How Does My Insurance Cover Car Theft in N.B?
If your car is stolen in New Brunswick, you may be covered depending on the specifics of your car insurance policy.
Did you know that on average, a car is stolen every six minutes in Canada? New Brunswick has also seen an increase in vehicle thefts.
Your car has been stolen. What does your car insurance cover?
Did you know that protection against theft is not included in basic car insurance?
Car security will give you peace of mind. You need to have the right car insurance in place in the unfortunate event that your N.B. car gets stolen (or vandalized).
To keep your New Brunswick car secure against theft, you need to opt into one or all of the following optional insurance coverages, including comprehensive coverage.
Optional car insurance coverages against theft
Comprehensive insurance: This type of insurance gives you additional protection not included in basic car policies and helps secure your car against theft.
Comprehensive insurance will help:
- Repair damages to your car from theft or a break-in
- Replace arts that are stolen or damaged
- Replace a stolen car
Here’s what else you need to know about comprehensive insurance: It also helps cover vandalism, damage from collision with wildlife, broken or shattered windows, a cracked windshield, natural disasters, and weather.
Specified Perils: Let’s say that you don’t want to add comprehensive insurance but you still want to secure your car from theft, you can add a specified peril such as theft.
All perils insurance: It’s also known as “all risk” insurance. It combines comprehensive and collision insurance.
Your car was stolen but it’s not paid off
Even though your stolen car has not been recovered, you are still obligated to make payments until your car loan is paid in full.
You can apply any insurance payout that you receive to help pay off your car loan.
Most insurance companies will have a waiting period to see if your stolen car turns up before offering a settlement for it.
Your N.B. stolen car has not been recovered
If you have car insurance that covers theft but your stolen car has not been recovered, it will be considered a total loss.
You will work with your insurance provider to agree on the market value or actual cash value (ACV). This is the amount that would be paid out to you.
You will not be reimbursed for the original value of the vehicle or the cost of a replacement.
What should you do if your car is stolen?
- Contact the New Brunswick RCMP and your insurance provider without delay.
- Your insurer will open an investigation and will want a copy of the police report.
You will need to provide the following information: Where was your car stolen? The time and date are also needed.
Vehicle details: Year, make, model, kilometers, any distinguishing marks such as stickers or scratches.
Will insurance cover personal items that were stolen from my car?
Typically, most car insurance policies cover the items that are physically attached to the stolen car, such as tires, stereo, roof rack. You will only be covered for the actual cash value, which will reflect the stolen items' current condition and age.
Car insurance does not cover personal items that you leave in the trunk of your car and are stolen.
Your home insurance is usually the policy that'll cover items stolen from your vehicle.
Here is the mandatory car insurance that you need to have if you live in New Brunswick
- Liability coverage: If you injure someone or damage property, payments are made on your behalf.
- Direct compensation: Damages to your car are covered but it’s based on the extent to which you are not at fault in a collision.
- Uninsured automobile coverage: Your medical costs and damage are covered if an uninsured driver is at fault.
- Accident benefits coverage: No matter who is at fault, medical and other expenses you are entitled to are covered.
You can go beyond what is legally required in New Brunswick and get enhanced coverage for your car from Western Financial Group, such as comprehensive insurance.
Comprehensive insurance protects against damage to your car caused by non-collision events such as vandalism, glass and windshield damage, accidents with animals, weather, or other acts of nature.
At Western Financial Group, we know how important your car is to you in New Brunswick because you count on it every day to get where you need to go.
Before you jump in your car, contact us, and see how you can save on your car insurance in New Brunswick.
