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Repossession
Insurance

If your car was stolen and totaled can the bank list it as a repossession and make you continue to pay insurance on it?

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2015-07-15 19:24:43
2015-07-15 19:24:43

IF the car was stolen, reported as stolen to the cops, the ins. should be paying the loan off. IF the ins. co. does not think the car is stolen, they wont pay and its as if the car was NOT stolen. So, you have to pay notes and insurance on the collateral. Bottom line??? HELP the ins. prove it was stolen and the problem will go away. MERRY CHRISTMAS.

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Gap insurance only pays if the vehicle is totaled in an accident or stolen and not recovered. It does not cover the deficiency balance after a repossession sale.

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Because the lender repossessed the car from where ever it was after being totaled.IF you had gotten the car back after it was totaled, it couldn't have been a repossession.

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No, as long as you have let your insurance company know they car is stolen.

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The tow/repossession company has to notify the police of the repossession so the car can't be reported stolen..

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You will get the car back and plus they will give you the money to repair all damages on the vehicle. You will not get a check for the full amount of the car unless its totaled. You must have comprehensive in order to have coverage on a vehicle that has been stolen.

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If they come to repossess it, and you claim to not know where it is, then the repossession agent will report it stolen. At that point, anyone found in possession of it is in possession of a stolen vehicle.

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Homeowner's insurance WILL NOT cover stolen motorcycles. Motorcycles is an automobile. Sorry!

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There are situations where this is possible. The one that stands out is this: Your car was stolen. You stopped making payments on it thinking, "I don't have it anymore, so I don't need to pay for it." You turned in the report to the insurance company and they paid out, but you did not pay the lender off. Or, you did not have insurance or failed to turn in the claim, so received no money. In the mean time, the lender puts the vehicle up for repossession because you have defaulted. When you are contacted you tell the lender or repo agency the car was stolen, and continue thinking it is not your problem. The lender does not really want the car, they want the money you contracted to pay, so they sue you. You continue to refuse to pay, so the lender attaches your checking account. Yes, they can do this.

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No. Namely, because the car wasn't stolen - it was taken back by the rightful owner (the financier), via a repossession agent. It's not the financier's fault - nor the repo agent's - that you neglected to make your payments.

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If you try to get theft insurance after the car is stolen you will go to Jail! The insurance companies have no sense of humour about FRAUD! Penalty for Insurance Fraud in the U.S. is up to 20 years in prison.

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No they can't. It is strictly a service to recover vehicles that have been reported stolen.

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I recommend you contact your insurance company, and inform them of the recovered goods

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Once the insurance company has paid the claim for stolen items they become the legal owners of the items.

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Can it? Yes, by the lender in some case. If the debtor is actively attempting to hinder repossession in many states, or if the vehicle is in possession of a third party who is not on the loan or vehicle registration, then a repossession agent may file a stolen vehicle report. Most will not, preferring to allow the lender to take such action instead.Can it be reported stolen by the debtor once repossession takes place? Often vehicles are reported stolen after repossession happens. However, this is a cautious area. Most debtors already know the vehicle is being sought, and law enforcement takes a dim view of filing false or malicious reports.

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I think that your insurance covers the items that were yours that were stolen, and the company's covers the car damage.

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You would have to have insurance on the dirt bike.

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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.

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If you have off premise coverage on your policy and the stolen items were scheduled on your homeowners insurance policy then Yes, you should be covered for those items. Contact your insurance agent for clarification of your insurance coverage.

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YOU pay off the loan like you agreed to in the contract. You likely agreed to have ins. that covered theft also. You should have had full coverage on a car with a loan on it. Sorry, you have to pay the loan off and now you own a totaled car! Comprehensive coverage isn't that expensive and would have covered theft.

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When your car is 'stolen", you file a stolen car report with the cops. Then your INSURANCE will pay off the loan. The lender will deal with the insurance co. and alls well. You dont have a car, but no payments either. BTW, the insurance co. HAS to be sure its stolen or they wont pay the loan off.

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if you don't have an up to date MOT then your insurance is null and void. if your car is stolen then you are only covered if you have fully comp insurance!


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