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Vehicle theft declines, but recovery at a lowPosted On Thu, May 20, 2010
The National Insurance Crime Bureau announced that vehicle theft declined for the sixth year in a row, but a report from LoJack warns auto insurance policy holders that recovery of stolen vehicles is at a 20-year low.
In 2008, the latest year with FBI data available, 411,444 cars were not returned to their owners. That accounts for 43 percent of all vehicle thefts for that year, according to LoJack.
"Unfortunately, the decline in vehicle theft is deceptively positive," said D.J. Thompson, director of law enforcement for LoJack. "Although fewer vehicles are being stolen, a far greater percentage of those vehicles are not being recovered, making it all the more important for consumers to be vigilant about protecting their vehicle from theft - and the organized crime rings that are often behind this issue."
While some might feel compelled by mounting bills to cancel or reduce their car insurance, this trend serves as a strong warning. In the case of most vehicles being financed, the financial institution often requires comprehensive auto insurance that specifically insures against theft.
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