What Does Your Insurance Company Do When Your Car Is Stolen?
When a vehicle is stolen, the owner may become concerned with how the insurance company will handle his theft claim. Many insurance companies follow similar steps when investigating and paying vehicle theft claims.
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Review Your Coverage for Eligibility
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The first thing your insurance company will do is review your policy to make sure you're covered for theft. Theft is typically paid for under "comprehensive" coverage. If you have comprehensive coverage, it will likely move to the next step.
Obtain the Official Police Report
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The insurance company may obtain your official police report directly from the authorities. The claim adjuster may alternatively request a copy of the police report from you.
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Perform an Independent Investigation
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The insurance company will take a statement from you. The company will also interview any witnesses and experts who may have knowledge of your claim.
Pay the Claim If Covered
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If the investigation doesn't uncover details that exclude you from eligibility, the insurance company will pay your claim. Such exclusions include, but aren't limited to, insurance fraud and negligence.
Sell the Recovered Vehicle
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If you accept payment from the insurance company, you forfeit rights to your vehicle when it is recovered. If your car is found, then the insurance company may sell it to recover its money.
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References
- Photo Credit luxury car - model toy car image by alma_sacra from Fotolia.com
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Comments
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My 2005 Jimmy was stolen a year ago and totaled. The police were informed it was stolen. I was insured with Co-Operators Insurance and had top of the line coverage for theft. That was just about as far as the theft report went. The Co-Op claims adjuster is a different story. When I went in to make a statement he stated right off at the start that they were not going to cover the theft claim, and if I did not change my claim for theft to a colission I would not get anything at all, so I fought with them until I started getting calls from their main office in Guelph pushing me to change my claim along with the same Order or else. I could not take it anymore or lose what ever claim oayment I may receive. I was 66 yeras old and retired living on my pensions. they finally closed the claim for $7600.00 far less than what it would cost to replace it. They came forward with a threat of not paying if I refused to sign a document created by then and backed by our elected officials that I gave up my right to go after any other monies from them. They are thieves an worst than other crooks as they have the backing of the government who allows then to make up the own rules and have them pass it.
