What happens when someone steals your truck with full coverage?
If never found? Never had this to happen before need advice.
I live in GA if that helps cause every state is not the same of course.
2006-08-29 01:56:15 · 6 answers · asked by billieleann78 4 in Cars & Transportation ➔ Insurance & Registration
As you have comprehensive coverage, the insurance company must wait 30 days from the date of theft (unless you reported it late) then they will issue payment to you (or finance co. if you still owe) for the Cash Value of the vehicle. However, before any payments can be considered, you will have to submit all forms and information requested to the insurance co, including a copy of the theft report from the police, and if requested, a recorded statement. Theft claims handling is the same in all states.
2006-08-29 02:18:16 · answer #1 · answered by deadcars42 3 · 0⤊ 0⤋
Usually, the insurance company will settle the claim, if the truck is not found within 30 days. They will pay the "market value" of the vehicle (based on book value) less any deductible that you have on your policy.
If the vehicle was financed, the amount that the insurance pays is applied to the load, and you either get (or must pay) the difference. If you tool out GAP insurance they GAP policy will pay the difference between the balance and what the insurance pays.
If the truck is located (before the 30 day period), it will depend on the amount of damage whether the insurance company will pay for repairs (less of course your deductible) If the damage is severe, they may declare the truck a total loss, and you are in the same situation as if the truck was not recovered!!
Good Luck
2006-08-29 09:54:15 · answer #2 · answered by fire4511 7 · 0⤊ 0⤋
Your insurance coverage will pay you what they consider the fair market value. Of course if you owe money on it, then the money goes towards the loan first.
Unfortunately you probably won't get any personal belongings back from your truck even if it is found.
2006-08-29 08:59:53 · answer #3 · answered by scooba 4 · 0⤊ 0⤋
generally speaking i believe after a certain amount of time and the police doing their thing they should pay out the vehicle. If it is found then the stolen one would belong to the insurance company.
2006-08-29 09:00:20 · answer #4 · answered by xhang_firex 2 · 0⤊ 0⤋
Well, your truck SHOULD be replaced. without a doubt you have already contacted your insurance agent, etc, as well as your local police or sheriff's department, and gotten that rolling.. Hope you had replacement, ie, rental vehicle coverage, as well..
Good luck.. the wheels of justice, such as it is in our country, grind slowly..
2006-08-29 08:59:55 · answer #5 · answered by chuckufarley2a 6 · 0⤊ 0⤋
your insurance will pay the value of the car and you will pay the difference
2006-08-29 11:55:59 · answer #6 · answered by Lorraine W 3 · 0⤊ 0⤋