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Does collateral protection insurance cover a stolen vehicle?

"Will CPI cover me if my car was stolen? I have liability insurance and CPI through my bank. Would it pay off my remaining loan balance?"

avatar
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“The purpose of collateral protection insurance (CPI) is to provide protection on a vehicle if your
car insurance
 isn’t sufficient.
To cover theft, your policy would need
comprehensive insurance
. Since you only have
liability car insurance
 on your vehicle, you’d need CPI if it was stolen.
In most cases, your insurance will pay for the actual cash value of the stolen vehicle. If CPI pays for the value of your vehicle but it’s worth less than your loan balance; you’d owe the remainder.
You would need
gap insurance
 to cover the difference between what you owe on your loan and your vehicle value.
If you’re looking for more coverage, you should shop around. You may be able to find more coverage with another carrier at a lower cost than CPI.”
MORE:
Does Car Insurance Cover Car Theft?
Types of InsuranceCar Theft
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