2006-11-26 03:58:43 · 6 answers · asked by Anonymous in Cars & Transportation ➔ Insurance & Registration
If you have full coverage, which would include fire, theft and collision, the market value of the vehicle at the time of loss, adjusted for condition, minus deductible if any.
If you just have comprehensive, nothing.
2006-11-26 04:21:47 · answer #1 · answered by oklatom 7 · 0⤊ 1⤋
Theft is covered under your comprehensive policy. If the car cannot be recovered or is found and damages are too extensive to repair the vehicle will be declared a total loss. A value will be assigned to the car depending upon condition, mileage, model and options. This is called ACV or actual cash value (what the car would sell for on the open market prior to the loss). This amount less your deductible if you have one is what the insurance company will pay. If you owe more than this amount you will be required to pay the leinholder the difference.
2006-11-26 13:14:23 · answer #2 · answered by Anonymous · 1⤊ 0⤋
In most states the payment is called the "actual cash value" of the car. That is the book value of it. If you have a deductible that comes out first. This is regardless of what is owed on the car for financing.
Example: car is worth $10,000 and you have a $1,000 deductible. If the car is stolen or totaled out the insurance company pays out $9,000. If you owe $7,000, you get the extra $2,000. On the other hand if you owe $9,500, the insurance company pays the first $9,000 and you still owe the rest.
2006-11-26 12:06:40 · answer #3 · answered by my_iq_135 5 · 0⤊ 0⤋
In about 30 days from the time your car is reported missing you will receivce a check for the actual cash value of your Car or Truck.
In my case my Car was recovered with over 5,000 in damages. Insurance cut a check for the damasges and not the car is totaled out after an accident when my friend who drove my car in high speed chace from police kareemed it right into a pole.
Tats my life...money money money
2006-11-26 15:00:29 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Book value, taking in mileage and contents in consideration.
If the car is recovered, they will pay for the damage (if any) sustained to the car from the theft up to the book value of the automobile
This is providing you have theft/comprehensive insurance.
2006-11-26 12:06:53 · answer #5 · answered by Steven H 5 · 0⤊ 0⤋
replacement value ,plus tax and lic plates fees
2006-11-26 12:53:15 · answer #6 · answered by Anonymous · 0⤊ 1⤋