my car was stolen???

Question

MY CAR WAS STOLEN AND NEVER FOUND
i still ow about 7,500 its a 2001 honda prelude,,127,000 thousand miles.
i also have full coverage insurnace,,
and gap insurance,
how much are they going to pay and whats the outcome of this,, i check around and this car is saling for aboutt 9to11 thousand,,,

Answer 1

Actually trade in value in good condition is around 6-8 grand, Whereas private selling is indeed around 11K the insurance does not base it on that, will say between the two insurances your car will be paid off, but that is about it.

Answer 2

Your insurer should pay the ACV (actual cash value) of the car prior to the loss. If you do indeed have GAP then no problem. If the car is indeed worth 9 to 10K, then you REALLY have no problem. You will have enough to pay off the loan and a few thousand to boot.

Answer 3

They'll pay you the actual cash value (ACV) less your deductible. There's no way an 01 with 127,000 miles sells for 9 grand...not even close. Good thing you have GAP insurance, man...you'll probably need it.

Answer 4

insurance companies too use the blue book method, most likely they will give you fair market value which is usually low blue book, and your gap insurance will pick up the rest.