MY CAR WAS STOLEN, HOW DOES MY AUTO INSURANCE CO. HANDLE THIS?
The steps your auto insurance co. will take to handle your claim when you car has been stolen.
MY CAR WAS STOLEN, HOW DOES MY AUTO INSURANCE CO. HANDLE THIS?
The first thing you need to do when you find out your car has been stolen is to get a police report. This is the key document your insurance company will need to process your claim. The police will give you a case number when they take your report.
After the police report, you need to call your insurance company. They will start your claim by taking a statement over the phone. If you have rental car coverage, the insurance company will authorize a rental car at the company of their choice while your claim is being processed.
THE WAITING PERIOD
Usually, the insurance company will also need a written statement from you. They will mail or email the documents you need to fill out. A recent picture of the stolen car is also helpful to prove what condition it was in before it was stolen. There is a waiting period of around 30 to 60 days to complete a stolen vehicle claim. This allows time for the possible recovery of the car.
SETTLING THE CLAIM
If the car is recovered, the insurance company will need to access repair costs or they will need to total the car if repair costs exceed the value of the car. If your car can be repaired, the insurance company will arrange repair with a contracted shop and you will pay your deductible amount of the cost.
If the vehicle is not recovered within the waiting period or is totaled, the insurance company will settle the claim based on the replacement value of the vehicle at the time it was stolen less any liens on the vehicle and your deductible. The insurance company will need you to sign the title over to them in order to close the claim. If there are any funds left after the deductible and liens are paid out, the insurance company will issue you a check for the difference.
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- My Car Was Stolen, How Does My Auto Insurance Co. Handle This?
- How Do I Handle My Car Insurance If I Have Been In An Accident?
- If My Car Is Totalled How Will The Car Insurance Company Handle It?
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- How Do Car Insurance Companies Use Accident Reports?
