AUTO INSURANCE CLAIM WHOS RESPONSIBLE FOR A STOLEN VEHICLE
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UPDATED: Dec 10, 2011
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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.
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