If Your Luxury or Exotic Car is Stolen

     If you own an exotic / luxury car you must be aware of the security risks and be prepared in the event that it is stolen. When your car is stolen, a series of events is set into motion. Some you have control over, for others, you're merely a spectator. First, the car thieves have to make their getaway, hide the car, and then either strip the car for parts or try to sell it. Filing a police report and waiting for the police to take action is not always sufficient.

     You should immediately file a police report as soon as you discover that your car is stolen. Make sure the police have several ways to contact you including your mailing address, telephone number and cell number. Make it easy for them to contact you with any questions or to report the status of the case. When the police give you your report or file number keep it with you, this will make it easy for you to reference your case whenever you call the police for an update.

     Depending on the size of the community your car was stolen in, you're probably just a case number to the police, who are dealing with potentially hundreds or thousands of stolen cars. Don't expect the police to keep track of your case report and contact you immediately with any developments. Stolen cars are generally not a high priority. You need to keep in touch with the police on a regular basis to request updates.

     After filing you police report, your next step is to contact your insurance company. You will need to explain how the car was stolen and provide your insurer with a copy of the police report. Another advantage to getting your insurance company involved is that insurance companies tend to be very vigilant in keeping track of the status of stolen cars. After all, they're the ones writing the check.

     When your car is stolen, insurance companies will generally do one of two things: if after a certain period of time the car has not been recovered they will pay you the replacement cost. If your car is found, depending on the condition of the car, the insurance company will either pay to repair any damage that might have been sustained or total it out and pay you the replacement cost.