I had my car stolen back in November, and while my insurance covered most of the costs, I still owe about $1800 to Capital One. Fortunately, the car was recovered, but now I’m trying to figure out what happens next.
I received a call from my claims adjuster informing me that I need to return the car. I asked if it was possible for me to regain ownership by paying off the remaining balance. He mentioned that I would likely need to pay a salvage fee, which I’m unsure about since I rely on my car for transportation and can’t afford to purchase another one outright. He said he would check with the home office and follow up with me.
So, I’m wondering: what are the chances that I can keep the car? If that’s not possible, what should I do next? Will the insurance cover the remaining value now that the car has been found, or am I going to end up in a tough spot? Also, just to note, I’m with Shelter Insurance.
I’m sorry to hear about your situation; it sounds really stressful. Here’s some information that might help you navigate this.
Ownership After Recovery: When a stolen car is recovered, the insurance company typically has the right to reclaim it, especially if they’ve compensated you for the loss. However, circumstances can vary based on the insurance policy and state laws. Since your adjuster mentioned the possibility of you keeping the car, it’s worth discussing further with them.
Salvage Costs: If you want to keep the car, you may need to pay a salvage fee or other associated costs to the insurance company. The amount varies based on the condition of the car and the policies of your insurance provider. It’s important to ask for a detailed breakdown of these costs.
Gap Insurance: If you have gap insurance, it typically covers the difference between what you owe on your car loan and the car’s current market value. If the car has been recovered, it might change the dynamics of your coverage. Make sure you contact your gap insurance provider to clarify your policy in this situation.
Driving Without Coverage: It’s concerning that you’re currently driving the car without active coverage. This could expose you to liability in case of an accident. If you decide to keep the car, try to reinstate your insurance as soon as possible.
Next Steps: Here’s what you can do:
Ultimately, communication with your insurance company will be key to resolving this situation. Best of luck, and I hope it works out in your favor!