Joint car insurance policies can be a great way to cut down on the cost of your auto insurance and to simplify your insurance needs. If you live with a significant other or if you're married, you may have applied for a joint car insurance policy to take advantage of the potential benefits of this special policy type. However, while a joined car insurance policy has a large number of benefits, there are some key disadvantages, too. One example is when vehicle theft occurs. Vehicle theft is always a serious incident, and it can be an expensive matter for both partners of a joint car insurance policy when a claim has been reported.
The biggest issue in handling vehicle theft on a joint car insurance policy is that both of the drivers on the policy will see their car insurance rates go up as a result of the theft. This may seem unfair, as vehicle theft is certainly something that you didn't ask for, and you may have even taken steps to avoid theft. However, according to the actuarial tables that insurance companies rely on when deciding the cost of new car insurance policies, when one theft is reported, the chances of future theft increases significantly. Therefore, reporting vehicle theft will quickly result in higher insurance rates, however unfair this may seem.
There are several important steps to take to avoid vehicle theft and the significant consequences that it can have on the cost of your joint car insurance policy. One is to have an anti-theft device installed into all of the vehicles on the joint car policy. Statistically speaking, this will seriously lower the chances of a car insurance claim for theft, and your insurance company may even offer you a discount if you install an approved anti-theft device. You can also try to park in a safer location. Keeping your car off of the street in a monitored parking lot or in a safe garage is a great way to keep yourself protected.
Overall, a joint car insurance policy is an excellent way to save money off of the cost of your car insurance. As vehicle theft and other types of claims can impact the rates of both partners in a joint policy, however, you should think carefully about the potential costs of a joint policy before you decide to buy one. Carefully read your car insurance policy and make sure that you understand how to make a claim and how your claim will change your rates. Discuss your policy with your partner - understanding your risks will make it easier to choose a quality policy that you can both agree with.