What happens if someone steals your car, and you still owe money? This question is about Gap Insurance Guide

What happens if someone steals your car, and you still owe money?

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This question is about Gap Insurance Guide

McKayla Girardin, Car Insurance Writer

@mckayla_girardin • 02/09/22 This answer was first published on 02/09/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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If someone steals your car and you still owe money on the loan or lease, your comprehensive insurance will cover the car’s actual cash value, or how much it was worth right before the accident. If you owe more than the vehicle is worth, you can use gap insurance to pay the difference.

Types of Insurance That Cover Stolen Cars

Comprehensive Insurance

Comprehensive insurance covers your stolen vehicle’s value, minus your deductible. If you only have comprehensive insurance without gap coverage, you will be responsible for paying any remaining balance that exists after your insurer pays for the claim.

Gap Insurance

Many financed vehicles are required to have gap insurance. If you owe more than your car was worth, gap insurance will pay the remaining balance directly to your financier, and may even cover your comprehensive deductible, depending on the details of your policy.

If you have neither comprehensive insurance nor gap coverage, there isn’t much you can do about a stolen financed vehicle. You will not have any type of insurance to cover the vehicle’s actual cash value or your remaining loan or lease balance.

To learn more, check out WalletHub’s guides to gap insurance and comprehensive coverage.

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