What Happen if My Card is Stolen & Then Recovered?

Today, we’re talking about what happens if your car is stolen and then recovered. Let’s start with a quick overview. After your stolen car is recovered, your insurance company will want to inspect the vehicle to see what damage, if any, the car has. In some situations, your insurance company will cover the damage or pay you the actual cash value of the car, but no matter what, any personal items left in the vehicle are still yours. 

What specifically happens if your stolen car is recovered depends on the status of any insurance claim you’ve filed and what type of damage the vehicle has incurred. There are five main scenarios to familiarize yourself with. 

First, if your car is recovered before your comprehensive insurance claim has been settled, your insurer will inspect the car to see what sort of state it is in. If it is damaged or totaled, they’ll adjust the claim to reflect that. However, if it is found with no damage at all, they’ll essentially end your claim.Also, you’ll likely need to pick up the car yourself from an impound lot, and you’ll be responsible for any towing or impound fees. 

Second, if your car is recovered after the claim is settled and your insurance company has paid you the actual cash value of the vehicle, your insurer has legal ownership of the car. Even if you want to keep it, you have no legal right to keep the car once the claim is settled. 

Third, if your car is recovered but it is totaled, your comprehensive insurance will cover the totaled vehicle’s actual cash value minus any deductible you may have. You may have the option to keep your car, but your insurer probably won’t pay as much if you keep it. If your car is recovered with only some damage, though, your insurance company will need to inspect the vehicle and adjust the claim to only cover the repair costs, rather than the full actual cash value. 

Four, if you never filed an insurance claim for your stolen car, or you don’t even have comprehensive insurance to cover a stolen car, you won’t see any sort of insurance payment. Even if your stolen car is recovered, there isn’t much you can do besides take the car back. Now that you have an idea of what can happen if your car is stolen, you can see why comprehensive insurance is such an important type of coverage to have. I hope you enjoyed this session on everything you need to know about What Happen if My Card is Stolen & Then Recovered? So always be sure to contact a professional before making any financial decisions.