Stolen Vehicles: Is Your Car the Next to Vanish?

Shock, pain, anger and hopelessness top the list of emotions described by victims of vehicle theft.

And it happens often in the United States. In fact, a car is stolen every 25.5 seconds, according to the National Insurance Crime Bureau. Honda Civics and Accords again top the list of most commonly stolen vehicles. Thieves follow market trends, targeting the most popular vehicles because they offer the best opportunity for stolen vehicle parts and illegal export to other countries.

What tops the list?
The top-10 stolen vehicles by make and model, according to NICB's "Hot Wheels" report, include:
1. 1995 Honda Civic
2. 1991 Honda Accord
3. 1989 Toyota Camry
4. 1997 Ford F–150 Series Pickup
5. 2005 Dodge Ram Pickup
6. 1994 Chevrolet C/K 1500 Pickup
7. 1994 Nissan Sentra
8. 1994 Dodge Caravan
9. 1994 Saturn SL
10. 1990 Acura Integra

Lap of luxury
The Cadillac Escalade is the greatest target for thieves with a taste for luxury, according to the Highway Loss Data Institute. The HDLI reports that any vehicle scoring above 100 is a popular target. One particular model of the Cadillac–the EXT pickup–is far and away the most popular choice for thieves, scoring 1728 on the HDLI scale. Second place on the luxury list goes to the BMW 7 Series luxury sedan, with a score of 431.

What victims can expect
Increased technology to track stolen vehicles or discourage theft in the first place has made thieves' efforts more difficult. But the FBI reports that fewer than 10 percent of stolen vehicles are recovered. Many are taken quickly to "chop shops" where they are quickly taken apart and distributed in parts. Even those that return to their owners often do so with damage.

While you may not get your car back, you'll certainly want financial relief. Remember that car insurance remains the surest method of recovery once the vehicle has disappeared. Check your policy, however. Victims of auto theft who don't carry adequate car insurance will find it difficult to receive some relief from the crime.

Essential coverage
Other–Than–Collision coverage (often called "comprehensive") is what vehicle owners must purchase for their auto insurance policy to cover theft.

Standard insurance policies require the incident be reported to police as soon as the theft is discovered. State law determines how long police must investigate before stating confidently that the vehicle is stolen (48 hours is common). State law also describes how long the insurance company has after receiving the proof of loss statement before it must pay a covered claim (30 days is common).

As is the case with most auto insurance claims, standard policies will cover the actual cash value (ACV) of the stolen vehicle at the time of the theft. It is important to remember that the ACV and the market value (i.e. what you paid for the vehicle or are still paying off) may not be the same. Vehicle owners with large balances on their loans should consider gap insurance–coverage for the difference in the vehicle's ACV and the loan amount. Gap insurance is often available through the lender or auto insurance provider.

In addition, vehicle owners who customize their vehicles (such as custom wheels, tires or electronic equipment) should be aware that most standard policies do not fully cover the theft or damage of value of customized equipment–unless the equipment is specifically endorsed on the policy. Check with your agent for details.

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