Debunking Auto Theft Myths

In 2005, a vehicle was reported to the National Crime Information Center every 25.5 seconds. Using the FBI’s average valuation of $6,173 per stolen vehicle, this amounts to over $7.6 billion in losses.

To combat the problem, a team from the Insurance Information Institute along with the Council of Better Business and the National Insurance Crime Bureau relates the following thoughts as myths.

First, many Americans believe that the majority of auto thefts occur in unprotected areas, however, the truth is that the FBI reports that more than one third of all vehicle thefts occur at a home or residence, compared to only two of every 10 vehicle thefts occurring at a parking lot or parking structure.

Second, it is a misconception that most stolen vehicles are eventually found. In fact, if a vehicle has been missing for more than six days it is unlikely that it will ever be recovered. The FBI says that the first days are critical in the recovery of a stolen vehicle but often even after just a few hours those vehicles that are recovered are completely totaled. One interesting note, however, was that Fridays and Saturdays are the most likely days to have vehicles stolen while Mondays and Tuesdays have the highest recovery rates.

Third, while you might wish that your insurance company was responsible for providing you with a rental in the event your insured vehicle is stolen, this is often not the case. Unfortunately, once the insured goes to make a claim on the comprehensive part of their auto policy they are apt to find out that paying for a rental vehicle throughout the several weeks that it takes to be reimbursed by the insurance company is not covered.

Fourth, anti-theft devices are not easily installed and if they are installed incorrectly they will not work. It is therefore wise to invest in paying a competent professional to do the installation for you. Make sure, however, to get a written warranty from the company installing your anti-theft device and have it explain to you exactly how it works. If you have trouble understanding its directions have the representative repeat them until you are clear on what you have to do to protect your vehicle.

Last, it is not true that vehicle thieves will pass by your older vehicle. In 2005, the top five model years stolen were 1991, 1995, 1989, 1994, and 1997 respectively. According to the NICB, which investigates cases referred to it by insurers states that “Older vehicles are most often taken for their parts which are no longer manufactured and are too difficult or expensive to obtain.” Unfortunately, individuals with older vehicles often drop their comprehensive insurance altogether to save money and are therefore left without any recourse when their vehicle is stolen.

I hope that knowing these facts will help you to better understand the myths versus the facts on auto theft.

[tags]auto theft, comprehensive auto insurance, theft myths. model years stolen, installing auto theft devices, national crime investigation center[/tags]