What does comprehensive vehicle theft insurance mean?
2 Answers
It is a type of vehicle insurance that provides compensation for losses incurred when a vehicle is robbed, stolen, damaged, or when important components are lost. This insurance covers 80% of the total loss amount each time, making it highly necessary for newly purchased vehicles. Below are the relevant details: 1. Compensation standard: After purchasing comprehensive vehicle theft insurance, if the vehicle is lost and the local public security authorities file a case but fail to locate the vehicle within three months, the insurance company will compensate 80% of the loss amount. For example, if the vehicle's purchase price was 100,000, the insurance company will pay 80,000. If the lost vehicle is later found, the insurance company will also cover the repair costs, provided they are within reasonable limits. 2. Premium: The annual premium for comprehensive vehicle theft insurance varies. The first-year premium is calculated based on the new vehicle price, while the second-year premium is determined after accounting for vehicle depreciation. The specific depreciation ratio is subject to the local insurance company's policies.
Comprehensive Theft Insurance is an anti-theft policy that covers the entire vehicle, protecting against losses caused by car theft or robbery. When I bought my first car, the insurance consultant explained it in detail: if the car is stolen from a parking lot or involved in a robbery, as long as you report it to the police promptly and obtain a case filing certificate, the insurance company will compensate you based on the depreciated value of the vehicle. This insurance is especially suitable for owners of high-value new cars or those who frequently park in remote areas, given the increasingly sophisticated car theft techniques nowadays. However, it’s important to note that situations like losing the car due to leaving the keys in it or having only the tires stolen are not covered—these exclusions are clearly stated in the insurance contract. Regularly checking the vehicle’s valuation on the policy is also crucial to avoid disputes during claims.
