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What happens if my financed car is stolen?
My car was stolen and I still owe money on my loan. What can I do?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear about your car! Having a financed car stolen is a stressful situation. Fortunately, since your vehicle is financed, you likely have both
comprehensive coverage
and collision coverage
. Comprehensive coverage will cover costs if a vehicle is stolen. Since you haven’t found your vehicle,
your insurance
will likely pay out its actual cash value. Depending on your loan terms, this may or may not cover the remaining balance on your loan. Another option is if you have
gap insurance
. Gap insurance will cover the difference between what you owe on your loan and the value of your vehicle. Unfortunately, without gap insurance or comprehensive insurance, you would be responsible for your loan balance. Even if your car is not recovered, you’d still be required to make payments on your loan or it could go to collections.
While not ideal, you could potentially roll your loan balance into a new car loan. However, this will likely cause you to be upside down on your loan for a few years, depending on how much you currently owe. If you do decide to do this, be sure to have gap insurance.
If you don’t already have gap insurance or want to change your coverage, you can shop around or use
Jerry
. Jerry finds you the best rates for customized coverage with 50+ top insurance providers
. View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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