Fire and Theft Coverage

Who Needs Fire and Theft Coverage

If you want maximum protection for your vehicle, purchasing fire and theft coverage as part of a comprehensive auto insurance policy is a smart move. This type of auto insurance may also be required if you used a loan to purchase your vehicle.

If you are driving an older vehicle which is already paid off, you must weigh the cost of insurance coverage against the expense and inconvenience of paying for repairs in the event your vehicle is damaged. Purchasing comprehensive insurance coverage is not required, but may be useful for your personal financial circumstances.

Where to Get Fire and Theft Coverage

Fire and theft coverage as part of a comprehensive auto insurance policy is available from many different companies. However, many people choose to simplify their record keeping and save money by bundling their auto insurance from the same company that provides their homeowners or renters insurance.

How Much Fire and Theft Coverage Costs

Because comprehensive coverage provides protection against many types of events that can damage your vehicle, it is the most expensive type of policy for a driver to buy. If you're concerned about the cost of obtaining fire and theft insurance coverage, however, picking a policy with a higher deductible is one way to lower your monthly premiums. Unfortunately, you must keep in mind that you'll be expected to pay this deductible each time you make a claim. To get the most benefit from your insurance, choose the highest deductible you can still easily afford to pay if necessary.

The cost for obtaining fire and theft coverage as part of a comprehensive auto insurance package can vary according to the company providing the policy. Shop around for the best deal, asking for detailed quotes before you make your final purchasing decision. Keep in mind that you can't simply base your expected payment rate on what your friend is paying for insurance; policies depend on your driving history and other factors such as your geographic location and the auto theft rates for the model of vehicle you own.