This is one of the diciest situations that can happen to somebody purchasing a vehicle. Frequently, the last purchaser of the stolen vehicle is screwed. Hyper-technically speaking, you received stolen goods, which makes you a fence! But those cases are rarely prosecuted, if the purchase was done in good faith on your part. But what will that get you except being car-less and thousands of dollars poorer? Not much. You're only recourse is through the civil courts. You'll have to sue the party who sold you the vehicle. Hard if it's a dealer; very hard if not impossible if it's a private individual. The insurance company is not required to pay you anything, because the car was not stolen from you and you were not the rightful owner to begin with.
If you have theft insurance with your policy, yes. It should not matter where your vehicle was stolen.
You or your insurance company. The owner of the stolen vehicle would not be responsible because their vehicle was stolen and the driver of the stolen vehicle's insurance would not cover it because he was driving a vehicle that was not on his policy and he did not have permission to drive.
Since you have a loan you should be required by the lender to have full coverage insurance which will pay you the value of the vehicle. With out insurance you are still responsible for repaying the loan no matter what happens to your vehicle. It is not the lenders fault your car was stolen and wrecked...
To answer your question - no, you do not have to insure a vehicle that is not in use. So long as the vehicle is not being driven, it is not necessary to insure it. However, should the vehicle be stolen during the period in which the vehicle is not insured, then I do believe that is simply considered as a loss, and is not worthy or reimbursement. The other downside is also that if the vehicle remains in your ownership and uninsured for a certain amount of time, you may also be charged an additional fee to re-insure your vehicle again in the future. Bottom line - It is not necessary to insure a vehicle that is not in use, but be wary of any pontential future repurcussions. Hope this helps!
If one's car is stolen, the first step is to call the police and provide information on the stolen vehicle; then follow the advice of the police as quickly as possible so as not to delay recovery of the vehicle. The next step is to contact the insurance provider to process an insurance claim.
Liability Insurance and the Stolen VehicleNo, Liability Insurance provides coverage for damages or injuries that we cause to others. It does not provide coverage for our own vehicle damages or theft.
You should report the theft immediately to the police and to the car owner's insurance company.
No, That's what Auto Insurance is for.
Major benefit of stolen vehicle tracking is being able to identify and locate any stolen vehicle using GPS tracking. Also cars with stolen vehicle tracking can be subject to reduced insurance premiums.
It's standard procedure for an insurance company to investigate any and all claims made by it clients to insure any fraudulent activity is not occurring. For example they want to make sure that your car was 'legitimately stolen" and that it is not been illegitimately asked to be taken or possibly hidden just to receive the insurance money.
Comprehensive insurance covers theft. Liability & Collision do not.
You can't just cancel a claim. It is basically up to the Insurance co. to either aprove a claim or deny it. However, it the vehicle was stolen, it is your resposibility to provide a police report proving that the vehicle was indeed stolen.
It depends on what insurance you're talking about, does it include theft?
A campus would not be liable if a vehicle is stolen so they do not have coverage for this.
I think that your insurance covers the items that were yours that were stolen, and the company's covers the car damage.
If the vehicle is/was encumbered by the original loan then it should be insured. If there is no insurance or the insurance does not cover theft the purchaser is still responsible for the full amount of the loan. The issue of the vehicle being stolen does not affect the legal responsibility of the buyer to honor the loan contract.
It depends, You do no mention what type of vehicle. Homeowners insurance polices will not cover damage or theft of a motor vehicle designed for use on public roads.
is this vehicle stolen?
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 legal liability for damage or injuries to others.
Unfortunately, there is nothing you can do with your insurance company. If you only have liability insurance, they do not pay anything to have your vehicle replaced.
It is other than collision insurance. It covers hail, stolen vehicle, hitting an animal, and vandalism.
The loan on the original car was secured by the title of the vehicle. When it was stolen, your insurance company should have paid the value of the vehicle first to the lender then any remaining money should go to the owner. If the owner is "upside-down" in the vehicle he/she will be required to pay off the remainder of the note at that time or make arrangements to pay it off. No, the loan cannot be applied to another vehicle. A new loan must be negotiated.