AUTO INSURANCE CLAIM WHOS RESPONSIBLE FOR A STOLEN VEHICLE

Insurance Question from Ellenwood, GA

Asked on 12/10/2011

AUTO INSURANCE CLAIM WHOS RESPONSIBLE FOR A STOLEN VEHICLE I COSIGNED ON A CAR LOAN WITH MY DAD 2 YEARS AGO.HIS CAR WAS REPORTED STOLEN.I FINDS OUT THAT THE LOAN WAS IN MY NAME ONLY BUT THE INSURANCE WAS IN HIS NAME.NATIONWIDE IS INVESTIGATING THE CLAIM AFTER 40 DAYS HAS WENT BY I STILL OWE THE BANK WILL NATIONWIDE PAYOFF THAT LOAN.

Answer given on December 11, 2011

Automobile insurance is to be written in the name of the titled owner of the car. Since your dad was not on the loan, it is possible the insurance company could deny the claim. However, you need to find out how the car is titled with your Dept of Motor Vehicles. If the title is in your dad’s name, or both your name and his, you should be able to convince the insurance company to make a payment.When a car is stolen,the insurance company generally waits 30 days before proceeding with a settlement. At this point the insurance company is only 10 days into the claim settlement.The amount to be paid for the car is based on the actual cash value of the car,which may or may not be the same as the loan. Unless there is a special endorsement saying the company will pay the loan value, then they are not obligated to pay over the actual cash value. You can do your own investigation as to the value of the car, so you will be ready when the insurance company offers a settlement.

---

IMPORTANT NOTICE: These answers are for general information purposes only and are provided by the person answering and FreeAdvice.com AS IS. It has not necessarily been reviewed by the management staff of FreeAdvice.com nor is it binding any insurance agent, broker, or other insurance professional or any attorney or insurance company. Insurance laws, regulations and practices vary from state to state and insurance policies and practices differ from company to company, by type of policy, by state and locality and by type of insurance. Tiny variations in the facts, policy language or a detail not set forth in a question often can change the outcome or a professional's conclusion. Although FreeAdvice.com has confirmed that the answer(s) was/were provided for the account of an experienced insurance professional, that professional may not be licensed in the state referred to in the question, and may not be experienced or up to date in the subject area. Unlike the answers provided here, upon which you should NOT rely, for personal advice you can rely upon we suggest you consult a licensed insurance professional in your area or retain a licensed attorney listed on AttorneyPages.com to represent you.