two ways: via the Internet or personally contact the branch of the insurance company. Get acquainted with the specifics of each option and choose a convenient one for yourself. 

Online 

Thanks to legislative innovations that came into force in 2015, it is now possible for all policyholders to apply for an insurance policy via the Internet. How to do it:

  1. Decide on the insurance company.
  2.  Go to its official website. 
  3. Select the section – “Private individuals”, “OSAGO”.
  4.  The system will ask you to register. 
  5. After registration, you click “OSAGO online” and proceed to fill out the application. 
  6. You will need to correctly enter information in all the fields provided. after that, the amount of OSAGO insurance will appear on the screen. If you are satisfied with it, you click “issue”.

When applying online, you will also need documents, so scan them in advance so that when filling out the application, you can back them up in electronic form and send them along with the questionnaire.

Then the request is sent for verification. You’ll find out the answer in a few minutes. If you have completed everything correctly, the system will offer you one of the most convenient payment methods. Usually, policyholders use a Bank card for this purpose. After payment, the insurance policy will be sent to your email address. To present it to the traffic police officer, you will only need to print it out, and you can do it in black and white. The electronic policy does not require any certification, since all the information required for it is reflected in the unified RSA database.

At the office of the insurance company

 Some drivers do not trust the Internet and choose the usual way to apply for insurance – a personal visit to the insurance company. So, what will you need? First, decide on the insurance company and choose the nearest branch for yourself. At a convenient time, you can visit the company’s office with a full package of documents. If there is no queue, then you will be able to get CTP in an hour. Payment is made in both cash and non-cash form. The result of registration will be a valid insurance policy. The advantage of this option is the possibility to consult with the Manager in advance and ask him all the questions of interest. 

Cost of insurance 

How much does CTP cost today? The method of calculating the cost of the policy is the same for all companies and is fixed in the law (Federal law No. 40). Its size depends on the base rate for a particular vehicle, and what value the insurance company will take for itself when calculating it. The limits of the basic tariff are set by the Central Bank, and it is impossible to go beyond them. The Central Bank periodically changes the size of the base rate, so keep up-to-date information. Further, the amount of the basic fare is affected by the personal data of each driver and their vehicle, on the basis of which the risk level is calculated.: the greater the risk of an accident, the higher the price of MTPL. So, the General formula for calculating insurance is as follows:: Price = BT * KT * KVS * KO * KM * KBM * KC * KN, where:

BT – the size of the basic tariff; 

CT-coefficient by region of registration; 

FAC – driver’s age and length of service; 

Q – how many people are allowed to drive a car; 

KM – car power; 

KBM-bonus-Malus coefficient (discount for trouble-free driving);

 CS – coefficient of the insurance validity period; 

KN – coefficient of violations.

For experienced drivers, the price of insurance is usually several times lower and the coefficients are lower. However, if you want to add another driver to the policy, the calculation will be based on the highest indicators.

How to calculate the cost 

Calculating the cost of insurance yourself using the above formula is quite difficult. For this purpose, it is better to contact the company’s office and ask an expert to calculate or use the online calculator on the company’s website. The second option is more convenient and faster. To calculate the cost of CTP, you will need to enter data on the following points in the calculator:: 

  • registration region; 
  • vehicle type;
  •  engine power; 
  • year of manufacture and car brand; 
  • driver’s age and experience; 
  • term for which the policy is issued;
  •  restricted or unlimited access. 

After filling in all the fields, you just need to click “Calculate”. The program will automatically apply the bonus-Malus coefficient (KBM) and the violation coefficient (KN) to the received value. Data for all drivers is stored in a single RSA database. Applying such indicators will reduce the cost of insurance or make it more expensive (if you drove your car irresponsibly in the past period). 

How to choose an insurance company 

Regardless of whether you decide to apply for insurance at the company’s office or via the Internet, you first need to decide on the insurance company. Today, the market of insurance services is represented by a large number of insurers who are engaged in the registration of OSAGO. However, it is very important to choose a reliable organization that, in addition to its ability to pay, fulfills its obligations to the client with high quality. So, what to pay attention to when choosing an insurance company: 

  • place in the expert rating; 
  • how quickly does it make insurance payments; 
  • what is the maximum amount of insurance payments?;
  •  how long has it been in this field; 
  • size of the customer base.

 All these factors will determine the reliability of the insurance company, but if you want not only to be confident in the stability of the organization, but also to be served comfortably, then pay attention to the following criteria:: 

  • cost of insurance;
  •  where is the nearest office located; 
  • how is customer support implemented?; 
  • special offers for new customers and additional discounts. 

Among other things, study the reviews of regular customers about the work of the selected insurance company. Very often, people indicate the main claims that force them to later change the service company. It is good if this is the opinion of your friends. If there are none, then it is best to contact forums or groups in social networks, since written reviews on the Internet are not all reliable, especially those that are presented on the company’s website.

Terms of registration 

How quickly can I apply for insurance? The CTP policy can be obtained on the day of applying or filling out the application, if it is submitted via the Internet. The main thing is that you have all the necessary documents on hand. If you do not encounter any difficulties with the registration, then in General you will not spend more than an hour. However, remember that you can not delay with insurance and go without a policy, too. This action is strictly controlled by the state traffic Inspectorate and administrative responsibility follows for the violation.

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