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Does comprehensive auto insurance pay off and replace the vehicle in the event of auto theft?
Wiki User
∙ 12y ago
Comprehensive is the coverage that would pay for the theft of a vehicle. The policy spells out the insurance companies options on payment. On any claim, the insurance company has the option to repair, replace, or pay the actual cash value of the vehicle in the event of any loss. Generally they do not replace a vehicle but pay the actual cash value less your deductible then allow you to purchase a replacement vehicle. As a matter of full disclosure, I own and operate a small Independent Insurance Agency and have for the part 22 years. Before that I worked as an agent for a direct writer insurance company.
As for the payoff of the loan on the vehicle, the insurance company will have to issue payment to the bank up to the amount owed on the vehicle. The amount they pay has nothing to do with the balance on the loan. If you owe less than the ACV then the balance will be paid to you. If you owe more than the ACV then you will have to pay the difference to the bank or finance company.
Wiki User
∙ 12y ago
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Does Comprehensive auto insurance pay off and replace the car in the event of auto theft?
Yes
What is comprehensive auto insurance?
If you are in the process of quoting auto insurance, chances are the term comprehensive coverage has come up quite often. Comprehensive auto insurance coverage is a coverage that will pay to repair or replace your vehicle in the event of a covered loss up to the fair market value of the vehicle. Covered losses that fall under comprehensive include: fire, theft, vandalism, hail, and wind damage. Falling objects and hitting a live animal also fall under comprehensive. If you are financing your vehicle, you will be required to carry both comprehensive and collision coverages to satisfy lender requirements. The state does not require comprehensive or collision coverage.
Does homeowners insurance cover a car stolen off your property?
No, Never. An auto theft would have to be covered by the vehicle owners comprehensive auto insurance policy. A homeowners Insurance policy is not liable for the theft of a vehicle. that's what Auto Insurance is for. If an Auto Owner chooses not to purchase a Comprehensive auto Insurance Policy then they assume the risk of a total loss in the event of a theft. The vehicle owner can not seek to shift liability to another person simply because it was on their property when the vehicle was stolen. If this were the case then every time a car is stolen from the parking lot of a store or shopping mall people would expect that business or property owner to pay for their loss.
What does comprehensive car insurance include?
A Comprehensive car insurance policy includes the following: Damages Due to Accidents: If your car will witness any damage due to an accident, nothing to worry about as a comprehensive car insurance policy got you covered. Third Party Losses: In an unfortunate event of third party loss related to person, vehicle or property, your comprehensive policy will take care of the legal and financial liabilities. Car Thefts: In case your car is stolen, your comprehensive car insurance policy will look after the same. Damages Due to Natural/Man-made Disaster: When flood, hurricane, hail storm, tornado, riots, etc attack your car, your comprehensive car insurance policy comes handy. Damages Caused in Fire: If your car catches fire, your comprehensive car policy will pay for the damages.
Why would you purchase comprehensive general liability insurance?
If you are in a business that involves the risk of accidents, you can be sued for large amounts of money in the event of an accident, therefore you need comprehensive general liability insurance to protect you if you were to lose a large lawsuit. That is incorrect. I had comprehensive general liability on my Motorcycle. Wrecked it an was not covered because I did not have colllision coverage. General Liability covers the injuries, repairs of others involved in a wreck where you are found at fault including property, for the amounts stated in your policy. Also there are statewide minimums for each category. Your vehicle is not covered. If you are hit the other drivers insurance pays for your vehicle, if they are uinsured then your policy pays because you are required to have uninsured protection on your policy. If you wreck your car you do not get it repaired by your insurance company with liability. Comprehensive covers damaged to your vehicle incurred by weather, fire, vandalism, etc.. When you get comprehensive coverage you will select a deductible that you must pay and your insurance will pay the rest. For example: a tree branch falls on your car while it is parked somewhere. Comprehensive coverage is for that.
What is purchased to protect owners against collision or theft?
Collision insurance coverage will protect your vehicle in the event you hit someone or are hit by an uninsured driver. Comprehensive coverage will protect you from theft, vandalism, etc. But always read the fine print to be sure.
Where can you get living history liability insurance?
This is known as "Special Event" Insurance. It's no different from coverage for a one day or short term carnival, parade or rodeo.You can obtain this specialty coverage through any insurance agent or company that offers event insurance.AnswerReenactor and living history liability insurance along with supplemental medical insurance are available if you join The Reenactors Performance Group. This professional organization provides comprehensive insurance with membership, it covers you at event, when hosting an event, and personally if you get hurt.
In the event that you were driving a vehicle that ninsured will your primary policy coer the damaged vehicle?
Call your agent. Insurance is covered by state law in the United States. Mexican insurance works different. Your agent will know.
Where can one find event insurance services online?
One can apply for event cancellation insurance online on websites, such as Expo Plus, K&K Insurance Group and Private Event Insurance. Event cancellation insurance is designed to protect event organizers.
Where should I get temporary car insurance in PA?
Swinton Insurance offers temporary car insurance in Pennsylvania so that if you drive someone else vehicle or a rental then you're covered in the event of an accident.
What is Gap car insurance?
If you don't own your car, but are leasing or making payments, gap insurance protects your vehicle lease or loan. It will also pay your regular insurance deductible in the event of loss.
Does comprehensive insurance cover vermin damage?
Does this involve a modern vehicle or are you referring to a "collectible" vehicle on a special Antique Vehicle policy? Assuming you are talking about a 'modern' vehicle, the answer may be most likely be "no." That is because vermin damage usually occurs over time and is not one "event" like a fire or a collision. Thus, most policies exclude such destruction occurring over time. To be sure, get your policy out and read it. The answer lies there. Also, be aware that different insurance companies may have different restrictions or exclusions in their policies. Not all carriers have the same exact policy.
