What is most likely to happen with my insurance?

Question

My truck was stolen. I have full coverage . I still owe money on my truck, but i don't know if the truck is irreparable and they offer me a check will it pay off my truck or will they only give me it's blue book value?

Answer 1

they may just give u blue book value

Answer 2

Insurance companies pay on an actual cash value basis for vehicles.  How new is the car?  If the car is brand new some companies offer a coverage that works in the same way that GAP insurance works.  

It would be listed as an endorsement on your policy.  If you don't have GAP insurance or the endorsement on your insurance policy then unfortunately, you would be responsible for paying the remainder amount of the loan that the ACV of the vehicle didn't cover.

Answer 3

Depends really. If you have a certain type of insurance (i believe its called GAP insurance) then the insurance company will pay off your car. If you don't have gap insurance than i think you get a check for its value and you can use that to pay it off, but what's left is up to you.

Answer 4

They will give you "Actual Cash Value" for it. Will it pay off your loan is dependent on how much you owe. Unless you have Gap Insurance.