Theft Act 1968

An Act that changed the legal definitions set out in the Larceny Act 1916. The new definitions caused insurers to adopt their own definitions of ‘theft’ rather than import definitions from the Act. See FORCIBLE AND VIOLENT MEANS.

Theft for Auto Insurance

Theft claims (a) opportunistic theft generally represented by cars recovered relatively intact or with impact damage (b) non genuine or fraudulent theft claims represented by those vehicles recovered burnt out, submerged, certain impact damage and some unrecovered vehicles burnt accompanied by other factors. (c) Professional theft represented by cars recovered stripped or not recovered at all.

Theft for Damages in Transit

A large variety of consumer items are attractive to thieves, particularly items which are small in bulk but high in value. Theft is said to occur when contents of a package are short or missing following tampering of the package or theft of the package. Theft risk is increased by consumption and easy marketability of the goods.

Theft Recovery for Auto Insurance

A theft recovery vehicle is any vehicle that has been stolen from its owners no matter what happens to the vehicle once it has been stolen. The vehicle could be involved in an accident, stripped for parts, be sold overseas, or found in mint condition, but it will still be considered a theft recovery vehicle. Upon recovery the insurer auctions off the recovered vehicle to recover as much of their money as they can.