When the police recover a stolen car, it normally has damage from the thieves breaking into it, reckless driving or removal of anything of value, which the insurance company evaluates to determine if the car is a total loss. If its repair is feasible and the owner has comprehensive coverage, insurance typically pays to restore its previous condition.Know More
Approximately 30 percent of stolen vehicles never surface again, according to The Motley Fool. Damage on recovered cars often includes broken glass, a busted steering column and scratches or dents. Thieves commonly remove the car's sound system and other easy-to-sell parts. While auto insurance covers these damages, it does not cover personal possessions lost in the vehicle, or the amount of the insurance deductible. While a homeowner's policy or rental insurance covers these possessions, there is often a deductible with this policy as well. If both policies are with the same company, some victims find the insurance company willing to waive the smaller deductible amount.
If the insurance company pays the claim before the recovery, the company takes possession of the car. In some of these cases, the owner is able to recover personal possessions left inside. It is sometimes possible to buy the vehicle back from the insurance company if law enforcement locates it after a settlement.Learn more about Crime
An agreed value car insurance policy covers a vehicle in the event of total loss at an amount that is agreed upon by the car owner and his insurance broker prior to signing the policy, explains Leland-West Insurance Brokers. Stated value car insurance covers the lesser of the actual cash value and the stated value the insurance company places on a vehicle, states About.com.Full Answer >
A person who owns a classic car should purchase an agreed value insurance policy, in which the car owner and the insurance agent agree on the value of the car and write it into policy as the amount paid in case of a total loss, notes HowStuffWorks. Classic car owners who want lower premiums can choose stated value insurance policies, states About.com.Full Answer >
When a car is "totaled," it means that the damage to the vehicle would cost more to repair than the vehicle is worth, making it a "total loss." Sometimes, the cost of repair is less than the value of the car but is still totaled due to other factors.Full Answer >
Although he has never been convicted of anything, as of 2015, Armando Montelongo and his company, Armando Montelongo Seminars, were investigated by the Texas Attorney General in 2011 and paid $100,000 with a promise to avoid deceptive practices, according to WTAE Pittsburgh. Felony theft of service charges were eventually dropped.Full Answer >