Theft from a vehicle: Think you’re covered by Car Insurance?


You’ve quickly run into the grocery store and come back out to find your vehicle stolen. Do you have theft insurance coverage? According to the RCMP, a vehicle is stolen in Canada every 7 minutes with an experienced thief being able to make off with your car in less than 30 seconds. This is not including the frequency for vehicle break-ins where only items from the vehicle are stolen. While this is a staggering statistic, there are ways that you can proactively protect you and your families to ensure you’re protected if you find yourself in a similar situation.

If you carry vehicle insurance with comprehensive or specified perils coverage, you would have theft insurance coverage for the stolen vehicle itself, subject to your policy deductible. What about the belongings inside the vehicle such as your iPad, expensive sunglasses or stroller for your kids?

One of the most common misconceptions with vehicle insurance is that it covers all belongings inside the vehicle. Car insurance covers items such as the car itself, the stereo or installed car seats (subject to limits). The other items inside the vehicle, such as electronics or a stroller are actually covered as an extension of your home or renters insurance policy. This is why it is important to carry renters contents insurance even if you do not own your home. Without this coverage you would be forced to replace your stolen items on your own.

Coverage limits on home or renters insurance policies vary depending on the company, but generally most cover up to $1,500, subject to your policy deductible. This limit may increase if you are away for two or more consecutive nights. Check with your insurance broker for your policy limits or call for a quote on a new home or renter’s insurance policy if you are not already covered.

For more information visit our blog Renters Insurance – Why should you purchase it?