THURSDAY, APRIL 1, 2021
What Happens if Your Commercial Vehicle is Stolen?
Commercial vehicles are vehicles owned or used by a business for work purposes. Unfortunately, these vehicles can be at risk of theft as much as your personal vehicle.
If one of your business’ vehicles is stolen, you need to follow the right steps to receive assistance and/or compensation.
As soon as you realize that a vehicle from your business’ property has been stolen, call the police and file a report. Doing so can start an investigation to help you find the vehicle and help when it comes time to file a claim.
Call Your Insurance Agent
After notifying the police, call the insurance agent that provides your commercial auto insurance policy. Even if you don’t immediately file a claim, you should keep your insurance agent in the loop about a possible theft so that they have the information for later.
Provide Accurate Information
Throughout the process, make sure to remain in contact with the valid parties and provide accurate information. Any inconsistencies or poor information can make the process go slower and impede progress.
File a Claim When Necessary
You will generally want to file a claim on your commercial auto insurance policy sooner rather than later, especially if the thief ends up causing a crash or other liability issues while operating the commercial vehicle. Speak with your insurance agent about filing a claim and receiving compensation for the lost vehicle. Waiting too long to file a claim could make things difficult or even lead to a denied insurance claim.
Not all commercial auto insurance policies cover theft. Theft will only be covered if your policy also has comprehensive coverage. Check your coverage and be sure theft is covered on your policy.
How to Avoid Commercial Vehicle Theft
Take precautions to avoid having to file a commercial car insurance claim due to theft.
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Add GPS tracking to every company vehicle
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Have set rules on when an employee can use the company vehicle and who can drive. Have these rules posted where every employee can easily access and see.
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Purchase an adequate amount of liability insurance to cover employee actions
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Have employees sign policies agreeing to use limits of company vehicles
Commercial auto insurance claims may be denied if an incident is ruled as negligence on behalf of the business.
When in doubt, speak with your insurance agent. Be sure to vet employees and secure your commercial vehicles as much as possible to prevent theft or vandalism.
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