Stolen vehicle was totalled insurance doesn't want to pay

[sixpackpayne]

What is the name of your state (only U.S. law)? Oklahoma

My kids were spending the night at their cousins house this weekend. They drove one of our vehicles to his house. During the night some of the people decided to use our truck to get something to eat after being told not to touch it. On the way home it was involved in a single vehicle accident & totalled. Now the adjuster is telling us it is only worth half what we owe for it. We bought it used in November & the NADA retail at that time was around $23,000. We borrowed $20,000 & still owe around $18,700. The adjuster is telling us today that the truck would have been only worth about $14,000 if that much. We reported the truck as stolen & thats how we turned it in on our insurance. It was locked & my daughter was in bed when it was taken. She had told everyone that was there not to touch our truck. We are friends with the people that took it. The driver just got moved out of ICU today & the wreck was Sunday morning. What can we do to get this truck paid off? I don't want money for the aftermarket stuff we put on or the contents that were destroyed I just want it paid off so I can get another one. We have a couple grand in the contents & after market stuff. I have to hitch a ride to work & back everyday because I don't have anything to drive. I can't get a rental car because the truck was recovered. We have had the same insurance for about 15 years. This is the second wreck ever & I don't think it is our fault or should be viewed that way. I am just looking for some advice or opinions or something. I have never been in this position before & I am lost.

 

[Zigner]

It is not the insurance company's fault that you owe more than the vehicle is worth. You are entitled to the fair market value of your vehicle, NOT compensation for every penny you owe on it.
The contents may be covered (check your policy), or may be covered under other insurance (check homeowners policies, etc.)

 

[acmb05]

What is the name of your state (only U.S. law)? Oklahoma

My kids were spending the night at their cousins house this weekend. They drove one of our vehicles to his house. During the night some of the people decided to use our truck to get something to eat after being told not to touch it. On the way home it was involved in a single vehicle accident & totalled. Now the adjuster is telling us it is only worth half what we owe for it. We bought it used in November & the NADA retail at that time was around $23,000. We borrowed $20,000 & still owe around $18,700. The adjuster is telling us today that the truck would have been only worth about $14,000 if that much. We reported the truck as stolen & thats how we turned it in on our insurance. It was locked & my daughter was in bed when it was taken. She had told everyone that was there not to touch our truck. We are friends with the people that took it. The driver just got moved out of ICU today & the wreck was Sunday morning. What can we do to get this truck paid off? I don't want money for the aftermarket stuff we put on or the contents that were destroyed I just want it paid off so I can get another one. We have a couple grand in the contents & after market stuff. I have to hitch a ride to work & back everyday because I don't have anything to drive. I can't get a rental car because the truck was recovered. We have had the same insurance for about 15 years. This is the second wreck ever & I don't think it is our fault or should be viewed that way. I am just looking for some advice or opinions or something. I have never been in this position before & I am lost.

File a claim against the drivers insurance. Not sure why you can't get a rental. I got one when my car was stolen/totaled/recovered.

 

[sixpackpayne]

I don't owe more thanwhat the vehicle is worth. They are not giving a value for items like the moonroof, back up sensors, flare side bed, etc.....they are valueing it as a stripped down truck which it wasn't. I would be more than happy for the insurance company to repair the truck & not pay me a single dime.

 

[sixpackpayne]

The driver has the same insurance we do.

 

[Zigner]

I don't owe more thanwhat the vehicle is worth. They are not giving a value for items like the moonroof, back up sensors, flare side bed, etc.....they are valueing it as a stripped down truck which it wasn't. I would be more than happy for the insurance company to repair the truck & not pay me a single dime.

Unless your insurance specifically covers after-market items, then you are out of luck.

 

[CMLANDLORD]

The driver has the same insurance we do.

That should make filing a claim against the driver even easier!

 

[sixpackpayne]

This truck came stock with these items. I assumed we wouldn't get paid for exhaust sytems, stereos, amps, etc which we added to the vehicle. Like I said though I have never been through anything like this before. We had a $300 digital camera, diamond earrings, SLVR cell phone, necklace, lawn chairs, cd's, shoes & who knows what else in there. I would like to have some of that stuff back if can be found. Actually what I want is the truck back like it was on Saturday. But since I can't get that I would at least like to have my loan paid off so I can get another one. I could understand being treated this way if we were the ones that had the wreck. I always just thought we would be taken care of if something like this happened & now I see that we are not.

 

[sixpackpayne]

How do you file a claim against the driver? I guess it would be his grandpa he is a minor & lives with his grandpa.

 

[Zigner]

That should make filing a claim against the driver even easier!

And what makes you think the driver's insurance will pay any more than the fair-market value (excluding after-market items?)

 

[CdwJava]

Soooo ... you reported the truck stolen ... and the police arrested the suspect and you and the kids are cooperating with the prosecution, right?

If there is no prosecution, it is likely that the police and the DA do not consider the vehicle as "stolen" as it is defined under OK law. That might play in to any final decision by the insurance company.

- Carl

 

[Zigner]

Ok, your original post wasn't clear about what was stock and what was aftermarket.
Show your original dealer paperwork showing all of the options that were factory/dealer installed and show it to the insurance company.
In ANY case, you are not entitled to more than the fair-market value of your vehicle, even if you owe more than that amount. The only way you COULD recover the excess is with gap insurance...

ETA: That applies if you sue the person who caused the accident...you won't be able to get more than FMV

 

[sixpackpayne]

Soooo ... you reported the truck stolen ... and the police arrested the suspect and you and the kids are cooperating with the prosecution, right?

If there is no prosecution, it is likely that the police and the DA do not consider the vehicle as "stolen" as it is defined under OK law. That might play in to any final decision by the insurance company.

- Carl

He is still in the hospital but yes we are all cooperating as well as the passenger of the vehicle. His family isn't denying that he "stole" the truck either. He is still not conscious so he can't give a statement. We filed the report at the Sheriffs Department & they said all the information would be given to the DA. The girl that was with him went to the Sheriffs Department with us in case they wanted to arrest her but they said no that was not up to them yet.

 

[sixpackpayne]

Now they are talking like they are going to pay around $2k less than what we owe. Which is better than they originally said. They were trying to argue things that seemed obvious to me, like upgraded wheels from the factory, flareside bed, moonroof from the factory, it was a heavily equipped truck which is what drew me to it in the first place. It had things on it that most trucks don't have. But if they are going to pay within $2k of it I won't be happy but I feel a lot better than them paying half of what I owe. Since they think it is the fair market value I wish they would find me another one like it & buy it for that price.....

 

[sixpackpayne]

Soooo ... you reported the truck stolen ... and the police arrested the suspect and you and the kids are cooperating with the prosecution, right?

If there is no prosecution, it is likely that the police and the DA do not consider the vehicle as "stolen" as it is defined under OK law. That might play in to any final decision by the insurance company.

- Carl

How do we find out what OK's laws are on stolen vehicles**************....