Auto theft is a big problem in the U.S., one that costs millions of dollars in financial losses each year. Insurance companies pay out lots of money, hundreds of thousands of cars are stolen and millions of people go through hardship because of stolen cars.
So, anti-theft devices are very popular with both insurance companies and consumers alike. Some companies offer big discounts for safer cars that have anti-theft devices. Let’s learn more.
What Anti-Theft Devices Lower Car Insurance Rates?
Here are few types of anti theft devices you can install on your car to save money.
Electronic Alarm – An electronic alarm system is what most new vehicles have. The alarm will sound the horn and/or flash the lights if the car is disturbed. These work. Also, you can install a similar device on an older vehicle that does not have one as a standard feature.
Vehicle Tracking System – This is a paid system that uses a small device to track your vehicle. You can have it tracked all the time or you can have it tracked immediately upon being reported stolen.
Kill Switch – A kill switch stops your car immediately by stopping the flow of electricity to the engine. These inexpensive devices may not stop a thief from getting in your car, but it will keep them from getting too far with it.
Steering Wheel Lock – This mechanical device locks your steering wheel in place so even if the car is broken into, it’s not going anywhere. Most thieves won’t even bother if they see one of these inside.
So, you can see that anti-theft devices not only protect the vehicle but will also protect you from having to pay too much should your car be stolen. With hundreds of vehicles stolen and insurance payouts high, insurance companies have an incentive to give you a break if you take the time (or pay extra to have) an anti-theft device in your car.
How Do Anti-Theft Discounts Work?
You probably have several types of coverage with your auto insurance policy. Anti-theft devices are covered under your comprehensive coverage. This is optional coverage, however, so if you don’t have it, you don’t get the discount.
However, you may automatically be awarded the discount for an anti-theft device, as in some states it is mandatory. Otherwise, you have to ask or you don’t receive.
And how do you know who has the best discount for your device? Shop around.
You will get a discount for installing an anti-theft device and InsuranceWins can help. We’ll send you competitive quotes from well-known carriers and you could find yourself saving anywhere from 3 to 15 percent on our car insurance premiums. What are you waiting for?