Most policies cover stolen cars with comprehensive auto coverage.
However, personal property theft is not covered by comprehensive insurance. Because of this, you will need renters, home, or condo insurance to replace your personal belongings.
Although comprehensive auto insurance is not required by law, your leasing company or lender will require it if you finance or lease a vehicle.
Most of the time, comprehensive insurance won’t cover enough to buy you a brand-new car. Here’s the reason:
There is a deductible for comprehensive auto insurance. Therefore, if your policy has a comprehensive deductible of $500, you will have to pay that amount out of your own pocket to replace the wheels that were stolen.
Deductibles for comprehensive and collision coverage typically differ. The typical comprehensive deductible is between $100 and $500.
