Getting your car stolen isn’t an uncommon mishap in today’s day and age. Imagine yourself working a late night shift and when it ends, you’re all set to go home. Now as you finally reach the parking spot where you imagined your car to be in the first place, you begin to figure out that it’s gone or stolen.
Your heart begins to race and start to panic frantically. But luckily, you’ve got yourself comprehensive auto insurance coverage and hence decide to file a claim with your respective insurers.
So what’s next? You receive payments for your claim and everything seems to be going alright. But that is up until your stolen car is recovered. What happens next? How do you go about the situation? To help you understand, we’ve listed some simple pointers regarding a scenario that involves recovery of a car after insurance claims are paid out.
What will your auto insurance policy plan pay out after the vehicle is stolen?
Once you happen to come to the unfortunate conclusion that your vehicle has been stolen, it’s time to file a complaint with the police officials first. The next step involves informing and filing a claim against your stolen vehicle to your auto insurance carriers. So what happens after a claim has been filed?
Usually, the comprehensive insurance coverage pays the filer the exact same value of his or her car. This amount equals to that sum of money that the vehicle could have been sold for in its current condition.
Once the claim is made and the value paid out, what happens if the stolen vehicle gets recovered?
It’s not an uncommon practice to be faced with a scenario like that mentioned above. Your car that gets recovered, even if it is worth more than the amount that you’ve received, is solely of the ownership of your auto insurance carrier. The company will now posses all of the exclusive rights of entitlement for your vehicle. But there are a number of possibilities that may exist; making it an important task to call your insurers after the vehicle is recovered.
- If you desire your vehicle back, you just might be able to purchase the vehicle back from your auto insurance company.
In cases where your auto insurance carrier feels that the recovered vehicle’s value is too low to be collected and salvaged, the chances of you keeping the car might be a giant possibility.
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