Insurance issues - stolen car
Our brand new Honda Civic Type S was stolen two days after we collected it from the dealer.
It has been recovered and is in the process of having locks changed and very minor chips repaired on the door edge (the thief must have opened the door against a wall, no dent).
Otherwise the car is undamaged. I have 3 questions:
1. Will the vehicle's resale value be reduced because it will be recorded as stolen/recovered (usually we keep a car for 4 years)?
2. Can the loss in value be recovered as part of our insurance claim?
3. If the overall cost of recovery and lock replacement is low would we be better to pay to have the car repaired, avoid an insurance claim and thus avoid the stolen/recovered status and resulting loss in value?
It has been recovered and is in the process of having locks changed and very minor chips repaired on the door edge (the thief must have opened the door against a wall, no dent).
Otherwise the car is undamaged. I have 3 questions:
1. Will the vehicle's resale value be reduced because it will be recorded as stolen/recovered (usually we keep a car for 4 years)?
2. Can the loss in value be recovered as part of our insurance claim?
3. If the overall cost of recovery and lock replacement is low would we be better to pay to have the car repaired, avoid an insurance claim and thus avoid the stolen/recovered status and resulting loss in value?
Asked on 2 November 2011 by wrayman
Answered by
Honest John
1. Yes. 2. Yes. 3. You can't avoid an insurance claim because the insurer already knows.
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