Can a car due to be repo'd be insured and....?

Caliana

Are you thinking about having someone steal it? If so...bad move! Your best bet will be to give the car up if you can not afford it. To answer the question, yes your insurance company will cover the "stolen" car, but I more than likely you will not see a dime from them. They will be very suspicious.

*EDIT* Since you mentioned that someone was truly trying to steal your car, I hope that you got a police report stating that. Just in case your car really does get stolen, you'll have proof that someone previously tried to steal it.

ford4life.

if you cant afford the car why hire someone to steal it.

michellemccool45

yes it can however the claim may be subject to a investigation. if is about to b repoed, it more than likely would be.

Zsasha

Most likely they won't cover it when they find out you arranged for it to be stolen as they will do an investigation on it.

rotus

yup, you prolly won't see any of it.

Luna & Lawnboy

So you are going to have your vehicle stolen. What a clever insurance scam.

You do know that your insurance company will know that the vehicle was about to be repossessed as soon as they speak with the lienholder. Your file will then be thrown into their Special Investigation Unit. If they determine you had your car stolen you will be prosecuted.

In the off chance that they do not find out, you will only get the ACV. The insurance company is not obligated to pay off your loan. That is your responsibility. Why don't you just let them repossess the vehicle. Consider this a life lesson. You should not purchase things that you cannot ultimately afford!

Edit: If your vehicle was stolen, and you had Comprehsive coverage, then yes, you would be covered, Your insurance company would still probably refer the matter over to their SIU department. However, you have a police report on file verifying that the vehicle was vandalized. Your lienholder may charge you for the damage to the vehicle. You might want to file a vandalism claim with your insurance company.

MSAD

If you are planning on having the car disappear---I don't recommend it.

***Sarcasm warning......step back....extreme sarcasm to follow******
Sure....car about to get repo'd gets stolen.....nah....that's not going to raise a red flag with the insurance company....why no one has ever thought of that devious plan before.....stage a stolen car claim to try and get the car paid off. They will never suspect a thing (evil laugh).*******end sarcasm.

Got news - they will suspect a thing. And - what you are planning is insurance fraud - it is a felony. Many states are taking insurance fraud very seriously. Some have district attorneys that do nothing but prosecute insurance fraud. Plus you can be charged with other fun stuff like filing a false police report.

When the car is stolen -- the insurance company does not pay the amount you owe --- they pay the market value of the car. Since you are about to get repaid - its probably a safe bet that you are upside down on the car.

So...not only do you risk felony criminal charges and a record - fines - prison time--- you would still owe the bank money!

Don't recommend you commit the insurance fraud.

Enter Your Message or Comment

User Name:
User Email:
Post a comment: