Car stolen. When am I not held responsible for payments?

Question

My car was stolen 40 days ago and has not been found. My Insurance (state farm) is pending on the Lien Holder's information before writing the check to them. My next car payment is coming up though. Am I responsible? I have signed the Power of Attorney form, turned over my keys to them (per their request) and purchased a new car since my rental benefits ran out. Also, What would happen if they find the car NOW... ?

Answer 1

Sounds as though your responsibility for the stolen vehicle ended with power of attorney, however, just to make sure call the claims team and ask them about the upcoming payment. If the vehicle is found after settlement has been made they will simply auction it off to recover some of the expense. All companies have specific guidelines concerning a waiting period when a vehicle is stolen. Usually if it hasn't been found within the first ten days it is long gone, in pieces or burned.

Answer 2

The best thing to do about the payments is to call the lien holder.
If the car is found after the claim is settled, it belongs to the insurance company.

Answer 3

First off the power of attorney rests with the lender now you are out of the picture. seconed if they find the car it will either be totaled or if it is in running condition the insurance company will salvage it to either a junk yard or a car auction they want to try to recoup some of the loss.

Answer 4

Yes you are responsible for the payments until State Farm cuts your LP a check. If there is any monies left over, then your Ins Co will reinburse you....

Answer 5

State Farm should handle the payoff on your vehicle. Ask them if you have any questions. If they find the car now your insurance owns it now and will do whatever needs to be done to offset their losses.

Answer 6

Youll have to make payments for both cars. Better hope they dont find the other car....