Having a car stolen is a horrible experience to go through at the best of times. However, if it so happens that the car was financed, and you haven't yet finished with repayments, then an entirely new issue suddenly arises.
What should you do if your financed car is stolen? Luckily, there are some practical steps you can take. From purchasing GAP insurance to availing of the National Insurance Crime Bureau's VIN lookup service, there are things you can do to help make a bad situation a little less disastrous.
Read on to find out what happens when your financed vehicle is stolen.
What Should I Do When My Financed Vehicle Is Stolen?
In any case of auto theft, the first thing to do is inform the authorities. If it was an aggravated auto theft, it's possible you may want to contact health services.
Get in contact with your local police station and give them a full rundown of what exactly has happened. When you do talk to the police, make sure to have important information ready. They will want your VIN and license plate number and a detailed physical description of your vehicle.
After this, you will need to get in contact with your insurance company. Let them know the contact information of your leasing or financing company as well as what your vehicle looks like and what, if anything, was in it at the time.
Finally, you'll need to let your leasing or financing company know about your stolen car. If you have taken out GAP insurance, it can help pay off the difference between the market value of your vehicle and the repayments you have left. If you do not, then you will need to keep making payments until the car is fully paid off.
How the National Insurance Crime Bureau Can Help
If you're trying to locate a stolen vehicle, you can put your VIN number into the NICB's VINCheck. This is a free service that can help you to determine if your car has been reported as stolen but not recovered. It will also let you know if a participating NICB member insurance company reported it as a salvage vehicle.
Will I Recover My Car?
In 2019, there were over 700,000 reported motor vehicle thefts in America. This number varies from state. As does the percentage of cars recovered.
In certain states, you are more likely to recover your car than in others. For example, in Colorado, there is the Colorado Automobile Theft Prevention Authority, an organization funded by voluntary contributions from insurance companies. This authority has helped to greatly increase the number of stolen vehicles recovered in the state.
EpicVIN Is Here to Help
Having your financed car stolen is a terrible experience. If this does happen to you, don't forget to use the National Insurance Crime Bureau VINCheck. If you'd like to avoid buying a stolen or damaged car in the future, then be sure to avail of EpicVIN's services, and feel free to contact us with any questions you may have.
