New Financed Car+ Insurance?

What happens is an insured new car that you finance through a bank loan gets vandalized or stripped by ghetto/illegals criminals? Who compensates what?

9 Answers

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  • 2 months ago

    If you got the coverage your finance contract stipulated, your insurance policy compensates you for the damage.  That's why you bought Comprehensive coverage, and that's why your lender insisted on it in writing.  Comprehensive covers vandalism and theft damage.

  • Anonymous
    2 months ago

    Notify your insurance ASAP. Since you have new car insurance, it's covered. You want ALL Genuine parts. Not after market.

  • Anonymous
    2 months ago

    The insurance carrier compensates the owner under the terms of the comprehensive insurance.  Just wondering - who do YOU think would be compensated?  By the way, ghetto/illegals/criminals don't necessarily have to be involved.

  • 2 months ago

    As long as you have comprehensive insurance, your auto insurance company pays for repairs, minus your deductible.

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  • May
    Lv 6
    2 months ago

    The insurance company will pay to repair or total the car if you have the correct coverages.  You would need comprehensive (subject to the deductible you chose and also subject to any GAP insurance you may have bought) for the theft, vandalizing and stripping.  If the insurance company totals the car, the proceeds would go to the lien holder (The bank that financed the car).  Any shortage will have to be made up by you or the GAP insurance if you bought it and anything over the loan amount would go into your pocket.

    BUT..............You need to get off of the internet and contact your insurance company and ask THEM these questions because sadly, it is clear you don't have a clue about this (as you certainly  should)

  • Anonymous
    2 months ago

    That's why you have insurance.

  • Anonymous
    2 months ago

    You call your insurance company and you will get your answers.

  • 2 months ago

    You will pay for the deductible and the rest will paid by the insurance company.  If they can they will recover it from the vandals, but it might be hopeless.

  • 2 months ago

    If the car is repairable, the insurance pays the repair shop.

    If the car is not repairable, the insurance pays the lender and you better hope you have gap coverage. If not, then you also pay for a car but you no longer have the car. 

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