Brand new car stolen!?

Question

New car stolen 2 weeks ago. Only had it 7 days! Does anyone know how the insurance co. will reimburse me for a car stolen with only 10 miles on it! BTW do I eat the loss on sales tax or is that reimbursable as well?

Thanks

I forgot to mention they found it 3 days later in East LA, so stripped that I could have carried the remains in the truck of my other car! As far as blue book is concerned this car in a brand new model for 2007 and isn't even listed in Kelly's yet. I believe that they will have to compare it to the local dealers prices?

Answer 1

Your car is what is called a total loss/total theft recovery. You should have comprehensive coverage since the vehicle is so new, and you'd be required to purchase full coverage at the time you bought the car. Here's what will happen:
1. Your insurance co is going to assess the value of your vehicle. Since there are still parts left that can be sold for salvage, these will be deducted from your payout. Your lender will be issued a payment for the ACV (actual cash value), of your car, less your comprehensive deductible.
2. The ACV is not the Kelly Blue Book. It is fair market vaule, based on recent sales in your area and the condition of the vehicle, less depreciation. I hate to be the one to tell you this, but your car has likely seen a significant amount of depreciation since you drove it off the lot (that's just what cars do...lose value, unfortunately). Obviously since the car is brand new the depreciation may not be too huge, but this is going to place you, "upside down" on your loan. Your insurance co is NOT responsible for picking up this "gap," of difference between what the car is worth and what you owe.
3. Did you purchase GAP insurance? When you initially bought the car, this is an option you would likely have been given by the dealer and/or the finance co you purchased the car from. If you purchased gap insurance, they will pay the difference between the ACV and what you owe.
4. Your deductible is going to be due regardless of how much cash is offered from insurance to your lender. Check out your declarations page or your insurance card if you do not know how much this is. You'll pay it directly to the lender.
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5. In the event that the police find whoever stole/stripped your vehicle, the perp will be arrested and tried. If this happens, a District Attorney will contact you to see what your vested interest is. Since the insurance pays the rest, your vested interest is your deductible. The perp will be tried, and a judgement placed against him with an order of restitution. This order will specify that he pay your deductible amount back directly to you.

Answer 2

Even though your car was stolen it will be up to your insurance company whether they total it out or not. If they decide not to total it and you think it is then you may have to get an attorney involved. Most cases if the total amount went over 50% then they will total it out. If the car is a 2006 it will be listed in the NADA guide and that is what most insurance companies go by. you can go to www.NADA.com and see if your car is listed there. If it is a 2007 then chances are it is not listed and in that case they will have to go by the original MSRP that is listed on the window of a brand new car. Taxes, tags and documentation fees are not normally covered or re-imbersed by insurance companies because those fees vary from state to state. I am sure your dealership will work with you and your insurance company to help you replace your car, besides they already sold you one vehicle, if the sold you another one and broke even they still come out on top because you think that they went above and beyond to satisfy you and most cases dealers get kick backs from the manufacture when they sell a new car. So try to get a new one if you can. Good luck.

Answer 3

10 miles in 7 days? What did you do, drive it off the lot and home and not again and now its ripped off????
Sounds very odd to me..... considering in all the new cars I have owned, my husband too, the best I ever saw in mileage was 4km. If this is not a joke, your insurance company will take a VERY LONG LOOK AT THAT, so shut up about your mileage, or drag it out of the lake you parked it in yourself.

Regardless, these things take time. You're not getting money tomorrow. There is a length of time where the police need to look for it etc etc. Can be a week, I've known people that have waited a year.
And YES, you can get full value, its called waiver of depreciation, it lasts 24 months, and you pay for it. If you write off your car or it wanders away suspiciously (as yours seems to have) they will replace it exactly for what you paid for it.

Answer 4

Did you buy a "purchase price protection" or "new car protection" type of extension package for your new car? If you did, you get a check for the price you paid plus all taxes and fees paid on your bill of sale. If you didn't buy that type of extension, your car is written off as a low mileage used car, and you eat a depreciation loss. Auto insurance is ACV (actual cash value) coverage.

Answer 5

They will give you the blue book value of a used vehicle, even if it only had a few miles on it. Trust me, you will get your vehicle back though and when you do, your insurance comapny is going to take a loss. The WILL NOT give you the value you paid for it.

Answer 6

They will give you the Blue Book value, however, if you can show them an ad in the paper, or from a dealer that shows it's worth more than Blue Book, they will usually go with that figure. You're s.o.l. I'm afraid on the taxes you paid on it.

Answer 7

a-dub has this on lock.
i had a blazer stolen a few years ago. the insurance paid off on it, but it wasnt an overnight thing either. it's gonna take at least a month or 2 before u even see any insurance checks.

Answer 8

I recommend one to try this web site where you can get quotes from different companies: http://INSUREQUOTE.INFO/index.html?src=5YAofhgdDE281

RE :Brand new car stolen!?
New car stolen 2 weeks ago. Only had it 7 days! Does anyone know how the insurance co. will reimburse me for a car stolen with only 10 miles on it! BTW do I eat the loss on sales tax or is that reimbursable as well?

Thanks
Update: I forgot to mention they found it 3 days later in East LA, so stripped that I could have carried the remains in the truck of my other car! As far as blue book is concerned this car in a brand new model for 2007 and isn't even listed in Kelly's yet. I believe that they will have to compare it to the local dealers prices?
Follow 12 answers

Answer 9

Depends on your insurance coverage.

Answer 10

re-imburse hell, make them replace the car with the samr thing.