Are you covered?
Yes, if you purchased coverage for damage to your vehicle. That's Section B of your policy (Comprehensive or All Perils). Your insurer will deduct the amount of your policy deductible from the compensation amount.
Example of a deduction
Amount to replace your vehicle |
$30,000 |
Your policy deductible |
$500 |
Total amount paid by your insurer |
$29,500 |
The four-step process in case of vehicle theft

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Police report release
Contact the police as soon as possible. They will fill in and give you the number of the report.
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Contact your insurer
Call your insurer or broker as soon as possible. Send him a copy of the police report number.
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Agree on a settlement
Your insurer will replace your car according to the terms and conditions under your policy.
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Indemnity payment
Depending on the agreement, your insurer may indemnify you or reimburse the car dealer directly.
Your insurer will wait 30 days before compensating you. This is normal in case your vehicle is recovered by the police. Some vehicles are abandoned shortly after they are stolen and recovered.
If your car is not recovered, the insurer will discuss the replacement or reimbursement terms and conditions for your car with you. These conditions are spelled out in your policy.