Insurance for stolen cars

[espeed]

Hey guys

Someone told me that there's this car insurance that you can get for $3xx (for 2 years) from eg.your dealer that protects against car theft. Regular auto insurance is supposed to cover part of the theft, but this insurance is supposed to cover the rest...

I was told that this is particularly useful for new cars.

Anyone heard of this before?

I couldn't get a name out of the guy who told me.

Sorry if I sound vague.

Thanks

[Andro]

never heard about it :confused:

[VivienM]

Are you thinking about gap insurance?

(It's something for leased vehicles... basically, pays the difference between what the vehicle is worth, which would be what insurance would pay you, and what you owe the leasing company... but I'm not sure it actually exists in Canada)

[ssainani]

Are you thinking about gap insurance?

(It's something for leased vehicles... basically, pays the difference between what the vehicle is worth, which would be what insurance would pay you, and what you owe the leasing company... but I'm not sure it actually exists in Canada)

this exists in Ontario

it's called an 'OPCF 43' and pretty much everyone has it standard on their policy assuming

a) they're the first owner of the car
b) it was purchased in the last 24 months
c) it was brand new

[espeed]

this exists in Ontario

it's called an 'OPCF 43' and pretty much everyone has it standard on their policy assuming

a) they're the first owner of the car
b) it was purchased in the last 24 months
c) it was brand new

good to know. The only reason I asked was because a friend described it to me as an extra thing that would cover what standard insurance wouldn't

[Desalex]

Oh, I thought this is insurance you buy for a car that you want to steal, in case you smash it up during the police chase or something.

[NorthYorker]

Hey guys

Someone told me that there's this car insurance that you can get for $3xx (for 2 years) from eg.your dealer that protects against car theft. Regular auto insurance is supposed to cover part of the theft, but this insurance is supposed to cover the rest...

I was told that this is particularly useful for new cars.

Anyone heard of this before?

I couldn't get a name out of the guy who told me.

Sorry if I sound vague.

ThanksMy dealership threw it in as freeby when I bought (slightly used) car. They place special decals on "most sought after" parts of vehicle like windshield etc. and if car is stolen in 1st several years of ownership I'll get $4000 discount off any car in this dealership only (since they actually own insurance policy). Is it what you meant?

[dgmorr]

Cool, I've never heard of this before. Does this only apply to leased cars? (from what some people are saying it sounds like they have it on purchased cars)

[teknoluv]

Oh, I thought this is insurance you buy for a car that you want to steal, in case you smash it up during the police chase or something.
I thought it was an insurance you could buy for a stolen car bought from some second hand "dealers". :D

[NorthYorker]

Cool, I've never heard of this before. Does this only apply to leased cars? (from what some people are saying it sounds like they have it on purchased cars)I bought my car, so if we're talking about same insurance...

[SodiumSulfate]

I was at a Toyota dealership where they have a package that you purchase though the dealership itself - you get $5,000 ontop of whatever you get from your insurance if your car is stolen within 24 months. I think it was called Purchase Protection or something like that - but it was solely run by the dealership, and was being pushed by the salesman.

He even showed me a claim of some lady who's Matrix was stolen 18 months after purchase. He showed me a copy of the cheque she got from the insurance, as well as a copy of the cheque the dealership sent her.

I don't know if it's worth it, I was quoted a price of around $699 or so. I don't know if that's what the OP was referring to - it was the only dealership to offer me something like that.

[bensa138]

Hey guys

Someone told me that there's this car insurance that you can get for $3xx (for 2 years) from eg.your dealer that protects against car theft. Regular auto insurance is supposed to cover part of the theft, but this insurance is supposed to cover the rest...

Thanks

I think this is something like vehicle etching or something like that ... where they put the vehicle vin number on the windows and such so that it makes it harder for theives to sell parts of the car.

I think within the first two years of owning the vehicle they will pay you $4000 ontop of what insurance pays out.

That's my understanding of it... and whether or not we're talking about the same insurance.

[euphoria18_79]

Depending for how long it is good for... it may be useful. If you are purchasing a vehicle new, and it is only for personal use, ask your insurance broker about "Waiver of Depreciation" or the SEF #43R (or 43L for leased vehicles)(or called OPCF 43 in Ontario). The insurance companies here in alberta offer it for upto 36 months, and it is only anywhere from $20/year to $45/year. And.. if the vehicle is written off... then you get the full purchase price back.

[VivienM]

I was at a Toyota dealership where they have a package that you purchase though the dealership itself - you get $5,000 ontop of whatever you get from your insurance if your car is stolen within 24 months. I think it was called Purchase Protection or something like that - but it was solely run by the dealership, and was being pushed by the salesman.

He even showed me a claim of some lady who's Matrix was stolen 18 months after purchase. He showed me a copy of the cheque she got from the insurance, as well as a copy of the cheque the dealership sent her.

I don't know if it's worth it, I was quoted a price of around $699 or so. I don't know if that's what the OP was referring to - it was the only dealership to offer me something like that.

$699?

Let's see here... if this was actuarily fair, that would imply a 14% chance of the vehicle getting stolen. That strikes me as absurdly high... so I sense Yet Another Dealer Moneytrap, you know, like rust protection, VIN etching, etc.

I wonder if there's some fine print, too, e.g. you have to replace the stolen car with another Toyota from that particular dealer.

[iamdman]

who offers this gap insurance in Canada? I need it, I am financing and my car is not new.

[Monsieurmaggot]

Is that like replacement insurance?

If my new car is totalled or stolen in the first 18 months of ownership, my insurer gives me the FULL PURCHASE price.

I pay about $50 for it.

[iamdman]

Is that like replacement insurance?

If my new car is totalled or stolen in the first 18 months of ownership, my insurer gives me the FULL PURCHASE price.

I pay about $50 for it.

Who's your insurer? Plus I believe this only applies to new cars.

[iluvmikeharris]

Is that like replacement insurance?

If my new car is totalled or stolen in the first 18 months of ownership, my insurer gives me the FULL PURCHASE price.

I pay about $50 for it.

Also sometimes called depreciation waiver

[mannyb]

who offers this gap insurance in Canada? I need it, I am financing and my car is not new.It's only for new cars that are leased.

[thephenom]

My insurance policy already full replacement for stolen vehicle during the first year. At $699 for a TOYOTA, no thanks.

[Jeff-TheBiz]

Gotta jump in a clarify a couple of things..

Gap Insurance: Only available on a lease, and is normally included in the lease agreement, it will say in the fine print:


LOSS OR DESTRUCTION OF VEHICLE: If the vehicle is destroyed, lost or stolen and You have maintained the required amount of insurance coverage and have paid all the amounts due and owed by you under this Lease as at the date Mazda Credit settle with your insurance carrier, including the amount of excess kilometers charge in itme 7, calculated on a pro rata basis, Mazda Credit will accept the amount of the insurance settlement and your payment of the deductible applied to your insurance settlement in full satisfaction of your obligations under this Lease.


Very important to make sure that this is included in your lease as some manufactors/private leasing companies do not have it.

Waiver of Depreciation / Replacement Insurance:Basically only available on a new car, and available for 2-3 yrs IIRC. Pays full replacement value rather than the actual value of the car at time of loss.

Anti-Theft Etching/Security Policy: Only offered at some dealerships on new and used. Includes VIN etching and registration with police for 3-5 yrs. If your vehicle is stolen and/or a total loss due to theft during the term the policy holder will give you $4000-$5000 towards your new vehicle purchase at the same dealership. This is over and above any settlement from your insurance company offers. Cost ranges from $200 to $600

[taxguru]

Here's a company that provides the etching kits & registration to dealers.

https://www.royspeedross.com/RSR/CompanyProfile.aspx