What Happens If You Lose Your Vehicle? Car Insurance Questions Answered

What Happens If You Lose Your Vehicle? Car Insurance Questions Answered

bend oregon insurance agent
Forgot what street you parked your car on?

 

An Oregon driver recently enjoyed a night of partying with friends and family on December 31st 2012 and the next morning, they forgot where they parked their vehicle and couldn’t find it.

After searching for their vehicle on nearby streets and parking garages the Oregonian contacted the police and reported the car stolen, what should they do next?

Contact The Insurance Company ASAP

Even though the driver made every effort to find their vehicle, they should still contact their Oregon car insurance company as soon as possible because; it’s not unlikely that the vehicle was stolen, especially if they made every effort to find it.

Some car insurance companies may not accept the claim that the car was just lost but, if the driver made every effort to find the vehicle, and were unsuccessful, a police report will help the insurance company to realize that the vehicle was stolen and they will eventually pay out compensation to the vehicles owner.

What Happens If The Vehicle Is Found?

If the lost vehicle is ultimately recovered, it will be property of the insurance company because; the vehicles owner will be required to sign over their vehicles title to the insurance company.

It’s not uncommon for some vehicles that were reported as lost to be found years later; for example: in England, a German man was recently reunited with his car after reporting it lost more than two years ago.

Upon inspection the vehicle was found to have over $50,000 worth of tools still inside it and the local police plus the insurance company determined that the vehicle was ultimately not stolen since it was parked just three blocks away from where the driver thought he parked it.

In this situation the driver would have been able to keep the contents of his vehicle but he would have had to hand over his vehicle to the insurance company if he signed the title over to them.

To get your car insurance questions answered or to get an affordable insurance quote, contact the Tye Farnsworth insurance agency team today by calling (541) 318-8835. 

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