As a renter, you're susceptible to certain risks. And while tenant insurance provides several benefits, a lot of renters wonder, "Will my renters insurance cover theft of my vehicle?" To learn more about what is and isn't covered under your tenant insurance stick around.
What is tenant insurance?
Tenant insurance is a type of home coverage offered by insurers that takes into account the unique hazards those who rent face. Within a standard renters insurance plan, you'll find the following policies:
Contents insurance
Contents coverage, also known as personal belongings insurance, will cover the cost of repairs or replacements of your personal property if they are damaged by a covered peril or stolen from your rental unit. Common covered perils include theft, fire damage, vandalism, and certain weather conditions.
Liability coverage
Did you know you could be held legally responsible if someone is injured in your rental home? This is where liability insurance comes into play. Liability insurance will provide coverage in the event someone is injured on your property or if their personal property is damaged on the premises of your rental unit.
In the event a lawsuit is brought against you, this renters insurance coverage will cover the cost of medical expenses, legal fees, repairs, and other expenses associated with your settlement.
Additional living expenses
The final portion of a standard renters policy is additional living expenses. In the event your rental is damaged to an extent that makes living there unsafe, this insurance will cover the cost of accommodations, food, and more, until you are able to safely move back in.
Does renters insurance cover vehicle theft?
Unfortunately, most renters insurance will not cover the theft of your vehicle during a break-in. To have coverage against car theft, you would need to purchase comprehensive car insurance. Vehicles can be insured on their own, which is why there is no coverage from your renters insurance for your vehicle. Another example of this is if you are storing your antique vehicle in your garage but your garage catches on fire, if you do not have comprehensive coverage on your antique vehicle your garage policy will not cover it. On the other hand, bike theft, and the theft of other belongings from your property would be covered by your insurer under your renters insurance.
What happens if your car is stolen from home and then found?
So, what happens if your car is stolen and then found? Essentially, the police will notify you if your vehicle has been recovered. Once you've received your car and police report, you'll need to contact your insurance company and inform them. From then on, you'll go through the claim process, where you can have your vehicle repaired and your belongings replaced.
Are rental cars covered by auto insurance?
If your car is stolen or damaged in a collision, you may need a car rental until you get your vehicle back. Whether or not your car policy covers a rental car will depend on whether you purchased this form of endorsement at the time you got your car insurance. Rental coverage isn't automatically included or offered by all insurance companies. You will need to specifically ask your insurer for this type of coverage.
Car insurance all motorists in Canada require
In Canada, all motorists must carry some form of auto insurance. However, the types of auto insurance and the minimum requirements will vary between provinces:
Optional auto insurance for motorists
While basic coverage works for many Canadian drivers, most drivers opt to purchase additional coverage options for further protection. Here's a closer look:
How to prevent car theft
Car theft can happen to anyone. However, there are ways you can prevent it from occurring in the first place. Here's a closer look at how to prevent car theft in the future:
1. Install anti-theft devices
One of the best ways to prevent the theft of your vehicle is to install an anti-theft device such as a steering wheel lock, dash cams, or a car boot.
2. Practice anti-theft behaviours
Next, you'll want to start implementing anti-theft practices, such as:
- Keep your car doors locked at all times.
- Never keep your keys in the ignition or in the cupholder.
- Don't leave your car unattended with the engine running.
- Park in your garage, driveway, or a well-lit area.
3. Hide your personal belongings
Make sure to hide the belongings in your vehicle as thieves can be attracted to items that are visible through your windows.
4. Enhance your home security system
If you don't already have a security system installed at home, we recommend doing so. This includes an alarm system, video cameras, and motion lights.\
Will tenant insurance cover identity theft?
A standard tenant insurance policy will not automatically provide coverage against identity theft. However, you can purchase an optional identity theft renters insurance policy that will protect you in the event someone breaks into your rental unit and steals personal identification documents like your driver's licence, banking information, social security number, and more.
Does renters insurance cover stolen tools?
Will renters insurance cover theft of tools? Yes, as your tools are your personal belongings that are stored on your property, your tenant insurance will cover you if they are stolen from your home, up to your policy limit.
Can I bundle my tenant insurance and car insurance policy?
If you're renewing car insurance, you may want to consider bundling your policy with your tenant insurance. By bundling your renters insurance and car insurance policy with the same insurance provider, you may qualify for a discount on your insurance rates.
Do I need renters insurance?
Whether or not you need renters insurance depends on your unique needs. While tenant insurance isn't mandatory in Canada, there are risks to renting. Having tenant insurance policies in place can give you peace of mind and offer financial assistance in the event your personal belongings are damaged by covered perils like theft or if someone is injured on your property.
Is renters insurance the same as landlord's insurance?
Renters vs landlords insurance, what's the difference? A common misconception among renters is that their landlord's insurance protects them. However, this type of insurance policy only protects the interests of the landlord and not the renter. You will need to purchase your own tenant insurance.
Contact BrokerLink for affordable home and auto insurance
Are you up for an expired car insurance renewal? Are you first-time renters looking for coverage? BrokerLink has years of experience and access to multiple auto insurance policies, home insurance, renters coverage, and student renters policies from some of the top insurance providers in Canada, allowing us to customize your coverage based on your needs.
To work with BrokerLink, visit us at one of our locations across Canada. If we're not in your neighbourhood, contact us over the phone and by email. Alternatively, if you're still browsing, take advantage of our free online quote tool!
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