Having a person’s car stolen is one of the worst things that can possibly happen to the owner because a car is one of the most valuable possessions a person can ever have. This is precisely the reason why insurance policies have been invented, offered and are currently required by most states. This is also why it is beast for car owners to invest in their policies, and get the widest policy coverage. Of course the price will get higher as coverage gets wider, but holders and owners will always have a better peace of mind while driving their car.
However, having a car stolen will always be inevitable and unpredictable. In cases as such, a car’s insurance will work wonders for the owner. If the car is stolen and not recovered, it will all boil down to whether the owner has Comprehensive insurance, as it will pay the owner the actual cash value of the car. But if the owner does not have enough coverage, then the car will not be paid for and the owner will be left without a car.
The ACV will be determined by comparing the car’s condition before it was stolen, to other similar vehicles. Local car dealers and other parties may be asked and involved as well. The equipment and mileage will also be considered when assessing the ACV. Sometimes, insurance companies use computerized systems to evaluate the value of your stolen car. Such systems will estimate the costs involved in the owner’s claim.
However, if the owner does not agree with the offered amount of the policy based on the ACV, he or she can always contest and negotiate by showing the company the higher worth of the car. If both parties have agreed to the settlement, the car owner is mandated to turn over full rights of the car so that in any case the car is recovered, they may be able to sell it and help compensate for the money they gave the owner.
If the car stolen is recovered and chased down by the police and the car ends up damaged or even totaled, comprehensive policies will definitely cover the repair costs and other necessary fees.
In any given situation, cars should definitely have a comprehensive insurance because it will help protect them in many ways owners can imagine. There are different ways to lose a car but there is one way to have a fallback when such situations happen. So it is always best to be prepared.