How do insurance companies determine compensation for a stolen car?

Answered by Home Insurance, Car Insurance Expert Savannah on December 30, 2020

My car was stolen last week. It sucks but I do have car insurance for it. How does my car insurance company figure out how much my car was worth? It was a few years old, but in pretty good condition.

expert avatar

Savannah

Home Insurance, Car Insurance Expert

If a car is stolen, usually they will figure out its depreciated value based on age, mileage, or whether there was any previous damage to the car. That is the amount you would receive, minus any possible deductible for your comprehensive coverage. However, if you have replacement cost or new car replacement coverage on your policy, then you would get as much as you paid for the car or however much it costs to buy that car new today.


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