Is It Necessary to Buy Auto Theft Insurance?

[LaSebastian]

Comprehensive auto theft insurance should be decided based on personal needs and the local security situation. If the local security is good and vehicle theft cases are rare, you may choose not to purchase it. Below is more relevant information: 1. Theft insurance compensates the policyholder based on the insurance amount or the actual value of the vehicle at the time of the incident, three months after the vehicle is stolen. 2. If the insured vehicle is stolen and reported to the public security authorities, but not recovered within three months, the insurance liability applies; if the vehicle is recovered within three months but found damaged or with missing parts or accessories, such losses caused by the theft are also covered by the insurance. 3. If the stolen vehicle is recovered by the public security authorities after the insurance company has paid the compensation, the vehicle can be returned to the policyholder, the subrogation form can be revoked, and the corresponding compensation can be recovered. If the policyholder does not wish to reclaim the original vehicle, the ownership of the vehicle will belong to the insurance company.