What is The Impact of Vehicle Theft on Low Cost Car Insurance?

By Mike Anderson Posted in Car Insurance News



Auto theft is the number 1 crime in the United States. There are certain states and certain cars that have a higher rate of theft than others. There are also different kinds of theft. Cars are either stolen for parts, or the whole car is stolen. Auto theft is also not just for new cars. Many older models have parts that are considered valuable. Keeping this in mind when you are shopping for car insurance could make a difference in the amount of your premium payment.

Affect An Your Premiums

So how does auto theft affect your premiums? It really depends on the insurance company. Some will charge more if you live in a state that has a high theft rate. You also have the chance of paying higher premiums if you own a car with a high theft rate. It is important to shop around and ask these questions when you are looking for a good insurance company.

Will An Anti-Theft Protection Device Help?

If you live in a high auto theft state, there is a chance you can get a discount for installing an anti-theft protection device. There are some state where the National Association of Insurance Commissioners requires insurance companies to give discounts for installing one, and some where it is only encouraged. Florida, Illinois, Massachusetts, and Pennsylvania are some of the states where it is required. In New York, New Jersey, and Georgia it is strongly encouraged by the insurance commission.

The discount you receive can range anywhere from 5% to up to 30% of your premiums, but before making this kind of investment, it is important to ask the insurance company if you will get a discount. Vehicle theft can have a big impact on your insurance premiums. Find out if you are paying more and how you can save.

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