What does your insurance company do when your car is stolen?

Written by crystal lewis
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What does your insurance company do when your car is stolen?
A motor vehicle is stolen in the United States every 33 seconds. (luxury car - model toy car image by alma_sacra from Fotolia.com)

When a vehicle is stolen, the owner may become concerned with how the insurance company will handle his theft claim. Many insurance companies follow similar steps when investigating and paying vehicle theft claims.

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Review Your Coverage for Eligibility

The first thing your insurance company will do is review your policy to make sure you're covered for theft. Theft is typically paid for under "comprehensive" coverage. If you have comprehensive coverage, it will likely move to the next step.

Obtain the Official Police Report

The insurance company may obtain your official police report directly from the authorities. The claim adjuster may alternatively request a copy of the police report from you.

Perform an Independent Investigation

The insurance company will take a statement from you. The company will also interview any witnesses and experts who may have knowledge of your claim.

Pay the Claim If Covered

If the investigation doesn't uncover details that exclude you from eligibility, the insurance company will pay your claim. Such exclusions include, but aren't limited to, insurance fraud and negligence.

Sell the Recovered Vehicle

If you accept payment from the insurance company, you forfeit rights to your vehicle when it is recovered. If your car is found, then the insurance company may sell it to recover its money.

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