Jane Dotson
If your vehicle is stolen, you should contact the police and file a report. You should then notify your insurance company to start the claims process. If your car is recovered after the claim has been paid, you must report the recovery of your vehicle immediately and the insurance company will become the legal owner of the vehicle. If your car is recovered during the claims process, your insurance company will assess the vehicle for damage and pay out repair costs.
| Characteristics | Values |
|---|---|
| What to do if your vehicle is stolen | File a police report, then contact your insurance company to start the claims process |
| What to do if your vehicle is recovered after the claim has been paid | Report the recovery of your vehicle to your insurance company right away. The insurance company becomes the legal owner of your vehicle and has the right to dispose of it as they see fit. |
| What to do if your vehicle is recovered during the claims process | Contact your insurance company immediately. They will assess the vehicle for damage and pay out repair costs if needed |
| Items inside a recovered vehicle | Items inside the vehicle remain the owner's property. However, if items are missing, they are covered by homeowner's insurance, not automotive insurance |
What You'll Learn
- If the vehicle is recovered before the claim is processed, the insurance company will become the legal owner of the vehicle if they have already paid out
- If the vehicle is recovered during the claims process, the insurance company will assess the vehicle for damage and pay out repair costs
- If the vehicle is declared a total loss, the insurance company will pay the actual cash value, and your deductible will be deducted from the claim payout
- If you have comprehensive coverage, vehicle theft should be covered
- If your vehicle is recovered, you must report it to your insurance company right away
If the vehicle is recovered before the claim is processed, the insurance company will become the legal owner of the vehicle if they have already paid out
If your vehicle is stolen, you should contact the police and then your insurance company to start the claims process. If your car is not recovered within 30 days, the insurance company will declare it a total loss and pay you its actual cash value.
If your vehicle is recovered before the claim is processed, the insurance company will assess the vehicle for damage and pay out any repair costs. If the vehicle is declared a total loss, the insurance company will pay you its actual cash value.
However, if the insurance company has already paid out your claim, they will become the legal owner of the vehicle. You must report the recovery of your vehicle immediately and let your insurance company know. At this point, if your vehicle is returned, the insurance company will send a team to retrieve it and an adjuster will appraise the value of the recovered vehicle to determine how much damage it sustained.
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If the vehicle is recovered during the claims process, the insurance company will assess the vehicle for damage and pay out repair costs
If your vehicle is stolen, you should immediately contact the police to file a report, and then notify your insurance company to start the claims process. If your vehicle is recovered during the claims process, the next steps will depend on whether the claim has been paid or not.
If the claim has not been paid
If your vehicle is recovered during the claims process and the insurance company has not yet paid out, the insurance company will assess the vehicle for damage. They will pay out repair costs if necessary. If the vehicle is declared a total loss, the insurance company will pay the actual cash value of the vehicle, and your deductible will be deducted from the claim payout.
If the claim has been paid
If your vehicle is recovered after the claim has been paid, the insurance company will assume ownership of the vehicle. You must report the recovery of your vehicle to the insurance company right away. The insurance company will then send a team to retrieve the vehicle and an adjuster will appraise the value of the recovered vehicle to determine how much damage it sustained. After you meet the standards established by your insurance company, you should receive a settlement cheque minus the value of your deductible.
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If the vehicle is declared a total loss, the insurance company will pay the actual cash value, and your deductible will be deducted from the claim payout
If your vehicle is stolen, you should contact the police and file a report. You should then get in touch with your insurance company to start the claims process. If your car is not recovered within 30 days, the insurance company will declare it a total loss and pay you its actual cash value, from which your deductible will be deducted.
The actual cash value (ACV) of a vehicle is its market value at the time of the incident, not what you paid for it. Many factors can influence a vehicle's ACV, including its make and model, age, condition, and any additional features. You can use tools like Kelley Blue Book to look up your car's value using the vehicle identification number (VIN).
If your vehicle is declared a total loss, the insurance company will pay you the ACV, minus your deductible. For example, if your deductible is $250 and the ACV of your vehicle is $6,500, you can expect to receive a payout of $6,250.
It's important to note that if you have already received an insurance payout and your stolen vehicle is recovered afterward, the insurance company assumes ownership of the vehicle. In this case, you must report the recovery of your vehicle immediately and let your insurance company know.
Additionally, it's worth mentioning that most insurance policies require you to submit a sworn proof of loss within a specified timeframe, usually around 90 days after the incident. Failure to do so may result in your claim being denied.
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If you have comprehensive coverage, vehicle theft should be covered
If your car is stolen, you should contact the police to file a report, and then get in touch with your insurance company to start the claims process. If you have comprehensive coverage, vehicle theft should be covered. Comprehensive coverage is optional, so you won't be covered if you only have the state-required coverages. Comprehensive coverage will pay to replace your vehicle or repair it if it's found damaged. You will have to pay the deductible amount you choose, and then your insurance company will pay you the actual cash value of your car. This coverage is part of what's referred to as "full coverage".
If your stolen vehicle is found, immediately notify your insurer. If the policy has already paid out and you bought a new car, your old car now belongs to the insurance company. If your stolen vehicle is recovered with no apparent damage, contact your insurance company immediately. This will allow your insurance company to assess the vehicle for damage so they can pay out the repair costs for your vehicle if any are needed. If the vehicle is declared a total loss, your insurance company will pay its actual cash value, and your deductible will be deducted from the claim payout.
If you recover your stolen vehicle while a claim remains open, your insurance company stops the claims process until your vehicle receives a thorough inspection. Your auto insurance company pays for any damages as defined by your policy. If your car is a total loss, your insurance company pays the actual cash value just like it does to cover the value of a stolen vehicle. After you meet the standards established by your car insurance company, you should receive a settlement check minus the value of your annual deductible.
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If your vehicle is recovered, you must report it to your insurance company right away
If your claim is still being processed, the focus will switch from compensating you for the loss of your vehicle to determining if it was damaged, and if so, what level of repair will be needed to restore it. The insurance company will inspect the vehicle to assess the extent of the damage and the cost to repair it. If the vehicle is fixable, you'll receive a check to cover the cost of repairs. If the damage is too great, the vehicle could be declared a total loss, and your insurer can either cut you a check for the value of the vehicle or pay for you to buy a new replacement. They may also give you the opportunity to buy back the vehicle with a salvage title.
If you have already received compensation for your vehicle, your insurance company assumes ownership of the returned stolen car. They have the right to dispose of it as they see fit, such as selling it or sending it to a scrap yard. Some insurers will give you the option to buy it back, which you may want to do if it's in good enough condition or has custom parts. If you buy back the vehicle, it will probably come with a salvage title, which can hurt its value if you later choose to sell it.
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Frequently asked questions
Yes, you should report your car as stolen as soon as possible. This gives you the best chance of recovering your vehicle and will be necessary for any insurance claim.
If your claim has already been paid, your insurance company owns the vehicle. You must report the recovery of your vehicle immediately and let your insurance company know. They have the right to dispose of it as they see fit.
Contact your insurance company immediately. They will assess the vehicle for damage and pay out repair costs if necessary. If the vehicle is declared a total loss, your insurance company will pay the actual cash value, and your deductible will be deducted from the claim payout.
Contact your insurance company as soon as possible. You will need to provide evidence of the damage to show that the insurance company owes you benefits.
Any personal items inside the car when it is stolen belong to you whether or not the insurance company has compensated you for the loss of the vehicle. If items are missing when the car is recovered, these are typically covered by your homeowner's or renter's insurance policy, not your car insurance.
