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Vehicle theft may be covered if you have theft coverage under Own Vehicle Damage coverage. After reporting it to the police, notify your insurer immediately. You may claim theft insurance benefits only after 30 days have passed since the police report.
The time periods provided are based on the Easy Law Information Service as of April 15, 2026, and coverage is governed by the terms and conditions of your insurance contract.
What insurance covers vehicle theft?
Theft loss involving your vehicle should be checked under Own Vehicle Damage coverage. Compulsory liability insurance alone does not compensate you for the value of your stolen vehicle. First, check your insurance policy to confirm whether you have Own Vehicle Damage coverage. Review the terms and conditions of the relevant contract for the scope of theft coverage.
Own Vehicle Damage coverage covers damage to the insured vehicle itself. Cash or bags left inside the vehicle are treated separately from the vehicle. Installed accessories are subject to different policy terms from personal belongings.
| Coverage·Property affected | Starting point for determining coverage |
|---|---|
| Compulsory liability insurance only | Not coverage for theft loss involving your vehicle |
| Theft coverage under Own Vehicle Damage coverage | Eligibility for vehicle theft compensation may be reviewed |
| Personal belongings such as cash·bags inside the vehicle | Treated separately from vehicle compensation under Own Vehicle Damage coverage |
| Theft of only some vehicle parts | Check exclusions in the standard terms and separate special provisions |
The General Insurance Association of Korea’s standard terms exclude theft of only some parts from coverage. It should not be assessed under the same conditions as theft of the entire vehicle. Detailed criteria are available in the Standard Automobile Insurance Terms and Conditions.
How to report a missing vehicle
If you suspect theft, report it to the police first. Also check whether the vehicle was towed or used by a family member. If there are clear signs of theft, do not delay reporting it while making these checks.
- Report it to the police. An urgent theft report can be made by calling 112. Provide the vehicle registration number and its last parking location.
- Prepare documents confirming the incident. Ask the police about the process for obtaining a theft report confirmation or similar documents. These documents are used to claim insurance benefits and cancel the vehicle’s registration.
- Report the incident to your insurer immediately. Provide the police report number and the circumstances of the theft. Accurately explain how the vehicle keys were stored as well.
- Organize the evidence. Record the last time you confirmed that the vehicle was present. Keep the originals of parking records or any video footage you have obtained.
Notification to the insurer is not a procedure that should wait 30 days. Article 657 of the Commercial Act requires notification without delay after becoming aware of an incident. Any loss increased by delayed notification may be excluded from coverage.
①When the policyholder, insured, or insurance beneficiary becomes aware that an insured event has occurred, they shall send notice thereof to the insurer without delay.
The quoted provision is Article 657(1) of the Commercial Act.
What documents are required for an insurance claim?
A theft insurance claim requires evidence of both the incident and the loss. Additional documents vary depending on whether the vehicle has been recovered. Ask the claims representative for a case-specific submission list and prepare the documents accordingly.
| Document | When to prepare it |
|---|---|
| Insurance claim form | When claiming insurance benefits from the insurer |
| Police-issued document confirming the theft | When proving that a theft incident occurred |
| Certificate of cancellation of registration | When claiming total-loss insurance benefits due to theft |
| Photographs·repair estimate, etc. | When claiming damage to a recovered vehicle |
| Certificate of acceptance for scrapping | When the vehicle was actually scrapped after a total-loss incident |
| Other additional evidence | When the insurer requests documents needed for its review |
A total loss is a method of settling a claim by compensating for the loss of the entire vehicle. A certificate of cancellation of registration is required for a theft total-loss claim. Scrapping documents apply when the vehicle was actually scrapped. They are not required as a standard submission for every theft claim.
Document categories can be checked in the Easy Law Information Service’s guidance on theft incidents.
By situation: Coverage based on when the vehicle is recovered
The claim details vary depending on when the vehicle is recovered and whether it is damaged. Recovering the vehicle within 30 days does not mean that every loss disappears. Damage to the vehicle may be reviewed for compensation under the applicable coverage.
| Situation | Coverage to check | What to do |
|---|---|---|
| Not recovered even after 30 days from the police report | Eligibility to claim theft insurance benefits | Submit claim documents, including evidence of registration cancellation |
| Recovered without damage within 30 days | Grounds for compensation for theft of the entire vehicle no longer apply | Notify the police·insurer of the recovery |
| Recovered in damaged condition within 30 days | Eligibility for repair compensation for the damaged portions | Obtain photographs and an estimate before repairs |
| Recovered after a claim was filed following the 30-day period | Selection·settlement between insurance payment and return of the vehicle | Confirm the handling method with the claims representative |
| Recovered after insurance benefits were paid | Vehicle ownership rights and settlement of insurance benefits | Notify the insurer before disposing of or using the vehicle |
Coverage for damage to a recovered vehicle is also explained in Samsung Fire & Marine Insurance’s vehicle theft compensation guidance. The actual scope of payment is governed by your insurance contract.
When and how much will theft insurance pay?
The 30 days after the police report are the waiting period before a theft insurance claim may be filed. This does not mean that payment is automatically deposited on the 30th day. After the claim is filed, the incident must be investigated and the payment amount determined.
The insured amount is not necessarily the actual amount paid. The standard terms set the insured amount as the compensation limit. If the insured amount exceeds the insurance value, the insurance value becomes the limit. Check each insurer’s terms and conditions for the specific calculation method.
Before filing a claim, request the basis for calculating the following items.
- The insurance value applied at the time of the incident
- The Own Vehicle Damage insured amount stated in the insurance policy
- The deductible applied to a total loss or repair loss
- Whether additional expenses are covered and what evidence is required
Do not calculate the payment based only on the vehicle’s purchase price or the remaining installment balance. The insurance value is the vehicle’s value assessed under the terms and conditions. Obtain the calculation details and compare them with your contract.
