Stolen car insured value

UPDATED: Sep 30, 2022

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Stolen car insured value

Our vehicle was stolen. The insurance adjuster has told me that she is looking into the value of our vehicle which had been insured for $27,500, as it is a commercial vehicle used to earn money for our company. Will the insurance company pay us what we’ve been paying for the premium at $27,500 or will they make us an offer of something far less and, if they do, what do we do about that?

Asked on March 16, 2016 under Insurance Law, South Carolina


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

The $27,500 represents the maximum you might get; however, you can get less. That's because the insurer is not obligated to pay more than the then-curren fair market, or blue book, value of a stolen vehicle. So if, for example, due to the passage of time and/or heavy use (lots of mileage), the vehicle is now worth less than it had been, you will get its current value.

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