America loves its cars. Glamorous sports cars cruise across movie screens, stolen by villains and desperate heroes alike. Movies such as Gone in 60 Seconds or the Fast and Furious series make car theft seem cool, complicated, and interesting. The real-life world of vehicle theft is not so glamorous. You likely will be surprised by America’s most popularly stolen vehicle model (hint- it is nowhere near as beautiful as a BMW or a Mercedes).
The truth is, most vehicles stolen are not taken for their overall value as a whole; instead, they’re broken down for parts. This ensures that the more generic or standard sedans (the Hondas, Toyotas, and Fords) are the most popular with car thieves because their parts don’t change much from year to year. It is also easier to fly under the radar in a stolen Honda than in, for example, a stolen Mercedes or another luxury car.
The National Insurance Crime Bureau has identified the current most popular model with car thieves in the U.S. as – drumroll, please – the 1994 Honda Accord. The ’94 Accord’s current trade-in value is $975: Its original price in 1994 was $15,430, and the new car value in 2011 is $20,200. What makes this the ideal candidate for theft is that its parts are quite generic; a part from a 1994 Accord could be used for an Accord from 1995, 1996, and so on.
How car insurance fits into the equation
Theft can be covered under your auto insurance if you’ve opted for comprehensive coverage. Unfortunately, owners of these older, more generic models commonly don’t wish to pay for comprehensive auto insurance coverage to cover them, primarily because their deductible could be close to the value of the vehicle.
Without comprehensive coverage, these vehicle owners could run into further problems if their car is stolen, including not qualifying for rental car replacement while they are looking for a new car.
As if adding insult to injury, car thieves’ way of doing things ensures that they won’t encounter problems any time soon. This specific form of car thievery is virtually “recession-proof.” A recession forces more people to make the decision to repair their old cars rather than buy new ones, creating a greater need for parts, which thieves are all too happy to provide.
Know what’s in your policy
No matter what model vehicle you have, you should know what’s included in your auto insurance coverage and take proper precautions to secure your car. The best way to keep your car safe is to stay informed.
One myth, as the Insurance Information Institute (III) warns us, is that most thefts occur in unprotected areas such as open parking lots, alleyways, or on the street. In fact, more than a third of vehicle thefts occur at a home or residence. Only about 2 of every 10 car thefts occur at a parking lot or deck, and even fewer are taken off the street, according to the FBI.
If someone steals your vehicle, inform the police immediately. Finding stolen vehicles is an extremely time-sensitive process during which the first few days are critical. In the meantime keep your car safe, locked, and covered by auto insurance.
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