If one has full coverage auto insurance and the vehicle is stolen, does that mean the ins co gets ya new one?
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No, unfortunately it does not. There are some states now where you can purchase an additional rider with replacement coverage that would accomplish what you are wanting. Normally though they depreciate the car and give you actual cash value or if you have a lienholder they pay off the leinholder...but again...you do not get enough money to buy the same car again because usually as you drive it off of the lot...it depreciates because now it is not a new car...it is a used car. I hope this helps!
It means you wait a long time till the insurance company is pretty sure your old one won't be found (several weeks), and then the insurance company pays you what they think your used car is worth. They don't buy cars. What you do with the money they give you is up to you.
When my car was stolen many years ago (and I had full coverage), the insurance company just paid me the market value of my stolen car. They didn't give me a wad of cash to completely buy a new car.
You will get a check from the insurance company if your vehicle is not recovered with in a certain time frame. I hope you have rental reimbursement. This will get you a car in the meantime while the entire claim is worked out. If not, you are stuck without a car until the check comes. The amount will be "actual cash value" of your vehicle at the time it was stolen. This means pretty much blue book value. You can check the link to the value of your vehicle at www.kbb.com
It depends on the insurance. Many just pay you the blue book value of the vehicle.
It depends on your insurance company and state laws regarding insurance policies.
Most likely the insurance company will do an investigation to prove the car was stolen and make an estimate of what the car was worth. They will calculate the ACV - Actual Cash Value of the car minus your deductible to determine the RCV - Replacement Cost Value.
Chances are you will not get reimbursed the full amount of what you paid.
no.
"full" coverage means different things to different people. IF your car is stolen, and you have "comprehensive" coverage (that being a real policy term), the insurance company will pay you the actual cash value of your vehicle at the time of the theft, less your deductible.
If you have a new car with a loan, or rolled over an old loan into this loan, you could very well end up owing more money than the car is worth - which means that you will still owe some money to the bank after your insurance policy pays out.
If you're worried about this scenario, always have your insurance company add "gap" coverage to your policy when you buy a new car. It will pay the difference between the actual cash value, and the loan balance on your car.
They will pay you the value of your vehicle which is never enough to replace your car with a new one
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