Shuman Roy is an entrepreneur, business owner, and musician. He started RoysNoys, LLC in 2013 as a music production and education service company. He also offers small business consulting and advisory services to help businesses get from start-up mode to turn-key operations. Shuman earned his M.B.A from the Stern School of Business in 2001 and has an undergraduate degree from Manhattan College in ...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Joel...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Sep 13, 2021

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The National Insurance Crime Bureau released its “Hot Wheels” report this week, which details the “hottest cars” as reported by law enforcement each year.

By hot, we don’t mean a dented Corvette driven by Lance Burton. We’re talking stolen baby!

So without further ado, here is the list of the most stolen vehicles in the nation during 2010:

1. 1994 Honda Accord
2. 1995 Honda Civic
3. 1991 Toyota Camry
4. 1999 Chevrolet Pickup (Full Size)
5. 1997 Ford F150 Series/Pickup
6. 2004 Dodge Ram
7. 2000 Dodge Caravan
8. 1994 Acura Integra
9. 2002 Ford Explorer
10. 1999 Ford Taurus

Unsurprisingly, popular cars such as the Honda Accord and Civic, along with the Toyota Camry, topped the list. These models have long been notorious for being a target of car thieves and those looking to steal personal belongings out of them causing property damage.

It’s a simple law of numbers in some ways. Honda Civics and Accords are affordable and reliable. So there are thousands on the road at any given time of all ages. If a car thief is looking for a car to break in or steal, there’s a good chance they’ll be in the proximity of at least one Civic or Accord. As you can see from the list above, Hondas aren’t the only targets.

For the first time since 2002, thieves went for domestic brands as opposed to foreign, as Ford grabbed three of the top 10 spots, Dodge two, and Chevy one.

The good news is vehicle theft was down 7.2 percent from figures seen in 2009 and is now at its lowest level since 1967!

You can thank improved technology for that – most cars these days have some level of security, whether it be an alarm, an immobilizing device, or a tracking device, unlike some older models still on the road. While common insurance requirements don’t include car alarms, you may qualify for discounts if you have one. More importantly, you could save yourself a lot of hassle in not having to file a covered claim.

Where does car insurance come in?

We’re glad you asked. The report found that certain models of older cars and trucks were a popular choice for thieves because of the value of their parts. While cars typically lose value with age, working parts that are compatible with older cars can be hard to come by. Dedicated car enthusiasts who want to restore classic cars may pay top dollar for used but functional parts.

Of course, this creates an issue for car owners who lose their classic cars to thieves who strip them for parts. There’s a bigger problem, though. Many of these older cars aren’t properly insured against theft.

You see, theft is only covered if you have comprehensive coverage, which is one half of physical damage coverage.

The other component is collision insurance coverage, which covers your vehicle in the event of a collision.

Physical damage coverage is optional, unless your lease your car and it is required by the loss payee.

Without “comp,” you’d be out of luck if your car were to be stolen. This is why you may want to think twice about dropping it, even if it’s an older car. There’s another important factor to consider.

In a traditional sense, the auto insurance deductible could exceed the value of your older car. So it wouldn’t make sense to carry the coverage, as you wouldn’t see a dime from the insurance company. If you’re carrying a traditional policy on a classic car, they may not know how to properly value your car, especially with the custom parts and restoration required to keep classic cars looking their best. This is why more people are buying custom policies meant for classic cars.

[Should I buy collision insurance on an older car?]

For the record, regardless of how old or worthless your car is, you’re still required to carry proof of insurance for the state minimum car insurance (liability-only car insurance) if it’s street legal. The minimum amounts cover bodily injury and a modest amount of property damage after a small accident. Having higher liability policies to cover bigger accidents has become increasingly common for drivers who want to protect their interests.

This protects other drivers from your negligence, and is the “mandatory” component of car insurance. Having a higher amount of the right type of insurance could save you from being sued for additional damages including the legal fees to sue you.

If you’ve got questions about your auto insurance coverage, contact your insurance company or insurance agent to ensure you’re properly covered in the event of theft. You can discuss things like additional insureds, business insurance if you’re driving for work, and more.

(photo: Rennett Stowe)