Upon discovering your car’s theft, file a claim immediately provided you have comprehensive insurance coverage. The insurance company will embark on a thorough investigation before reimbursing your loss. Typically, there is a 30-day waiting period before car insurance companies settle theft claims to allow for potential recovery of the vehicle.
If your stolen car is recovered with damages, your insurance company will determine whether the car is salvageable or a total write-off. If the car is deemed a total loss, the company will compensate you the actual cash value of your car.
If your stolen vehicle resurfaces post-insurance settlement, ownership is retained by the insurance company. The vehicle may be auctioned or sold off for salvage. However, you have the option to repurchase your stolen car, depending upon the company’s guidelines and legal provisions.