STOLEN CAR TIME LIMIT FOR INS. TO PAY CLAIM, LAS VEGAS NV. LAW?
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UPDATED: Apr 28, 2017
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Insurance Question from Henderson, NV
Asked on 04/28/2017
STOLEN CAR TIME LIMIT FOR INS. TO PAY CLAIM, LAS VEGAS NV. LAW? IF THE CAR IS NOT RECOVERED WITHIN 30 DAYS, DOES NEVADA LAW STATE THAT THE INS. CO. HAS TO PAY THE CAR LOAN OFF, SO A NEW CAR CAN BE PURCHASED. WHAT IS THE LEGAL TIME LIMIT...
Answer given on May 26, 2017
Each state and insurance company has it’s own rules regarding settlement of a claim. You can check your insurance policy to see what it says about settling on a stolen car. Most times it is 30 days before the insurance company will begin to process any claim. It will then take a little time to finalize the claim and offer settlement.
On an unrecovered stolen vehicle the insurance company will only pay the actual cash value of the car at the time of the loss. This amount may not be sufficient to pay off the car loan, depending upon how long you had the car. Actual cash value is the depreciated value of your car and is determined either by using the Kelly Blue Book, Gold Book, or some other source. You can argue the value of the car through local ads for the same type of car but you must substantiate your claim with evidence. Your deductible will apply to any amount offered.
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