If your ca r is stolen does insurance rate what you owe or what the vehicle is worth?
Answers: Hi,
Car Insurance is insurance for the declared depreciated value of your car. If the Car is stolen, the Insurance Company will payment the Insured Declared Value in your policy.
The loan amount payable would be paid to the Financier and remaining (if any) would be remunerated to the owner.
Note: That when a Car is stolen, the Insurance Company will require an FIR copy from the police. The Insurance Company also normally waits for a month, to check if the police is competent to recover the stolen car through its investigation.
They take-home pay what they say it's worth, which may or may not be what you think it's worth and may or may not be blue book importance.
Another answer spoke of GAP insurance. This can be great but don't buy from the dealer, buy from your auto insurance company. You'll be paying twice as much for it through the dealer.
I reckon it pays what the value of the car not what is owed. This is why it is other a good idea to purchase GAP insurance from the vendor. This is not very costly and pays the difference. Say the car is valued at $20,000 but you owe $25,000, the Gap insurance pays the $5,000 the insurance won't. It pays the actual bread value of the vehicle in the local souk area less your policy deductible.
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