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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?

avatar
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Fortunately, since your vehicle is financed, you likely have both
comprehensive coverage
 and
collision coverage
 which will help cover some or all of the costs.
If you have comprehensive coverage:
  • Your insurance will likely pay out its
    actual cash value
    .
  • The payout may go directly to your lender, with any leftover going to you.
  • Depending on your loan terms and the value of the car, the payout may or may not cover your full loan balance.
If you also have
gap insurance
:
  • Gap insurance will cover the difference between what you owe on your loan and the value of your vehicle.
If you do not have gap insurance or comprehensive insurance: 
  • You are responsible for the remaining loan balance, even if your car is never recovered.
An option: Roll your loan balance into a new car loan. However, this is less than ideal because you will likely be
upside down
 on your loan for a few years, depending on how much you currently owe. If you do decide to do this, gap insurance is a must.
MORE:
What Happens When You Total a Car That Isn’t Paid Off
Gap InsuranceCar Theft
View full answer 
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