Vehicle theft is an ongoing crisis in New Jersey. According to the state’s Auto Theft Task Force, 44 vehicles across all makes and models are stolen in the state each day. While statistics are unclear regarding the number of stolen commercial vehicles specifically, it’s probable that businesses are frequently targeted and fall victim at high rates.
For companies relying on vehicles to conduct operations, theft can be financially and logistically devastating if cars disappear without a trace.
However, with adequate New Jersey commercial auto insurance, including comprehensive coverage and crime protections, you can offset potential financial damages should your assets fall prey to vehicle theft rings.
The True Cost of Commercial Vehicle Theft
While the sticker price of a stolen vehicle or piece of equipment is substantial, the total financial impact of commercial vehicle theft extends far beyond just the upfront replacement costs:
- Lost productivity — Having a vehicle stolen eliminates your ability to complete jobs, make deliveries, and service customers. This lost productivity can greatly impact your revenue.
- Increased expenses — You may need to rent or lease a replacement vehicle in the interim. This unexpected expense can further hurt your bottom line.
- Higher insurance premiums — Filing a vehicle theft claim will cause your premiums to rise at renewal time. Some business owners opt not to file claims to avoid rate hikes.
- Customers lost — Missing deadlines or letting down customers due to lack of transportation can cause you to lose future business. This loss of reputation can slowly erode what you’ve worked hard to build.
Protecting Your Assets with Insurance
The good news is that with comprehensive coverage and additional crime insurance options, you can offset much of the financial damage caused by commercial vehicle theft.
Comprehensive Coverage
A core component of any New Jersey commercial auto insurance policy is comprehensive coverage. This protects you in events such as theft, vandalism, natural disasters, fire, and other non-collision incidents.
Comprehensive insurance will pay to replace your stolen vehicle up to the actual cash value and cover any permanently installed equipment in or on the vehicle. For many business owners, this coverage is the first line of defense against vehicle theft losses.
Crime Insurance Add-Ons
Most insurers also offer additional endorsements to protect against crime and theft. Consider adding these to your policy:
Equipment theft coverage — Protects non-permanently installed equipment and tools stolen from your vehicle.- Cargo theft coverage — Reimburses you for stolen inventory or supplies being transported.
- Identity theft coverage — Provides funds to help resolve cases of identity theft resulting from stolen vehicles containing sensitive customer and employee information.
Lowering Your Premiums
There are a few simple steps you can take to reduce the cost of your commercial vehicle insurance, even with added theft coverages:
- Boost your deductible — Opting for a higher deductible amount reduces the insurer’s financial risk, allowing them to offer better rates. Just be sure you have adequate savings to cover the out-of-pocket costs that come with a higher deductible.
- Improve driver safety — Rates are heavily influenced by driver histories. Enrolling employees in defensive driver courses can often result in a premium discount.
- Enhance vehicle security — Installing anti-theft devices can dramatically impact comprehensive premiums costs. GPS tracking units and vehicle alarm systems are some of the most effective options.
Preventing Commercial Vehicle Theft
While insurance can ease the financial blow of theft, preventing your vehicles from being stolen in the first place is the best outcome. There are several options businesses utilize to deter potential thieves:
- Tracking devices — Outfitting your vehicle fleet with GPS tracking units allows you to pinpoint a stolen vehicle’s location in real time. Tracking data can help law enforcement more efficiently recover stolen property.
- Surveillance systems — Strategically placed security cameras in parking areas can help identify perpetrators. High-resolution footage improves the chances of catching criminals.
- Vehicle alarms — Audible alarm systems attract attention during theft attempts and increase the likelihood a criminal gets caught in the act. Some systems even allow remote alarm activation from your smartphone.
- Immobilizers and smart keys — These high-tech systems only allow vehicles to be started with specifically programmed keys or fobs. The days of hotwiring vehicles have become far more difficult for thieves with immobilizers.
- Secured parking — Fencing, locked gates, security patrols, and bright lighting help create barriers and increase visibility, making theft less appealing for criminals looking for an easy target.
What to Do if Your Vehicle is Stolen
Even if you take all the right theft prevention measures, there is still a possibility your vehicle will go missing. If that unfortunate event occurs, here are a few tips on handling the situation effectively:
Document your claim — Be prepared to provide your insurance company key details, including the vehicle year/model, VIN, license plate, disappearance date/time, and any other pertinent circumstances.- Work closely with your insurer — Stay engaged with your claims adjuster through the claims process, providing any supporting documents or evidence requested to aid in the investigation and settlement of your case.
- Expedite the process — Ask your insurer what documents, police reports, or other claim-related activities you can help obtain to speed up assessment and resolution to get your business back up and running.
Don’t Allow Theft to Threaten Your Livelihood: Let JMG Insurance Agency Help
No business owner should have to withstand the financial hardship and headaches that accompany commercial vehicle theft. With the proper New Jersey commercial auto insurance plan in place, you can have peace of mind knowing that you, your assets, and your business are protected.
JMG Insurance Agency’s experienced agents have helped countless companies properly insure their vehicle assets against theft and other exposures. We make it easy to compare policies across multiple top-rated insurers to find the right fit based on your budget, risk factors, and specific business needs.
Contact us today to discuss New Jersey commercial auto insurance options so you can focus on operating your business.
