Stolen car, now what? If your vehicle is stolen, you should call the police immediately and then notify your insurer, your lender and your state’s DMV. Almost 900,000 vehicles were reported stolen across the U.S. last year according to the National Insurance Crime Bureau (NICB), an insurance industry association. Lots of questions! What happens when your car is stolen then found? Who will pay for the damages that happened when the car was not in your custody?
Daily driver (Stated Value) insurance is well suited for your daily driver car that is depreciating in value, but your custom or restored collector car that is going up in value, needs different (Agreed Value) insurance coverage. Do NOT lump your daily drivers and collector cars on the same policy! In the event of a claim for your collector car, you could be greatly disappointed!
So your Auto Insurance Company tells you your vehicle is a Total Loss! Do not accept the Insurance Company's offer to settle and compensate you for your loss! Be aware and invoke your right to the 'Appraisal Clause' in your policy!
An opportunistic car "collector" used a test drive to make off with a Ferrari worth $2.2million.
Find out what your car was worth prior to the accident. If you have been in an accident and it has been determined that your car is a total loss, your insurance company will need to pay to replace your car.
Tim M’s 2014 Kia Sorrento was stolen in December 2018, never to be seen again! His insurance company offered to compensate him $11,329 for his total loss. Tim felt this was less than fair market value so contacted us to help him. We advised him to inform his insurance company that he wished to invoke the ‘Appraisal Clause’ in his policy. We all have one in our policies!