Do you still have to pay for your car if it gets stolen?
Asked by: Jaylon Quitzon | Last update: May 1, 2025Score: 4.5/5 (35 votes)
Do you still have to make payments if your car was stolen?
While getting your stolen can be traumatic, the situation becomes even more distressing when your car is still under finance. Unless you take out GAP insurance when, you will have to continue making monthly payments when the vehicle is stolen.
What happens when your financed car gets stolen?
If your financed car is stolen, you will not get your down payment back. You will also need to continue making car payments because you are still obligated for the debt under the loan contract. That contract does not care if you have the car or not, it was for making payments on a loan.
Does insurance pay you if your car is stolen?
Stolen vehicles are protected by comprehensive coverage
If someone steals your vehicle and it's not recovered, your insurer will cut you a check for your car's current value if you have comprehensive coverage. This may be true even if the car was stolen with the keys in it.
What happens if your vehicle gets stolen?
Contact your insurance company
They will guide you through the process of filing a claim. Be prepared to provide them with information such as your policy number, the police report number and any other relevant details they may require. Be aware that your insurance company may not act right away.
What Happens if the Car I'm Financing Is Stolen? : Personal Finance & Insurance
Will my insurance go up if my car was stolen?
Claiming a stolen vehicle becomes a part of your insurance claim history. While comprehensive claims are generally not viewed as negatively as at-fault accidents, multiple claims, including theft claims, can still affect your premiums. Location Matters: The area where your car was stolen may influence your rates.
What happens if your car is stolen and you still owe money on Reddit?
You'll still owe the remainder of the loan. With theft coverage? If you had GAP insurance, you'll get whatever is owed on the loan. If you didn't have GAP insurance, you'll get the actual cash value of the car, and you'll owe whatever the difference is between what is owed on the loan and the ACV.
How long does it take to recover a stolen car?
If you report your car as stolen immediately to police, there's a better chance it will be recovered. In fact, according to NICB data, 35% of recovered stolen vehicles are recovered on the same day as the theft, and 45% are recovered within two days.
What happens if your car gets stolen and you have full coverage state farm?
If you have collision or comprehensive coverage, your auto insurance policy may cover a totaled or stolen car. In the case of a covered loss, you will typically be paid the actual cash value of your car minus your deductible.
Can you report a car stolen if the person is on the insurance?
ANSWER: The answer to your question is yes. If the vehicle is titled in a person's name, no matter whether they make the payments or not, they can report the vehicle as stolen. I hope this information helps you. Please let me know if you have any other questions or need further clarification.
Did my car get repossessed or stolen?
Call the bank, or the non-emergency line for the police. The repo guys will inform the police (so that people can know their car was repossessed not stolen).
How does GAP insurance work if your car is stolen?
So, if you took out a loan or leased a car, and the car is totaled or stolen before you can pay off the loan, GAP insurance will cover the difference between what you owe on the loan and the car's resale value.
Who pays for items stolen from car?
Theresa Simes is a Farmers Insurance® agent in Fountain Valley, California. She explains how insurance works in cases of theft from a vehicle. A: It might seem reasonable that your auto policy covers theft from your vehicle — but it's actually your home insurance that would cover the loss.
How do I know if my stolen car has been found?
NICB's VINCheck is a free lookup service provided to the public to assist in determining if a vehicle may have a record of an insurance theft claim, and has not been recovered, or has ever been reported as a salvage vehicle by participating NICB member insurance companies.
What happens if your car is stolen with the keys in it?
If you have comprehensive coverage on the vehicle, then you're generally covered if it's stolen — even if you left the keys in the car. If you're a victim of auto theft, contact your local police station to file a report, then get in touch with your insurance company.
What happens if your car is stolen and you still owe money?
What happens if your car is stolen and you still owe money? Unfortunately, when your car is stolen, you are still obligated to make payments on it. If your insurance claim payout is approved, you can use the claims check to pay against any amount owed.
Is it better to have a $500 deductible or $1000?
Remember that filing small claims may affect how much you have to pay for insurance later. Switching from a $500 deductible to a $1,000 deductible can save as much as 20 percent on the cost of your insurance premium payments.
Will insurance pay me if my car is stolen?
For theft coverage for your vehicle, you must have a comprehensive insurance policy. This type of coverage will pay out for a stolen or vandalized vehicle. Comprehensive coverage pays for damages that are not related to a collision, which includes a stolen car.
What are the chances of getting your stolen car back?
According to Progressive Insurance's report, the US average rate for car theft recovery is 46%, but the rate varies greatly among states. For example, the stolen car recovery rate in Washington was 71%, in Utah was 63%, but only 28% in Alabama. All in all, the chance of finding a stolen car is quite high.
What happens if your car is stolen and you don't have insurance?
Unfortunately, if your car is stolen and you don't have insurance coverage, you may be responsible for the full cost of replacing your vehicle. When a car is stolen, the owner typically files a police report and notifies their insurance company.
Can I track my car after it has been stolen?
Locating your vehicle
After reporting the vehicle stolen to law enforcement, contact an OnStar Advisor at 1.888. 4ONSTAR (1.888. 466.7827) to begin the process of locating and recovering your vehicle. Built-in GPS technology can help the Advisor find your vehicle and relay its location to the proper authorities.
Do I have to pay to get my stolen car back?
If your stolen vehicle is recovered, you may have to pay impound lot fees to get it back. These costs depend on your location and the base fee of the impound lot, but expect to see at least a $250 base fee plus about $60 per day for the time the car sits on the lot.
What happens if your car gets stolen from a dealership?
The dealer's insurance should cover this loss. While the car is in their possession they must take care to prevent damage or theft. So, Monday morning make a claim to their insurance and if they do not offer a reasonable settlement then you will have to sue them.
How do I know if I have gap insurance?
You can check your current car insurance policy or the terms of your lease or loan to see if you have gap insurance. This type of coverage is usually offered as optional coverage by insurers or as an extra add-on by dealers, so it's a good idea to find out if you already have gap insurance before you add more coverage.