Auto Insurance Car on loan is stolen

[Alexandoy]

A car loan here taken from a private lender does not get the car. You use the car while paying the installments. But what happens if something wrong happens to the car and you had just paid a few installments for a 3-year loan?

That happened to a relative that his new car that he bought by a loan was stolen after a few months. The owner was distraught until he realized that the car was insured. The comprehensive insurance promised to cover the damages including a total wreck. With a stolen car that is considered a total loss so the insurance company paid the owner. If he did not get a comprehensive insurance for his car then he would be owing the car dealer a big amount.

 

[arunima25]

It is always wise to take any loan of good amount with insurance. Here we just need to pay a bit extra to get our loans insurance covered. Many people don't feel it to be necessary and think that the extra money that they need to pay for insurance is actually a total waste and stupid. People fail to understand that some unexpected unseen mishappening can take place any time. Better to be safe than sorry later.

 

[btaliat]

The only thing that save that your relative is the insurance. It is always wise to take insurance very serious. Most people do run away from insurance because of the premium that they will paying but they don't realize that the loss it will cover is always more than the premium. Assuming he didn't do insurance, he would have paid for the lost car.

 

[Lens1000]

I have always tell people that insuring your life and properties is very important. The story you narrated shows how important insurance is. It provide a soft landing spot when trouble looms.
There are incidents of unforeseen circumstances when you will have no one to run to but the insurance company will come rescue you.

 

[Mika]

In my home country, getting coverage for stolen cars is very difficult. I have read horror stories from many people who were denied insurance coverage for their stolen cars. If your stolen car was bought from the bank loan and if the registration papers are still not in your name, getting coverage is even more difficult.

 

[Setho]

A lot of this would actually depend on if the person whose car was stolen can actually prove that the car was truly stolen . A lot of people in the past have tried to make false insurance claims in order to secure the bag. This also explains why a lot of auto insurance companies do not like to cover insurance like this.

 

[Wisdom01]

He was really lucky to have insured the car against it been the stolen and the insurance company was actually helpful to have through for his aid , I think the person involved who the car got missing through might actually not be able to collect the car again since he need to settle first

 

[Good luck]

If car taken on loan is stolen,then the owner should not have much issue if he has a good insurance.the insurance company will take care of the situation and he will get another car in due course,but if the car is not insured then there may be problem because such person will have to refund the loan collected from Bank or any financial institutions.

 

[anil02]

A car loan here taken from a private lender does not get the car. You use the car while paying the installments. But what happens if something wrong happens to the car and you had just paid a few installments for a 3-year loan?

That happened to a relative that his new car that he bought by a loan was stolen after a few months. The owner was distraught until he realized that the car was insured. The comprehensive insurance promised to cover the damages including a total wreck. With a stolen car that is considered a total loss so the insurance company paid the owner. If he did not get a comprehensive insurance for his car then he would be owing the car dealer a big amount.

When we buy car with loan or with own funds we must have comprehensive insurance policy. If car stolen or have an accident we can claim loss from Insurance company. Although no one company pay full amount of loss but what we will get help in meeting loss. In India if car is 6 month old insurance company deduct 5% from claim amount and for next every year 10%

 

[Wisdom01]

If car taken on loan is stolen,then the owner should not have much issue if he has a good insurance.the insurance company will take care of the situation and he will get another car in due course,but if the car is not insured then there may be problem because such person will have to refund the loan collected from Bank or any financial institutions.

The person involved would really need to return the loans borrowed , that is one of the benefits of insurance , I think the person would be at rest as he won't be too bothered about covering risks and others , many people actually go for insurance since they know that yhingsre very unpredictable

 

[anil02]

It is always wise to take any loan of good amount with insurance. Here we just need to pay a bit extra to get our loans insurance covered. Many people don't feel it to be necessary and think that the extra money that they need to pay for insurance is actually a total waste and stupid. People fail to understand that some unexpected unseen mishappening can take place any time. Better to be safe than sorry later.

Yes it is right that we can't predict future. If we have some mishappening and we have insurance that we may face many problem. It is also right hat we never recover over whole loss, but some thing is better than nothing. I know some one who are doing business and after having fire they have not fund to restart business, because they have not insurance

 

[Bookwormlux]

The only thing that save that your relative is the insurance. It is always wise to take insurance very serious. Most people do run away from insurance because of the premium that they will paying but they don't realize that the loss it will cover is always more than the premium. Assuming he didn't do insurance, he would have paid for the lost car.

That is the reason why I tend to emphasize on the need for people to focus more on the positive side of insurance than the way they usually think because the benefit is much more than what we may be thinking of, as some people think that it is not worth it because they may not necessarily benefit from the insurance scheme.

 

[arunima25]

Somehow, many people do not take the importance of insurance very seriously. They even take it an unnecessary thing to do and find those small premiums an extra financial burden or waste of money. We can not foresee all the situations that might arise in the future. And many people think that bad happenings are only for others who make themselves as bad incidents in the newspaper. They believe that there are immune to any bad accidents unless one hits them. Insurance premium might be an added financial burden or liability but it is worth the security and mental peace that one gets.