Auto Insurance Kansas City Missouri MO

Reader’s Question:

What should I do if my car is stolen, if I have full coverage and live in Kansas City, Missouri and the stolen car that still has a balance of $18,000 can not be recovered what will happen?

Andrea

Kansas City,MO

If your vehicle has been stolen, you should immediately contact the police and file a stolen vehicle report. Most car insurance companies cannot process a claim for an automobile theft unless you first file a police report. After contacting the law enforcement police, you should report the theft to your car insurance company. Even if you do not have comprehensive coverage, you should still notify your insurance company of any stolen vehicles immediately. Reporting could help protect you if the thief causes damage to others with your car. If the stolen car is financed or leased, report the theft to your finance or leasing company. To speed up the process of your claims, inform your finance or leasing company to discuss the case directly with your car insurance company.

When you say “full coverage” on your car this usually includes collision and comprehensive. You should then make an insurance claim with your insurance provider under the comprehensive coverage. Your car insurance company will investigate the claim and determine what you are due if the car is not recovered. Kansas City, Missouri might have state laws about how long the insurance company can take to settle a stolen vehicle claim. Insurance companies will deal with the claim according to their own set of guidelines. It might be to find a vehicle similar to yours (same condition and trim) to replace yours or settle for the actual cash value (ACV). If the actual cash value (ACV) of your car is more than $18,000, then you should be able to pay off the balance. If not, then you will likely have to pay the remainder of the loan balance yourself.

Tags: auto insurance