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The loss of valuable personal belongings can be upsetting and troublesome, as can other crimes related to auto theft.
Why you need property insurance for your car
Your car is gone. Your auto insurance policy covers you for the damage or loss of your vehicle – not the items inside. Wallets, CDs, laptops, sports equipment, sunglasses, etc., are all considered “property” in
the insurance world.
Statistics show that a car is stolen somewhere in Canada every three minutes. When cars are stolen, personal items inside the car are rarely recovered. Even when a stolen car is
found, personal possessions in the car are usually gone for good.
What happens when my personal belongings are stolen from my vehicle?
In-car stolen or damaged property is covered through your property policy. If your car was broken into and your ski equipment or golf clubs were stolen, they would be covered under your property policy.
Without property insurance, you are responsible for replacing any stolen items. If you have home insurance and your car and its contents are stolen, then you will need to make two claims – one
on your auto policy for the loss of the car and one on your property policy for all your personal items.
Tips
- If you have both your home and auto insured with the same company, you’ll only have to pay one deductible – even if you’re making a claim on both your home and auto policies.
- If
one of your policies has a higher deductible than the other, you’ll have to pay the higher one. This is something to investigate further before choosing an insurance company.
Can I still get property insurance without owning a home?
Absolutely! Thieves don’t check to see if you own or rent. Everyone should have property insurance – even if you don’t own a house. Condominium owners and people who rent homes or
apartments should still get property insurance to protect belongings inside and outside the home.
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