Is car theft insurance worth it?

Car theft insurance is more affordable than many people think, but is it worth it? Check it out!

Unforeseen events happen — and how! — and of course it is not possible to avoid the consequences of all of them. But we can do something to avoid them (or reduce them) in some situations.

According to the Tracker-Fecap bulletin, based on figures provided by the São Paulo Public Security Secretariat (SSP-SP), between January and April 2022 alone, there were 7,849 thefts and 21,249 robberies, which represents one robbery every 6 minutes.

Considering this reality makes it clear that we need to protect our assets to avoid losses if something like this happens to us.

In this scenario, we find car theft insurance. Let's understand better what it is and how it works.

Car theft insurance

An insurance policy whose objective is to compensate the insured if their car is stolen or robbed.

This insurance is the cheapest option to protect yourself against financial damage resulting from the actions of criminals.

With this insurance, if your vehicle is stolen (or robbed) and is not recovered within the period determined by the insurer (which is generally 30 days), or if it is recovered but is damaged to the point of being considered a total loss, the insurer will compensate you for 100% of the value of the vehicle (based on the FIPE table).

It is important to remember that in these cases, as soon as the theft occurs, or upon noticing the theft, the owner must file a police report and then contact the insurance company, which will assess the situation.

This same compensation applies to cars that have suffered damages worth more than the price of the car. If the value is less than this, the compensation provided by the insurer will be partial.

With more specific coverage, theft insurance only protects against the loss of the car. Some companies may also offer additional assistance services and towing.

Do you know the difference between theft and robbery?

Although it may seem like the same thing, since in both cases the owner is left without his car, some details differ between the two situations.

Theft – When the car is taken in the absence of the owner, for example, the car was parked while the driver went to the market, but when he returns, it is no longer there.

Theft – It happens when the criminal acts in the presence of the owner, usually involving violence and coercion.

Why have car theft insurance?

Although it does not cover all eventualities that could cause financial loss, theft insurance is still an advantage. Due to its smaller scope, it is an easier insurance to purchase.

● No SPC consultation

Since it is not necessary to consult SPC/Serasa, people with negative credit ratings can benefit from it.

● No profile analysis

As it does not offer coverage against collisions or damage to third parties, its price is not calculated according to the characteristics of the insured.

● No deductible or waiting period

The fees relating to the deductible cannot be charged in the event of full compensation for theft or robbery, as determined by Susep (Superintendence of Private Insurance).

If the damage caused to the vehicle is less than 75% of its value, this fee may be applied.

● Protects any car

Any car, regardless of the date of manufacture, can be insured, as it does not offer services related to maintenance or repairs, this aspect does not become a relevant point.

● Cheaper

Because it covers only a few situations (theft and robbery), it is a much more economical insurance. In some cases, its value can be up to 50% lower than traditional insurance.

How much does it cost?

As mentioned previously, this insurance does not require an assessment of the driver's profile, but the city where the vehicle operates and the purpose for which it is used are assessed.

For example, a car that drives around São Paulo (a city with high car theft rates) is at greater risk than if it were in another location, so the cost of insurance will be higher.

Another point that directly influences the value is whether any additional coverage will be contracted.

You can simulate insurance costs online, or contact a broker, who can provide you with exact data and help you find the perfect insurance for you.

Taking out insurance

Nowadays, we can take out insurance without leaving home, via the internet or telephone.

Before deciding on an insurance company, it is important to evaluate its reputation and whether it is in good standing (you can do this on the Susep website).

When purchasing insurance (especially online), read and pay close attention to the clauses in the contract.

When filling out the form with information about yourself and your vehicle, make sure you don't hide anything. Just in case, check all the information carefully before sending it.

Is it worth taking out car theft insurance?

Because it has a lower value and is more accessible, this insurance is interesting, as it protects against one of the biggest concerns for owners: theft (and robbery).

To make sure this is the ideal insurance for you, carefully evaluate your needs and possibilities.

With the option of taking out additional clauses (according to the client's wishes) or remaining lean, this insurance is an effective way of avoiding major losses without requiring the insured to pay large amounts.

However, if you want to have coverage for other risks, it may not be advantageous. Therefore, evaluate it with your broker and, if you have any questions, leave your comment below.