My car was stolen and burned, will they cut me the check?
by Guest » Sat Aug 28, 2010 02:46 am
Will the insurance company pay off the vehicle and give me a check to buy a new car? This is my insurance company. The car was a 2007 nissan.
Total Comments: 3
Posted: Sat Aug 28, 2010 03:36 am Post Subject:
Your insurance company will pay you the value of the vehicle less your deductible. What you paid or what you owe on the vehicle is not what they base the payment on. If you own more then the vehicle is worth then your lien holder will be paid all of the money.
Posted: Sat Aug 28, 2010 12:37 pm Post Subject:
If you owe more then the vehicle is worth then your lien holder will be paid all of the money.
On the flip side, if you owe less than the car is worth, you'll get a check for the difference.
Chances are, the value of the car is about what you still owe. So don't plan on coming out with enough money to make a down payment on another ride.
Lots of insurance fraud is discovered in exactly such cases as the description of the events the OP gives. The insured thinks it's time for a new car, figures the insurance company will pay off the old one and buy them a new one.
Problem is, it doesn't work like that. What the insured gets is a felony conviction for insurance fraud. And one or two friends are often involved, and they also get the same prize.
Posted: Fri Sep 10, 2010 12:35 pm Post Subject:
And one or two friends are often involved, and they also get the same prize.
Absolutely! Go through our insurance frauds forum and you'll come across a number of such instances.
Posted: Sat Aug 28, 2010 03:36 am Post Subject:
Your insurance company will pay you the value of the vehicle less your deductible. What you paid or what you owe on the vehicle is not what they base the payment on. If you own more then the vehicle is worth then your lien holder will be paid all of the money.
Posted: Sat Aug 28, 2010 12:37 pm Post Subject:
If you owe more then the vehicle is worth then your lien holder will be paid all of the money.
On the flip side, if you owe less than the car is worth, you'll get a check for the difference.
Chances are, the value of the car is about what you still owe. So don't plan on coming out with enough money to make a down payment on another ride.
Lots of insurance fraud is discovered in exactly such cases as the description of the events the OP gives. The insured thinks it's time for a new car, figures the insurance company will pay off the old one and buy them a new one.
Problem is, it doesn't work like that. What the insured gets is a felony conviction for insurance fraud. And one or two friends are often involved, and they also get the same prize.
Posted: Fri Sep 10, 2010 12:35 pm Post Subject:
And one or two friends are often involved, and they also get the same prize.
Absolutely! Go through our insurance frauds forum and you'll come across a number of such instances.
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