Car stolen!!! What to do with insurance and loan contract????

[ruredi]

Cheers, Joe

[Ozzie]

The insurance company will more than likely wait until the car is found then try to repair any damage or missing parts/panels before they just "pay out"

As for the loan, it has nothing to do with the insurance company and they dont care about that part... The insurance will only cover what the car is worth at market value and i believe it is around 10-15k for a Vy commy (maybe more for an ss)
They will only give her the market value wich more than likely wont cover the cost of the loan

[ruredi]

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[ruredi]

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[Ozzie]

It really all comes down to what kind of policy the insurance company has.
If the car isnt found they may just replace it.
Most insurance companys dont like to just "pay out"
Also depends on where the car was supposed to be parked, example: If you tell the insurance company that you have a garage that it is kept in at night and you tell them it was stolen from the driveway, they will use it against the claim.

The reason they dont like to "pay out" is because idiots out there smash their cars and say their stolen... only to have the car at a mates so they get a new car out of it and can sell the parts off the old one.

[Ozzie]

yes most likely she will only have to pay the "excess" wich in most cases is around 500 bucks

[Bravotwozero]

Yes you will have to pay an excess.

If the vehicle isn't recovered the insurance company will pay out any finance owing and you'll receive the balance. (If any)
The insurance gets canceled and you then have no car, no loan and no insurance. This also happens when a car is written off depending on age!

Sorry about your SS. I'd be gutted if someone pinched mine.

[BANKS]

who are you with? in both insurance and finance?

[Scooter79]

I'm curious to know how they got past the engine imobilser and other security devices. My VS exec was stolen from my front yard back in 2002 and recovered later the next day damaged. My insurance co believed that a VS was impossible to steal and had private investigators interviewing me for 6 weeks before deciding to repair the damage. Hope you have better luck.

[jas98]

I'm curious to know how they got past the engine imobilser and other security devices. My VS exec was stolen from my front yard back in 2002 and recovered later the next day damaged. My insurance co believed that a VS was impossible to steal and had private investigators interviewing me for 6 weeks before deciding to repair the damage. Hope you have better luck.

impossible? there is no such thing as a car that is impossible to steal....especially a vs commy!

[Kikki]

I'm curious to know how they got past the engine imobilser and other security devices..

I'd like to know too, I "thought" you couldn't steal em without the key? I would assume there would be a way, but to the car thieves out there please fill me in lol!

[feistl]

lol to standard security. Any car is pretty easy to steal, especially commodores.

there are various tools which can emulate the signal of the key/immobilizer. Failing that, you could easily plug in a new BCM and use a new key.

Put it in neutral, roll it down the street and tow it away.

Ive got an alarm system with dual immobilizers, dual sirens and dual backup batteries, knock sensors, motion sensors and i still get nervous parking my car in the driveway. And its only a VR commodore.

[ruredi]

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[feistl]

Not sure on the payout thing... Id probably say 30 days though . I mean its only been gone >48hours, for all we know it could be done in perfect condition tomorrow afternoon. Then what would the insurance company do??

Id say at least a 14 day "waiting" period...

[stumps5L]

i was told insurance companies will wait 4 weeks before a payout. My car got stolen and i got it back and they repolaced the battery, brakes and cv joints and all the receipts were in the car. Apparently some mechanics dont care that a car lock is stuffed and there is a screwdriver in the ignition barrell.

Waiting is the worst thing ever, insurance should agree to pay out after 4 weeks how long it takes to get the money varies alot. you should eb able to pay the loan off with the amount then you will be away to get the yaris etc.

[ruredi]

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[Bravotwozero]

so the main thing im asking here is...the finance company isnt going to make her purchase or get another car...she can choose the option of just having the loan paid out and owing nothing? I doubt it will be founfd in perfect condition if at all...was a very nice car...had a fair amount of mods...was a manual...they would have bashed the **** out of it...so so sad.

That is what will most likely happen yes. They will want the loan paid out because you now longer have the vehicle to secure against the loan. If insurance doesn't pay enough to cover what's owing, then you also need to make a claim with whoever you have gap cover with. This takes ages!!!

[ruredi]

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[Bravotwozero]

No not at all. Once it is all settled, go get another loan and buy a new car.

[undar8ed1]

It ake the fuel relay out of mine

[ruredi]

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[Ozzie]

it goes to an auction

property of the insurance co till sold

[Zuicider]

It ake the fuel relay out of mine

sweet i think i know where ya park it

[ruredi]

haha...lol...true...why tell everyone your secret???