What do I do if my Car was Stolen?

 
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The most important thing to do is stop and take a deep breath. Are you sure your car was stolen? Are you sure it wasn’t:

  • Parked Somewhere Else
  • Borrowed
  • Towed

It’s important to eliminate these possibilities before contacting the police because it will save you a lot of time. First, think back to when you parked your car last. Did you park it in your usual spot? Or did you have to park a few blocks over because it was crowded.

Once you’re sure that you didn’t just forget where you parked, you should verify that someone didn’t just borrow your car without telling you. An easy way to do this is see if all the keys are accounted for. If one isn’t, you’ll have to contact anyone who may have borrowed your car without letting you know.

Finally, you’ll want to confirm that your car wasn’t towed. Is it possible that there was a no parking sign that you missed? Even if you can’t find one, it’s probably worth seeing if your car was towed. A no parking sign may have been taken down by accident or something similar.

When all these factors are applied, consider this: how will you pay for it? Title loans from LoanMart could be your most convenient option1. With title loans, you may be able to get one fast and easy. In order to calculate how much you may need, let’s first visit some other tips to determine if your car was towed.

How do I check to see if my car was towed?

Your car may have been towed for one of two different reasons:

  • Illegally parked on private property
  • Illegally parked on public property

If you were parked on private property, there should be a sign to let you know which towing company to call. If you were parked on public property, you’ll need to call the city or municipality to see if your car was towed and where it’s being held. You may need to call more than once. Sometimes it takes a few hours for their system to be updated with information on towed cars. If no towing company has your car, then it may have been stolen and you’ll need to file a police report.

How do I report a stolen car?

You’ll need to file a police report. Then you’ll need to contact your insurance company, and the leasing or financing company if there is one. Before you contact either, you should gather the following:

  • Your car title
  • The location of your car keys right now and before the vehicle was stolen
  • The most-detailed description of your vehicle you have, including things like mileage and Vehicle Identification Number
  • A list of any personal items that were in your car

Getting this list together will help the police locate your car and your insurance company process your claim. Once your paperwork has been filed, there isn’t much to do but wait. Make sure you don’t cancel your car insurance however.

Why do I need car insurance if my car was stolen?

There are two reasons you should keep your car insurance. The first is that most policies will cover at least some of the damage caused by the thief or thieves who stole your car. This is important in case they do something like crash into a building. Your current insurance may also continue to cover you while you drive a rental car. When you speak to your insurance company, be sure to ask them exactly what is covered while your car is missing.

What happens if they don’t find my car?

If they don’t find your car, you’re insurance company normally pays you the Actual Cash Value (ACV) of your car. This is the amount of money you paid for your car minus the value it has lost. Note that the number your insurance company gives you is negotiable. They use a variety of different methods to arrive at an amount, and will probably try to value it at the lower end of the spectrum. If you do your own research, you can probably get them to give you a higher amount. Be aware though, they likely won’t give you the money for several weeks. They will give the police a reasonable amount of time to locate your car, sometimes up to eight weeks. So be sure you account for that when you make your plans for adjusting to the theft.

Having your car stolen creates a lot of stress. You don’t know if it will be recovered, or the state it will be in when someone finds it. It can take several weeks for you to receive your insurance money. Now that you are more familiar with what to expect, you can figure out what you’ll do in the event that your car disappears.

When in need of additional funding, title loans may be a favorable option. Car title loans from LoanMart can be a great way to get essential funding without all the hassles that can come with traditional lenders1.

One of the best things about car title loans from LoanMart is that they are fast and efficient. You could even receive your car title loan funding as soon as the next business day3!

Check out our application and see how you can use emergency money from title loans to pay for your car troubles!

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