Expert: Anne - 3/23/2008

Question
My car was stolen from the parking lot in the mall. Assuming that they don't find my car or the car is found stripped about how long would it take for me to receive a settlement check from my insurance.

Answer
Hello Alejandra,

If the vehicle is not found, then the time frame you have to wait is usually in your policy. Some insurance companies will wait 48 to 72 hours before even starting to determine the value of the car. If the car does not turn in that period of time, then they will start an investigation as of how much your car is worth by pulling comps in your local market.

They will determine the fair market value and make and offer based on that value. This process can take a week or two, if every thing goes smooth and there is no dispute as the value of your car or the facts about how the vehicle was stolen.

If the car turns stripped down, the vehicle might be fixable. Most insurance companies will try to fix cars. The car might be a total loss, depending on how many parts are missing and how much damage there is. If the vehicle is a total loss, then all the total loss procedure will apply. Visit:
http://www.auto-insurance-claim-advice.com/totaling-a-vehicle.html
for more information about total loss and how insurance companies deal with them.

Good Luck,
Anne

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