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Some car theft victims regret auto insurance reductions

Old cars remain hot commodities in auto theft market

Anti-theft devices that are now more commonly found in new vehicles have a substantial impact on the number car thefts nationwide.

A report from the Insurance Council of Texas says that nationally, auto theft rates have dropped each year since 2003, but in some parts of Texas they show marked improvement – dropping by over 80 percent in 15 years.

But older cars – typically not equipped with anti-theft gadgets – are still popular targets for thieves since there is more value placed on increasingly rare car parts.

Insurance Council of Texas spokesman Mark Hanna says that auto theft of older cars can be especially expensive for drivers who have reduced their insurance coverage as the age of their auto increased.

“Unfortunately, most owners of older cars have abandoned their comprehensive auto insurance coverage and are only paying for state mandated liability coverage,” said Hanna.

“This leaves them without any insurance protection if their vehicle is stolen, but there are several anti-theft devices on the market that can help them secure their vehicle,” he added.

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Posted: May 21, 2009

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