Auto theft!?

Question

would my "comprehensive insurance" pay the loan plus what I have paid already, or it would only pay the estimated value of the truck?

Answer 1

They wouldn't pay the loan. They will give you the estimated value of the truck unless you have GAP insurance. It sure does suck having a car stolen. My first two cars were stolen and totalled. One was even used in an attempted homicide and then burned. Good luck!

Answer 2

Your auto insurance covers your auto, not the loan. If you have gap insurance, it would cover the deficient loan balance.

Your insurance company will pay you the actual cash value of your vehicle. For numbers sake....let's say the truck is worth $10k and you owe $8k. The $8k check will be made to you and the finance company and the $2k check will go straight to you. However, if you owe $12k and the truck is only worth $10k, the whole $10k will go to you and the bank and you'll still owe the remaining $2k long after the vehicle is gone.

Answer 3

"Actual cash value" of the vehicle.  What you owe or have paid is irrelevant.

Answer 4

are you asking if your car was stolen what they would pay?  they would pay the actual cash value of the auto at the time it was stolen.  they will not pay you anything if there is a loan on the car.  they will pay the leinholder.  if you owe more than the actual cash value of the car, you are still responsible to pay the difference to the leinholder.  If you have gap insurance, it will pick up the difference for you minus any payements due up to the point they pay.