I live in Roswell, Georgia and I have a loan on my vehicle. yesterday my vehicle was stolen. I do have comprehensive car insurance. What will happen?

Allan

Roswell, GA

Since you mentioned that you have comprehensive coverage, this coverage covers damages caused by fire, weather, vandalism, floods and theft. If your stolen vehicle will not be recovered , your car insurance provider will settle for the ACV of the car before it was stolen.

If you visit the Georgia Insurance Commissioner site it states there how if your vehicle is a total loss, which a stolen car is since it taken from you, your full coverage through your insurance carrier will pay you what the vehicle was worth based on its ACV.

If you owe more money then the ACV of the car, you will be responsible for the difference of what the automobile’s actual cash value settlement is and the balance of your vehicle loan