How does an insurance company find replacement vehicle for you?

dereksbicycles

dereksbicycles

Active Member
Joined
Apr 11, 2011
Messages
6,497
Reaction score
27
A recent article made me think of this question.

Let's say that I dropped off a 2012 Ford Escape for some repair and it gets stolen.

Let's say that I bought the Escape used back in 2014. I may simply ask them to find another 2012 Escape or a vehicle of comparable value.

What if I bought the Escape brand new back in 2012? Can I demand that they give me a 2015 Escape since I only want a brand new vehicle?

What if I got my 1977 Impala wagon stolen? The insurance company may not find any 1977 Impala wagon for sale within 200 miles of me. I find one for sale 900 miles away. Can I ask the company to pay for the vehicle plus transportation costs?
 
This is news to me. I've never before heard of an insurance company searching for a replacement vehicle for a stolen one. The only thing I've heard of is the insurance company making a cash payment for the vehicle, which is usually based on the book value of the vehicle.

When TCS had his motorcycle stolen, he got a cash payment. Later, when the FBI found it wrecked in another state, they asked if he wanted it back. Of course not. It was wrecked and TCS would have been required to pay back the insurance money.
 
I agree, Reba. I don't think they will give it back or offer a new vehicle. Only the replacement value. I had a beautiful mitubishi spider convertible that was only a year old when I was 30, and it was crashed twice over (lane to lane accident, long story, none of which was my fault, their insurances covered all of it) but it was totaled and I was only given the current value of it, and not the value of the same vehicle. So I lost out on that. Oh well.
 
Never heard of an insurance co. looking for a replacement vehicle for anyone; they give you a check for what they feel the vehicle was worth and let you find a replacement.
 
Ditto, they pay off loan and give you balance of value. Same as a car totaled in accident. If vehicle is recovered later it becomes property of insurance company and they sell it at auction to try and recoup some losses.
 
Our insurance policy would be a lot higher if they found a new car for us. It would not be for free. They will tell the blue book value of a used car you are thinking of buying , not everyone use computers to find out info.
 
Back
Top