How long does it take for insurance to pay out on a stolen car? If your car was recently stolen, the police may have told you it is unlikely they will recover the vehicle.
This means you have to file a claim with your insurance while trusting the police detective to find your stolen car. However, you need to know how long it will take to get a payout from the insurance company.
You need your car to get to work or school, so you expect your insurance company to pay for the stolen vehicle faster.
The standard practice is that the insurer will stall and drag your claim as long as they can. Typically, you get a refund according to unused coverage or the insurer transfers the policy to your new vehicle.
How long does it take for insurance to pay out on a stolen car?
It takes 30 days for insurance to pay out on a stolen car. An insurance company may wait this long to payout since they are waiting to see if the police will recover your car. It is even easier for you and the insurance if the police recover your stolen car.
The in-depths of the auto insurance company’s special investigations unit also determine how long it takes for them to pay out on your stolen car. Sometimes, investigators will take a few days or up to a month to verify if your claim has any link with fraud.
Read also: signs that a car title was forged
While awaiting the insurance company’s decision, go through your policy to know if you qualify for rental reimbursement to get to run errands or work.
If you do not qualify for rental reimbursement, ensure to protect yourself against possible future events. Consider upgrading your insurance policy after comparing the quotes from different auto insurance policies from the top insurance providers.