Auto and Car Insurance

Auto insurance?

I have a question and wanted to know what is covered under full coverage insurance. I bought a new car a 2007, a few months ago and I have full coverage of course. But how does it work if my car gets stolen, is the the insurance company going to give me the amount I paid for the car, because i bought the car through a bank loan for $18,000, or will they replace my car for a new one?

Public Comments

1. They will give you "actual cash value" of the loss, unless your policy has some sort of "replacement cost" added rider. Since cars depreciate very steeply in the first few years, you could end up with less payoff than you owe on the loan.
2. There are lots of people having the same question like you and yours is just another one. Basically speaking about car insurance<!--Car insurance is the most widely purchased type of insurance coverage. Car insurance is designed to protect you, your family, and your automobile. You may get your query answered here, http://www.best-autoinsurance.we.bs/ Cheap car insurance is a popular avenue these days, but you should be sure that you're getting all of the coverage you need, as damage to your car or another-->person's car may cost you money out-of-pocket if you don't have sufficient coverage and your car insurance rate may go up.
3. Cars are valued at ACTUAL CASH VALUE or somthing like the NADA book value. You may be owing more than you'll get in a settlement in your example.
4. They will do neither.....Most companies will use NADA as a valuation tool to determine how much your vehicle is worth...after the process is dragged out and if your vehicle is unrecovered you would received the NADA amount less any deductible and it woudl be issued to your lein holder with you receiving any balance left or you owing any balance left on the loan to the bank.