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Falling theft rates benefits auto insurance customers

Posted On Wed, August 26, 2009

A leading insurance organization is offering tips to help auto insurance customers minimize their chances of having a vehicle stolen.

An announcement from the Insurance Information Institute reminds consumers that auto theft has become a less common crime in the past several years, although a vehicle is still said to be stolen every two minutes.

"Vehicle theft is covered under the comprehensive portion of an auto insurance policy. It is an optional coverage and generally carries a $250 deductible, though you can save money by raising the deductible to $500," said the organization's spokesperson Jeanne Salvatore.

The organization cited FBI statistics showing that vehicle thefts fell by 13 percent in 2008, marking the fifth consecutive year of declines. The trend is also said to be helping hold down auto insurance rates, with a 3.3 percent drop cited between 2006 and 2005.

By installing devices that track or immobilize stolen vehicles, as well as theft alarms, consumers are often able to save even more on auto insurance policies while further reducing their risk of being victimized by thieves.
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