If your car gets broken into, your renter’s insurance policy offers coverage for whatever items or property are inside the car at the time of the theft. However, the renter’s insurance policy doesn’t provide coverage for your car under any circumstances. While you may see your car as personal property, it does not fall under renter’s insurance policy coverage, which is due in part to cars having their own type of insurance that you can buy.
Now, with an auto insurance policy, the car’s damage can be covered if you have a comprehensive auto insurance policy.
Renters Insurance and Car Theft
As earlier discussed, your actual car is not protected by your renter’s insurance policy, even if it’s stolen or damaged on your property. For instance, if you are a tenant and your car is in your garage that burns down, your renter’s insurance policy will cover the tools in your garage and your laptop that was in the backseat of your car, but it wouldn’t cover your car. If you own a comprehensive car insurance policy, this is where it will step in.
This same principle applies if your vehicle is stolen. You’d have to make a claim through your auto insurance company to reimburse you for the value of your car, while you’d have to make a claim through your renter’s insurance company to replace your items that disappeared with the car.
Do Car Owners Need to Purchase Renters Insurance?
Regardless if you have a car or not, if you rent, considering renter’s insurance is always a good idea. Technincally, though, if you own a car, you need to purchase auto insurance too because renter’s insurance will not cover exactly what you need when it comes to protecting your car. And, even though the main topic is whether renter’s insurance covers car theft, having just renter’s insurance in hopes that it will cover your car and everything else, including while you’re driving, is not a good idea.
Overall, having both policies is the best approach. Renter’s insurance will protect the belongings inside your home, as well as what’s inside your car if it was to ever be stolen. And, of course, car insurance will provide protection for your car itself, as well as you or anyone else if you were to be injured in an accident.
Need Help? We’ve Got You Covered!
If you have any questions or concerns, contact All Things Insurance. Because we have experience with renter’s insurance, we understand there are questions that you might need answers to. By talking with Quin at All Things Insurance, you will gain a better understanding of the renter’s insurance policies in Minnesota and how they can benefit renters like you.