The Theft product is a benefit to customers and dealers alike. In most states the customer must return to the original selling dealer to purchase a replacement unit in order to collect the Theft benefit. This allows the dealer to make an additional sale.
In order for the Theft product to work effectively, the dealer must apply the stickers provided, with each contract, to the unit being sold. The stickers with the unique traceable number are to be applied and then removed after a few days. The number remains but is not visible to the naked eye. The warning stickers should be applied and left on the vehicle to deter potential thieves.
Customers purchasing the Theft product must take reasonable precautions to prevent their vehicles from being stolen. Proof of loss including a police report are required in order to file a Theft claim. The benefit is only paid after the bill of sale for the replacement vehicle is provided.
There are two levels of Theft benefit coverage $2,500.00 and $5,000.00. A dealer should make sure that the customer is offered the coverage that best fits the vehicle being purchased.
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