What Happens If Stolen Car is Found After Insurance Payout
The incidents of car theft, vandalism, etc, are increasing nowadays, and so is the stress level of the vehicle owner. Because the claiming procedure for a stolen car is not easy, the policy provider needs to do an in-depth investigation to ensure that the vehicle is actually stolen or that it’s just a fraud case to take the insurance money back.
Have you ever heard about a situation where your car is stolen first and later found after the insurance payout? What would you do? What procedure do we need to follow after that? More questions arise here.
But not to worry, dear readers, as in this article, we are going to discuss with you what you can do if your stolen car is found after the insurance payout; we will share with you a few tips and tricks that you can easily safe your car from stolen and more.
Does Insurance Cover Stolen Car Coverage?
Many people do not know what coverage to use if their car is stolen or vandalized. So, here we are giving you the three standard coverage options in case your car gets stolen.
- Specified Perils Coverage:
If your insurance policy includes a specified perils coverage option, it covers all the specific risks related to car theft, attempted theft, fire, hail, etc.
- All Perils Coverage:
All Perils Coverages is an alternative option to full coverage. It covers both the collision and comprehensive coverage options in one and offers more than full coverage to your vehicle.
- Comprehensive Coverage:
Comprehensive coverage will only cover your vehicle cost if it gets stolen or caught by fire; otherwise, nothing will be included in this coverage.
Moreover, regarding this above-given coverage option, some policies may reimburse the cost of renting a vehicle, while others are unavailable.
What Happens If A Stolen Car Is Found After Insurance Payout?
If your stolen car is found after you have received a car insurance payout, then in that case, the chances are high that your insurer effectively become the owner of the car.
Still, what happens entirely depends upon a policy’s terms and conditions; for more clarity, here we are sharing with you some of the possibilities that may happen to you if you are stuck in such a situation.
- Vehicle Returned to You:
The first possibility is that the insurance company permits you to reclaim the recovered car if it’s repairable. But, here, you must withdraw or reimburse the claim wholly or partly.
- Subrogation Process:
The subrogation process means the insurance company’s attempt to recover the cost of your stolen vehicle from that of the liable person or the one involved in this theft. If your insurance company succeeds in the subrogation process, then the insurance company may refund you a portion of the insurance payout.
- Insurance Company Takes Possession:
A few companies have a right to take possession of the stolen car if found after the insurance payout. Now, this may happen in case if your vehicle is wholly damaged or you cannot repair it, and so the claim that you have made is settled as a total loss, and later, the provider tries to sell it to recover the cost, which they have paid to you as an insurance claim.
- Salvage Rights:
A few car insurance policies, such as classic car policies, are different, and they may offer salvage rights in certain situations. Now, if your vehicle is damaged or in poor condition, the provider declares it a complete loss, but on the other side, you may also have the right to keep the car with you.
But, remember, here we will suggest you to connect with your insurance company as soon as possible once you found the car after the insurance payout, because your immediate action will impact you positively, and the insurance provider will also provide you a perfect guidance related to what next you can do is.
A Few Tips and Tricks to Save Your Car From Stolen:
No one can give a 100% surety for your car’s protection against theft. Thus, here we are giving you a few ways to save your vehicle from such situations.
- It is always better to lock your car perfectly; here, you can also use the steering wheel locks and install the alarm facility in your car, so if anyone else touches your vehicle at that time, you come to know about it.
- Store the intelligent key fob in a signal-blocking container to prevent thieves from copying your codes.
- You are parking your car in a safe area, with no chances of car theft. Or, here, if you have the parking insurance, and your vehicle is swiped from the parking spot, that time you will get the recovery amount from your policy.
- Install a theft-deterrent device to prevent reprogramming your car’s onboard diagnostic system.
Final Words:
While ending this article, we hope you have collected enough information about the stolen car, what it covers, what happens if it is found again after the insurance payout, and more. In addition, here we have shared a few efficient tips and tricks to easily save your car from theft, vandalism, issues, and more.
So, read the entire article carefully and follow the above tips to protect your car from theft. Also, if you still have any queries about the vehicle stolen insurance policy, please feel free to comment in our website comment section. Thank you.