If you have had a car stolen you first need to report it to the police and then your insurance company. A claim for a stolen vehicle would be placed under the comprehensive portion of your physical damage coverage.

If your vehicle was not recovered your insurance company should settle with you for the actual cash value (ACV) of your vehicle. Actual Cash Value is the cost to replace an item of property at the time of loss, less an allowance for depreciation. Remember that a deductible may apply.

Your vehicle's value is determined by comparing your vehicle's condition to similar vehicles. This may include input from local auto dealers, private parties or recent sales. Condition, equipment and mileage differences are also taken into consideration. In addition, the insurance company may use a computerized evaluation process to assist them in determining the value of your vehicle.

Most insurance company claims departments use a computerized evaluation process to assist them in determining the value of your vehicle. Insurance companies purchase third party computer systems (like CCC) that help them estimate costs in automotive claims and collision repairs. Third party software supplies insurers with software and a database that helps determine the value of a vehicle based upon automating the claims process. These systems have databases and systems that contain benchmarking tools to find the true value of a vehicle from repair shops and dealers.

After the claims adjuster use the above means to determine the value of your stolen vehicle that is what the insurance settlement would normally pay out. The loan amount, even if it only had the one car on it, is not paid by the insurance company but only the value of the vehicle at the time it was stolen.

If you have GAP insurance, the GAP coverage will pay the loan difference on the single vehicle.