In 2023, we find ourselves in the midst of a concerning trend – a surge in vehicle thefts that is nearing record highs. It’s an unfortunate reality that’s affecting communities and businesses across the country. Picture your prized vehicle, whether your daily commute or your business’s delivery truck, unjustly vanishing into thin air. Due to this surge in vehicle theft, it’s imperative to shed light on the situation. In this blog, we will discuss the “why” behind rising vehicle theft and provide tips to help protect your assets.
Why Vehicle Theft Is on the Rise
According to an article published by Kelley Blue Book, car thefts were 33.5% higher in the first half of 2023 compared to the same period in 2022. With advancements in technology and security cameras in every corner of the city, one would assume that vehicle thefts should decrease. So, why have thefts risen by such a substantial amount?
Several interrelated factors contribute to this alarming trend. First, economic challenges and financial instability drive some individuals to resort to criminal activities like vehicle theft or cyber attacks. Moreover, the increasing complexity of vehicle technology, including keyless entry systems has actually made it easier for thieves to break in contrary to popular belief.
Additionally, there’s a thriving black market for stolen auto parts, motivating criminals to target vehicles for profitable parts. Organized criminal groups have taken a keen interest in vehicle theft due to its lucrative nature. They can quickly and easily resell stolen vehicles. These factors have collectively contributed to a surge in vehicle theft in 2023.
Tips for Protecting Your Assets
Both individuals and businesses can take proactive steps to safeguard their vehicles from theft by:
- Investing in security systems: Installing advanced security systems, such as alarms, immobilizers, and tracking devices, can help deter thieves and aid in the recovery of stolen vehicles.
- Parking wisely: When possible, choose well-lit, secure parking spots. Always lock your vehicles even when parking for just a few minutes. Invest in locked garages.
- Prioritizing key management: Always be cautious with your vehicle’s keys. Avoid leaving them in the ignition, and don’t leave spare keys inside the vehicle.
- Conducting background checks: If you operate a business involving a fleet of vehicles, ensure to conduct thorough background checks on all employees who have access to vehicles.
Taking the initiative to utilize these best practices will help build a strong foundation of safety within your daily life and your business operations.
Finding the Right Insurance Solutions
While prevention is important, having the right insurance in place is crucial for mitigating the financial impact of vehicle theft.
Comprehensive auto insurance is a great place to start as it’s critical for protecting against theft. This coverage goes beyond accidents and injuries; it extends to theft and vandalism as well. In the event your vehicle is stolen, comprehensive insurance will kick in to cover the cost of replacing the vehicle
Another beneficial coverage against vehicle theft is gap insurance. Although it’s not directly tied to theft, it can be a lifesaver if your vehicle is stolen or declared a total loss for other reasons. When you owe more on your vehicle than it’s currently worth, this coverage bridges the “gap” between the vehicle’s actual cash value and the amount you still owe. In the event of theft, gap insurance helps ensure that you’re not left with an outstanding loan balance for a vehicle you no longer possess.
Lastly, specialized insurance policies offer tailored protection since businesses in the trucking and construction industry heavily rely on their vehicles and equipment for daily operations, this makes them particularly vulnerable to losses caused by vehicle theft. For example, truckers insurance and construction equipment insurance are designed to address the unique needs of these industries. These policies can cover the theft of commercial vehicles, construction machinery, and other valuable assets that keep businesses operating smoothly.
Be Prepared for Road Bumps With an Insurance Partner You Can Trust
As vehicle theft continues to rise to near-record heights, it’s vital to stay prepared. By taking preventative measures to protect your assets and ensuring you have the right insurance solutions in place, you can help minimize potential financial losses. At RRL Insurance, we are committed to helping you protect your investments through tailored insurance solutions. Contact us today to set up an appointment and discover how our specialized insurance services can grant you peace of mind.