when a vehicle is stolen, what do i do when they are not offering fair compensation? do i need to retain a lawyer?

Free Insurance Quote Comparison

 Secured with SHA-256 Encryption

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Full Bio →

Written by

UPDATED: Nov 1, 2011

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.

Insurance Question from Puyallup, WA

Asked on 11/01/2011

when a vehicle is stolen, what do i do when they are not offering fair compensation? do i need to retain a lawyer? NULL

Answer given on November 12, 2011

When a car is stolen, your insurance company will wait 30 days before offering a settlement, to see if the car is recovered. After the 30 day period the adjuster will make an offer for the car based on multiple sources including the Blue Book and Gold Book. If you do not feel the offer is satisfactory, it is your responsibility to provide evidence that the offer is not fair. However, the insurance company is not required to pay more than the actual cash value of the car. Often times a total loss settlement seems unfair to the policyholder since the car is more valuable to them. You will need to provide evidence of the value you feel the car is worth. You can do this with local newspaper ads as well as internet ads, as long as they are local values. Also,if your mileage was lower than average, this could increase the value of the car, but you will need to provide evidence of the mileage to use that as a cost basis.

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.

Free Insurance Quote Comparison

Enter your ZIP code below to compare cheap insurance rates.

 Secured with SHA-256 Encryption