Is it necessary to purchase auto theft insurance?

[LeJanelle]

Auto theft insurance is necessary. However, it is essential to consider various factors comprehensively, such as financial capability, the security situation of the surrounding environment, the age of the car, and its value. When the insured vehicle is entirely stolen, robbed, or snatched, the insurer will not be liable for compensation under the following circumstances, unless otherwise agreed. The absence of a legally valid driving license or license plate issued by the traffic management department of the public security authority at the time of the insured incident; the insured fails to provide the vehicle suspension procedures or a theft case certificate issued by the criminal investigation department of the public security authority at or above the county level where the incident occurred when claiming compensation; the insured vehicle is in a competition, inspection, repair, maintenance, or during the period of being detained, requisitioned, or confiscated; the insured vehicle is transferred to others, and the insured or the transferee fails to fulfill the notification obligation stipulated in Article 15 of Part II "General Terms" of this insurance contract, resulting in a significant increase in the risk level of the insured vehicle and the occurrence of an insured incident. Principle of insurance liability: The theft of parts or accessories of the insured vehicle, which does not constitute the entire vehicle being stolen, is not covered by the insurance liability. If the entire insured vehicle is stolen and a case is filed by the public security department, but the vehicle is not found after more than three months, it falls under the insurance liability; if the vehicle is recovered within three months but is found to be damaged or with missing parts or accessories, such losses caused by the entire vehicle being stolen or robbed are also covered by the insurance liability. If the entire insured vehicle is stolen or robbed for more than three months, the insurance company may compensate according to the regulations after obtaining the vehicle equity transfer document from the insured. When the insured amount is higher than or equal to the actual value of the vehicle, compensation is given based on the actual value; when the insured amount is lower than the actual value of the vehicle, compensation is given based on the insured amount.