Valet Parking Car Thefts Are on the Rise.
By Jason Kaplan
For car thieves, valet parking lots are like candy stores: there are plenty of luxury vehicles to choose from and not an owner around.
Unfortunately, many thieves have now figured this out. Valet parking car thefts have been on the rise in Florida and other parts of the country.
A Disturbing Trend
According to the Tampa Bay Times, Tampa police have noticed an increase in luxury vehicle thefts from valet parking lots. For example, surveillance footage has shown thieves taking keys from unattended valet stands at restaurants and hotels in the city. Once the thieves have the keys, driving off in the stolen vehicles is easy. At least five such incidents have occurred in the city.
Last year, WESH 2 News reported that two people were arrested in connection to thefts at valet parking lots in Orange County, Florida. The Orange County Sheriff’s Office said car thieves were taking keys from valet boxes. In one case, the thief pried open the box. Another theft occurred when the valet left the keys inside the vehicle.
At least one valet car thief in Florida has been caught. According to WSVN 7 News, Miami police have arrested the suspected ringleader in a string of recent thefts targeting Miami and Miami Beach locations. The suspect is believed to be behind close to $2 million in luxury vehicle thefts, including a Ferrari, a Rolls-Royce and a Range Rover. The vehicles were re-titled and then sent to other countries.
It's good news that one thief is off the streets, but the threat remains since other thieves are likely still active. Also, Florida isn’t the only place to see recent thefts from valet parking lots. According to Yahoo, a Rolls-Royce Cullinan worth $400,000 was stolen from the valet parking service of a hotel in Georgia. The owners had to file a lawsuit and subpoena to secure surveillance footage from the hotel.
Part of a Larger Trend
The increase in car thefts at valet parking services may be part of a larger nationwide trend, in which vehicles thefts are increasing overall.
According to the National Insurance Crime Bureau, there were 1,020,729 car thefts in the U.S. in 2023, up from 1,008,756 in 2022. In Florida, there were 46,213 car thefts in 2023, meaning the state ranked third in the country for car thefts.
The Consequences of Valet Theft
If car thieves target your valet services, it may harm your business. As thieves tend to target luxury vehicles, the cost of the vehicle itself could be hundreds of thousands of dollars. Car owners may sue your business for failing to keep property in your custody safe. Although people should avoid keeping valuables in their vehicle, some still do, which may add to the total losses.
Reputational harm is another serious risk. If word gets out that thieves are targeting your business and you’re not doing enough to stop them, people may decide against patronizing your establishment. That could lead to lost revenue that exceeds your original losses.
Reducing Your Risk
As car thefts are on the rise, companies that provide valet services need to be on high alert. There are several ways to reduce your risk:
• Keep your valet stands occupied at all times. If the attendant needs to leave for a moment – whether to use the bathroom or help a guest – someone else needs to be at the stand. Since thieves may be monitoring the stand and waiting for an opportunity to strike, they only need a minute or two to steal a car.
• Secure all car keys. If you don’t secure keys, thieves may be able to distract the valet attendant to steal them. Put keys in a secure place, never inside vehicles.
• Consider increasing security. Additional surveillance cameras and security personnel may deter thieves.
• Watch for suspicious people. Someone lurking around the lot without good reason may be waiting for an opportunity to take a car.
• Screen your job candidates. The thefts reported recently appear to be outside jobs. However, a complicit worker would pose a serious threat. Appropriate screening practices help employers avoid unnecessary risks.
• Report any thefts immediately. If a theft occurs, call the police to report the stolen vehicle. You’ll also need to notify your insurer as soon as possible.
Do You Have the Coverage You Need?
Insurance policies sometimes have a care, custody, or control exclusion that excludes coverage for property belonging to a third-party that is damaged or stolen while in the policyholder’s care. For companies providing valet services, such exclusions are a serious problem. However, coverage is available through bailee’s insurance, which is designed to cover property temporarily placed in your care.
This is a good time to check your bailee's insurance coverage and consider whether the limits are sufficient in light of the increase in theft.
Do you need help securing coverage? Century Risk Advisors uses a consultative and creative approach to help businesses meet their coverage needs. Contact us