Posted on: 08-07-08 12:33:33
My car was stolen last wknd..was wondering if the insurance company pays out the loan (financed) . My loan is about 20,000 ..or do they only pay the book value of the car as of today!! any suggestions..
It should be market value of the car and not the book value. You should look for market value of similar car - model and mileage and that should be the insurance payment. Do some home work:- Visit WWW.AUTO TRADERS.CA AND OTHER SIMILAR WEBSITES TO ASSESS THE MARKET VALUE OF YOUR CAR
Book value is for car swap that dealers uses.
Insurance companies follow Red book / Blue book values for good condition or below..
Book values are based on historic market values.
List price in Auto trader is meaning less.
The amount could be less or more than the amount u owe the bank
Quote:
Originally posted by pari2
My car was stolen last wknd..was wondering if the insurance company pays out the loan (financed) . My loan is about 20,000 ..or do they only pay the book value of the car as of today!! any suggestions..
Hi Pari2,
Kindly share how is the issue settled? someone had his new car stolen from condo basement parking recently
wht are next steps?
cheers
Insurance will tell u ur car was worth x amt based on blue/red book value.. U can haggle a bit.. its the insurance choice to accept ur argument or not...
U have no choice but to accept the amount they decide unless it is less than the blue/red book value..
Quote:
Originally posted by pari2
My car was stolen last wknd..was wondering if the insurance company pays out the loan (financed) . My loan is about 20,000 ..or do they only pay the book value of the car as of today!! any suggestions..
Hi pari,
I am sorry to hear about your stolen vehicle.
Since you have mentioned that the car was financed, was it bought brand new? You got to check on your insurance policy if you have OPCF 43 (endoresment 43) included or not. It is the waiver of depreciation for 2 years from the date of purchase, offered by the insurance companies at some extra premium but you can get it only:
either on the brand new car OR the demo vehicle which are less than 12000 kms on meter. (each company may have different policies and guidelines on this so it is better to check with your insurance company).
If you had OPCF 43, then I think you should be OK. And if you did not have OPCF 43 but you bought the brand new car and unfortunately insurance agent or broker did not offer you OPCF 43 as well, you may try fighting with the insurance company because as a consumer, you would not know anything about 43. As I said, you may TRY. You never know....right?
Keep the forum posted.
Good luck
-----------------------------------------------------------------
Sanjeev Manocha, MBA
Real Estate Sales Representative
Accredited Buyer Representative (ABR)
Re/Max West Realty Inc, Brokerage
96, Rexdale Blvd., Toronto
Mobile: 416-843-7600
Office: 416-745-2300
http://www.manocharealty.com" rel="nofollow">LINK
Quote:
Originally posted by sanjeevm
Quote:
Originally posted by pari2
My car was stolen last wknd..was wondering if the insurance company pays out the loan (financed) . My loan is about 20,000 ..or do they only pay the book value of the car as of today!! any suggestions..
Hi pari,
I am sorry to hear about your stolen vehicle.
Since you have mentioned that the car was financed, was it bought brand new? You got to check on your insurance policy if you have OPCF 43 (endoresment 43) included or not. It is the waiver of depreciation for 2 years from the date of purchase, offered by the insurance companies at some extra premium but you can get it only:
either on the brand new car OR the demo vehicle which are less than 12000 kms on meter. (each company may have different policies and guidelines on this so it is better to check with your insurance company).
If you had OPCF 43, then I think you should be OK. And if you did not have OPCF 43 but you bought the brand new car and unfortunately insurance agent or broker did not offer you OPCF 43 as well, you may try fighting with the insurance company because as a consumer, you would not know anything about 43. As I said, you may TRY. You never know....right?
Keep the forum posted.
Good luck
Sanjeevji,
Pari2's car was stolen in 2008 - by now he/she already has a another care.
But your reply still helps the new poster - pardesi canadamein.
Just wanted to say hello....
Hiren
