What is Vehicle Theft Benefit Protection?

Vehicle Theft Is Climbing in the US

Vehicle theft is on the rise in the US and has been for some time. Since the start of the pandemic in 2020, carjacking has surged in cities across the country. Over one million cars are stolen every year in the US, which translates to one stolen car every 20 seconds. 

As detailed in our blog on stolen car recovery facts, only around 56% of stolen cars are ever seen again. Those that do turn up are likely to have been stripped for parts or badly damaged. Add in a high-deductible auto insurance policy, and many drivers are left to walk away from car theft financially ruined. With the odds of you becoming a victim of vehicle theft increasing while the chances of seeing your car in the same condition as you left itor at alldecreasing, there’s never been a better time to consider a vehicle theft benefit protection plan. 

Steps To Prevent Vehicle Theft 

There are steps you can take as a driver to safeguard against car theft, including investing in a steering wheel lock, cameras, a tire lock, and other car safety tools. Practicing smart theft prevention protocols such as double-checking locked doors and windows and parking in a well-lit, highly trafficked area can make all the difference in whether you fall victim to carjacking.  

As an added layer of protection, installing GPS technology in your vehicle provides real-time location tracking to assist law enforcement in the recovery of your stolen vehicle. But what can you do to ensure that you receive reimbursement for a stolen or recovered, but damaged, vehicle?

How Elo+ Theft Benefit Works

Vehicle theft benefit protection is a way for drivers to receive financial assistance in the event that their vehicle is stolen. A smart tracking device combined with theft benefit protection can help customers receive cash benefits for their unrecovered or damaged car. 

Elo + Theft Benefit works by providing covered drivers reimbursement options for several vehicle theft scenarios:

 If your vehicle was stolen and recovered OR recovered but totaled

  • You will become eligible for a $3,000 cash benefit that can be used towards the purchase or lease of a replacement vehicle, to cover your deductible, or to apply towards other expenses that you may encounter.
  • You can receive a $2,000 Down Payment Assistancewhen you return to the dealership you purchased your vehicle from, you can receive an additional benefit that will be paid to the dealership to go towards the down payment on a replacement vehicle. 

If your vehicle was stolen and recovered with damages but NOT totaled

  • You will become eligible for reimbursement of up to $1,000 to pay your primary insurance deductible.

In EITHER event

  • You will receive reimbursement of up to $25 per day for 20 days for rental car expenses.

Elo+ Theft Benefit 

Don’t wait to protect your vehicle until it’s too latethe Elo+ product range brings together best-in-class GPS technology, Insurance coverage options, and vehicle Theft Benefit protection designed to maximize vehicle security and make the car buying process smoother. 

Cover all of your bases on your next vehicle purchase with Elo+ Theft Benefit protection and gain complete peace of mind. To learn more about vehicle theft prevention and recovery with Elo GPS, connect with our team to find a dealership near you.