by Guest » Fri Sep 30, 2011 09:45 am
I’m in a bad situation, my car got stolen within seven days the coverage had started. My car was financed and was stolen in another state. Would my lien holder be paid? How long will the insurance company take to pay?
Posted: Fri Sep 30, 2011 11:28 am Post Subject:
Insurance companies typically will wait up to two or three weeks following a stolen vehicle report to determine that the vehicle has not been recovered. Most stolen vehicles that are recovered are found within this time frame.
Payment usually follows the determination of the loss within 7-10 business days. Your lienholder will be paid the ACTUAL CASH VALUE of the vehicle -- which could be 20%-30% less than what you paid for it. You will be responsible for the difference to the lender.
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