Does My Car Insurance Cover a Stolen Phone?
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- Part 1 of 3: Liability car insurance and a stolen phone
- Part 2 of 3: Collision and comprehensive car insurance and a stolen phone
- Part 3 of 3: How to decide which coverage is best for you
Phones have become essential to daily life. Not only is a phone a financial investment, but increasingly phones contain our calendars, debit cards, and email accounts as well. If your phone is stolen when it’s inside your car, then you may be left in the lurch. Knowing whether or not your car insurance covers your phone makes sure you have the facts in front of you before a thief strikes so you know what to expect. In this article, Part 1 discusses liability car insurance, Part 2 explains collision and comprehensive car insurance, and Part 3 helps you decide which type is best for you.
Part 1 of 3: Liability car insurance and a stolen phone
Whether or not your car insurance will cover your stolen belongings, such as your phone, depends entirely on the sort of coverage you have. There are two main types of coverage: liability and comprehensive coverage.
Liability coverage refers to those cases where you cause damage to others. If you are in an accident, for example, and you are to blame for totalling another driver’s car, then your liability coverage kicks in to pay for the damages.
Liability coverage is much cheaper than collision and comprehensive coverage because you are covered for less. That is, you are not covered for any damages that may have occurred to your own vehicle as a result of the accident.
Of course, if the other driver is to blame for the crash, then their liability insurance will cover you. Usually, liability coverage is the minimum required by law in most states.
In terms of liability coverage, stolen belongings, such as a phone, vandalism, and theft are not covered.
Part 2 of 3: Collision and comprehensive car insurance and a stolen phone
The other main type of car insurance is collision and comprehensive coverage. In this case, you will not only be covered for damages to another vehicle in the event that you cause an accident, but your own car will be covered as well.
Because this sort of plan results in a larger payout by the car insurance company, you pay more for the policy. One of the benefits of paying more on your monthly premium, however, is that you are covered in the event that your phone is stolen, your car is vandalized, or you are the victim of grand theft auto.
You should check over your policy very carefully to see what exactly is covered under the terms of your plan to make sure that, even if you have a collision and comprehensive policy, you are covered for what you think you are.
Part 3 of 3: How to decide which coverage is best for you
There are many tradeoffs and calculations that go into the type of plan which best fits you. If your car is not paid off, then getting comprehensive coverage is a very good idea, which means your belongings will be protected.
If your car is paid off, it may still be a good idea to get comprehensive coverage. If you park your car in a dangerous area or you must leave your phone in your car regularly, then maybe you will want to pay extra for added coverage.
On the other hand, if you are only getting comprehensive coverage for the sake of saving your phone, then maybe you should take the financial risk because it will likely end up costing your more for your insurance than your phone is worth.
In the end, the details of which sort of policy is better for you will be based on your specific situation and lifestyle, so be sure to consider individual policies to determine is be best for you.