I have a 2006 Maxima, I got home arpund 3:30 am and my dad woke up at 5am and it was already gone. I had it only for about 3 or 4 months what happens if they dont find it? How about if they do find it with alot of damage or striped. Ive been so deppressed cause i dont know what im going to do or what happens. Oh and yes i have full coverage insurance and gap and etch security. Please let me know what you think thank you soo much.
2006-09-04 07:38:08 · 6 answers · asked by lola 3 in Cars & Transportation ➔ Insurance & Registration
I also still owe 29,000 for the car, will i get money for a new car if my car is not found??
2006-09-04 07:41:15 · update #1
OK ...
1. If They don't find it, they have 30 days from the date of theft to wait to see if the vehicle recovers. If it does not show up, they will run the value of the vehicle and make you an offer (provided they have all the info they need..Police report, Your statement, completed investigation) for the value of the vehicle less your deductible. Then if the amount that they are valuing your vehicle at is less than what you owe, the GAP co comes in.
Be sure to call your finance co and let them know that the car was stolen.
2. If your car recovers.... Depends on the condition of the vehicle, if it is a total loss, see #1. If it is repairable, they will repair the damages and return the vehicle to you.
2006-09-05 03:45:21 · answer #1 · answered by deadcars42 3 · 0⤊ 0⤋
Your comprehensive coverage will handle the theft. If it is not recovered in a reasonable period of time, then it will be handled as if it were a total loss, and the insurance company will settle with you for the actual cash value (ACV). Good thing you bought gap insurance, because the ACV may not be as much as you owe on the loan. The deductible will be taken out of the settlement.
If it is found and it has damage, then the insurance company will pay for the damages to be repaired, less your deductible. If it is found damaged and the damages total the car, see above. Make sure you file a police report, which I'm sure you did. It's just a car, at least you weren't hurt, and it's a situation that can be remedied. Good luck!
2006-09-04 17:41:26 · answer #2 · answered by Chris 5 · 0⤊ 0⤋
The insurance is probably going to wait 30 days. If they find it in that time, and it is ok or not too damaged, they'll probably repair it.
My truck was stolen in David, FL and they found it stripped clean in Miami. They gave me book value for it. It's ok to be upset but, don't let it consume you... it is a car and you'll have a few of them in your lifetime.
You should understand what Gap Insurance is. Example only:
You bought a Maxima for $34000
You put $4000 down so you owe the bank $30k
The book value of the car is $29k - you owe more than it's worth.
They will give the bank $29k + $1k of Gap Insurance.
In this example you lost the $4000 that you put down.
If you didn't have Gap Insurance, you would still OWE the bank $2000 - sucks in that case because you would be out $6000.
Relax and hopefully they find your car. If not, at least you know what you're getting into.
Find out the book value of the car.
Find out how much you owe.
Do the math and figure out where you stand.
2006-09-04 14:57:58 · answer #3 · answered by KrautRocket 4 · 0⤊ 0⤋
Thank your lucky stars you have gap insurance, it sounds like you're going to need it on a car that's only 3 or 4 months old.
Find out how much rental coverage you have, hopefully it's 30 days, because on a total theft, sometimes they make you wait 30 days to see if the car will be recovered before they will settle with you.
2006-09-04 14:57:54 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you have all the insurance you stated then dont worry you will have a new car again. Sometimes it takes time because of course the insurance wants the cheapest way out so they wait to see if it is recovered then they pay out. I had a car stolen and it was found with slight damage and the insurance co. decided to just have it fixed
2006-09-04 14:44:38 · answer #5 · answered by DIRKDIGGLER 5 · 0⤊ 0⤋
forget about the car and focus on the isurance company to treat you fairly. be sure to list all your personal belongings that were in the car at the time it was stolen. you should read your policy to see if you can rent a car untill this case is resolved. this usually speeds up the progress when each day cost them money. good luck
2006-09-04 23:40:10 · answer #6 · answered by Billy T 6 · 0⤊ 0⤋