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How long does it take for the insurance company to process a claim for a stolen vehicle?
It depends on the circumstances around the claim, if there's anything suspicious about the claim, whether the vehicle was recovered, etc.
Insurance companies differ, too, on their philosophies around settling the theft of a vehicle. For instance, say your coverages and information are both in order; there's nothing suspicious about your claim; the vehicle wasn't recovered. One company may take two weeks, with the understanding that if your vehicle wasn't found within a few days, it's unlikely to be recovered. Another company may take 30 days, believing the vehicle may eventually show up in that time.
Usually, your carrier will provide you with a rental car for a stolen vehicle, even if you don't carry rental coverage on your policy. That's definitely something to look into.
If your claim is taking an inordinate amount of time -- say, it's been over 30 days -- you might want to discuss it with your claim rep or his/her supervisor. It's possible, given the circumstances of the theft, that your carrier's Special Investigations Unit (or SIU) is involved. If that's the case, you'll very likely see a delay. Insurance carriers are usually required to have an SIU department by law, and their investigations tend to get pretty thorough.
Also, keep in mind that per your policy, you must cooperate with your carrier during the handling of your claim. So, if you haven't returned all the requested documentation -- like an Affidavit of Theft -- delays will occur.
Generally between 2 weeks to 30 days. Investigations will ensue after the report is filed.
30 yrs ago when I was an ins. claims adjuster, it took on average 30 das, depending upon the make, model and age of the vehicle. It may be sooner in the case of an older vehicle that perhaps should not have been insured in the first place, or longer if the investigation revealed any suspicious information. In any case the ins. company would try to limit the extent of the rental it would incur which would have an affect on the salvage value in the event it was recovered.
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Generally speaking: If they have already made a settlement and recover the vehicle later, you may have the option of returning the settlement and taking the car back. If… they recover the vehicle before settlement is made, you have to accept the car. They are not required to make a cash settlement. If the car was damaged by the thief, they would have to settle for the difference in value (less your deductible).
Will the insurance company accept your claim on a vehicle that is stolen if your late on your car payments?
They will accept almost any claim, paying it is another matter.
You can go to your state's insurance regulator. Every state's regulator has a service to help consumers deal with health insurers. Look for words like consumer advocate or ins…urer complaints on the regulator's website.
Will the insurance company pay for a vehicle that is stolen while the keys are in it or running with the keys in it?
If you leave your car running with the keys in it, and it's stolen, an insurance company might say you've increased the risk of the vehicle being stolen exponentially, and t…herefore the coverage wouldn't apply. They could also argue that you didn't mitigate your damages, or try to avoid a loss. The problem, of course, is that you pay your carrier for a coverage, and denying that coverage is very, very difficult. Courts generally find in favor of the policyholder, not the insurance company. And, of course, your carrier may say you are partially liable for such a loss, but when you get right down to it, the person who's really liable is the actual car thief. If you're facing a problem with your carrier regarding this, you might want to seriously consider approaching the division of insurance for your state, who would have any case law that applies. They can also "light a fire" with your carrier to handle the claim. More Information: I've heard of some carriers attempting to include language in their policies for this sort of thing, where coverage is excluded if the vehicle is left running and/or the keys are left in it. So far, I haven't seen such an exclusion stand up in court, but I could be wrong. The idea behind this is that your insurance covers standard risks that we all face. One of those risks, of course, is having our cars stolen, which is covered under comprehensive coverage. If there is a local ordinance against leaving an unattended car running, it would certainly reduce your chances of getting an insurance settlement.
1 week to 45 days....depending on invesigation involve Depending on the claim itself and severity: it may take as little as an hour to resolve the investigation and only a f…ew days for repairs. At most, an attorney may intentionally wait until just before statute runs for a claim to file suit and then postpone/delay the trial for as long as the court will allow (which can be quite long). The verdict may be appealed by either plaintiff or defendant. No resolution for as much as ten yrs in such cases. A non-injury claim probably averages out to around 2 wks. Claims are very specific things and there are many variations possible within two "same" situations.
Answer You can take back a claim for damage to your own property. You can't take back a claim where you are liable for damage to another party.
Assuming you receive cash from the insurance company, rather than a replacement vehicle: Credit the Fixed asset account for the vehicle at cost. Debit the Accumulated depre…ciation account for all depreciation recorded on the asset Debit Cash for the amount of cash received. If the difference between these accounts is a credit, then credit Gain on insurance proceeds from casualty loss. If it's a debit, then debit Loss on insurance proceeds from casualty loss.
It all depends on the state the claim is filed. If a state does not have a set amount of time of the company to investigate and make a decision on a claim, they are required t…o do it in a "reasonable" amount of time, depending on what time of auto claim it is.
If a diamond engagement ring was stolen from your house how long will it take for your insurance company to send a check for a new ring?
First off, very sorry to hear that that happened. An engagement ring holds a great deal of sentimental value, so to loose it in such a way is awful. I actually don't know how …long it takes for insurance co's on average to cover for something like a lost/stolen ring, however I do have a very helpful piece of advice to consider for when you get your replacement ring - Make certain that your ring comes with a GIA (gemological institute of america) grading report. GIA created the 4Cs that I'm sure you know all about (color, carat, clarity, cut) - and they're an independent, nonprofit organization created with the interest of the consumer in mind. GIA is recognized as the ultimate authority on gemology by the jewelry industry and the U.S. government; providing consumers with unbiased, accurate, astute, scientific evaluations of diamonds based on the mentioned 4Cs. And this doesn't apply just for engagement rings - any piece of "gem'd" jewelry that you are looking into purchasing should be purchased with a grading report. Ultimately, I'm telling you this b/c by having a grading report from GIA, most insurance companies are quick to provide coverage because GIA is so well known and well respected in the industry. You can check them out online @ http://gia4cs.gia.edu/ Cheers, Rich Depends on the insurance company and the circumstances surrounding the loss. //
No, that wouldn't be a reason for claim denial. It may be a reason for them to investigate you for insurance fraud.
Answer . Each jurisdiction sets it's own regulations in regards to responding to a claim and settlement time allowed after a claim is Filed. In most jurisdictions a respon…se or acknowledgemnt of a claim is required in 30 days of notification and an offer of settlement is required in 60 days unless extenuating circumstances apply.. An inability to reach agreement between the Insurer and the Claimant on the amount of a loss automatically creates an extenuating circumstance.
You must have comprehensive coverage in order to recover on a claim from your insurance company if your vehicle is stolen. Liability only is just that, liability for your lega…l liability for damage or injuries to others.
Answer The thief of the car is responsible, not the owner of the car. How can the owner control his car being stolen? However, if the owner or person in charge of …the vehicle left the keys in the ignition, liabilty may attach in some jurisdictions.
In most states, insurance companies have 10 to 15 days in which to acknowledge the filing of a claim. In Indiana, they are only required to acknowledge a claim 'promptly.'… No set number of says applies in Indiana. If they do not respond within a reasonable amount of time, the insured customer can contact the Indiana Department of Insurance to file a complaint. The insurance company will then have 20 business days to respond to the IDOI.
Insurance companies ONLY pay for Replacement value when you have paid for an additional endorsement to insure your car for its "replacement" value. Otherwise, they pay Actual …Cash Value, using blue books, fair market prices, your car's condition, i.e miles, etc, all of it is a factor to determine actual cash value, etc.
Once you've reported an accident to your insurance company they will assign a claims adjuster to your file. The claims adjuster will meet you in person or contact you by phon…e to determine what is covered by your policy. The claims adjuster will let you know where to take your vehicle to be assessed to determine if it is a write off or repairable. If the accident was the fault of another party, then your adjuster will contact the other insurance company of the other party, assuming you were able to obtain the information of the other party. If anyone was injured in the accident then information from a doctor will need to be provided to the insurance company, so they assess financial compensation for the injury and time off work.
If they denied that claim for cause, such as fraud, then there is nothing you can do. If they did not have cause, you can try contacting the department of insurance in you…r state. That is of course, as long as you had comphrensive coverage on the policy. If you did not have coverage, they do not have to pay for anything.