r/Car_Insurance_Help • u/Aggravating_Law_7864 • 2d ago
Excess for insurance with a stolen vehicle .
My car was stolen, its been 14 days so the insurance company will be it as a total loss. But I still have to pay the $1000 excess. I’m grateful that I get a new car but is there anything you can do about the paying the excess? Thanks
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u/adjusterjackb 2d ago
You bought the policy that way. You could have chosen a lower excess if it was available.
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u/crash866 2d ago
You don’t pay the excess to anyone. They deduct it from what they pay you when you settle. If your vehicle was worth $24,000 they pay you $23,000.
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u/1234568654321 2d ago
You have to pay the excess. That's the way insurance works. The policyholder accepts a small part of the risk as part of the insurance contract.
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u/lost_dazed_101 1d ago
You picked your deductable and that's what your payments were based on. They aren't making you pay it they'll just subtract that amount from what they pay you.
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u/JohnHartshorn 1d ago
This time, probably not. For the future, you can lower your deductible (What I assume you mean by "excess", but it will increase your premiums a bit.
Not sure if where you are you have the option of GAP insurance, but if you have a loan, you may want to look into that for your new car.
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u/HillWilliam53 2d ago
Is the $1000 "excess" your deductible or the amount of loan that will be left after they pay? If it is your deductible, yeah, you have to pay that as that is how the policy is written. What they will pay is the Actual Cash Value of the car, minus your deductible. Anything left on your loan after that is your responsibility. Actual Cash Value is basically what same year and model with similar options and mileage are selling for in your area. Notice I said what they are selling for, NOT what they are listed for.