Stolen Car is Found After an Insurance Payout
If you’re getting long-term insurance on your car, what happens if your stolen vehicle is found after the insurance payout can be confusing. Luckily, there are a few things that you can do to make sure that you don’t get caught out in this situation.
First, you must file a police report about the theft of your car. This is essential to making correct claims and resolving your claim quickly. Providing them with your car’s license plate number, VIN, year, make, and model will help them verify that it was stolen and provide you with the best chance of recovering it.
After you complete the report, be sure to call your insurance company. They’ll be able to send someone out to collect the car or give you a phone call to let you know that they found it. They’ll also be able to tell you how much it costs to repair or replace it. Depending on your insurance policy, they may be able to reimburse you for the damage and pay you a lump sum of cash for the vehicle.
Your insurance should also be able to provide you with a rental car while you’re waiting for the repair work to be completed. Many companies offer this service, which is usually an excellent value for the money.
Once the repairs are complete, you should receive a check in the mail that will cover the amount of your stolen vehicle’s value. This amount will typically be based on the actual market value of your car, so it should be pretty accurate. Next, if your car is in good condition and is in the same place it was when stolen, you can choose to keep it. This will depend on your insurance coverage and whether the car has any minor damages that can be fixed.
If the vehicle is not in good condition and has a lot of damage, you can decide to sell it off to get another car. You can then sell it to another person who isn’t insured, though you should be aware that you won’t be able to transfer the title to that owner, and it will remain in the name of your insurance company.
In most cases, you will be able to find a buyer for your car within a week of it being recovered by law enforcement. If the vehicle is in poor condition and has a lot of damage, the insurance company will likely hold onto it as a salvage or scrap car for longer.
You may be able to find a used vehicle that is similar to your stolen one, but it’s not a guarantee. It’s estimated that only a fraction of stolen cars is returned to their owners. The main thing to remember here is that your insurance company will have a duty of care toward you and won’t want you to be inconvenienced. This means that if you’ve decided to sell your car, they will need to ensure they can get the maximum price.