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How will my Michigan no fault insurance policy help in the case of car theft?

Posted on: March 15th, 2010 by admin

It is just another typical day.  You wake up, roll out of bed, ready the paper and have a little coffee and eggs.  Just as you head out the door to take on the world you realize that it is going to be one of those dreaded days.  The reason it is going to be one of those days is because you know that your vehicle should be in your driveway where you parked it last night.  But it isn’t there.  Your car is missing!  At this point you are probably asking yourself where it could be, maybe your wife took your car.  After exhausting all reasonable possibilities you realize that you have just become a victim of auto theft.  Your first step is to call the local police and report your vehicle as stolen.  The nice policeman then asks you if you have car insurance and tells you that you need to give your insurance company a call. Thank goodness you have your Michigan no fault insurance policy!

So after all that how will your Michigan no fault insurance policy help you in this situation? The first step will be finding a way to get around while the police search for your vehicle.  The sad truth is that they probably won’t find it.  Most auto insurance policies will provide a rental vehicle while the police and insurance company conduct their investigation.  Without insurance you would be out of luck.  Make sure you report the claim as soon as possible to make the process as painless as you can. So what part of your Michigan no fault insurance policy will pay for your stolen car if it is not recovered? Stolen vehicles are covered under the comprehensive portion of your policy.  Your deductible will apply in this situation.  More times than not people have a lower deductible for their comprehensive coverage than they do their collision.  Unfortunately, on average the insurance companies will wait to settle with you on your stolen vehicle as long as three to four weeks.  They are hoping that they will be able to recover the vehicle during this time frame rather than paying out a significant claim.  On average most stolen vehicles are recovered, usually with damage though.  Although this will surely be an unpleasant experience you can rest assured that your Michigan no fault auto insurance policy will take care of you if you have selected the appropriate coverage.

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