Auto Insurance Claims: Truck stolen in the Everglades, gun season, tow trucks

Question
Hello. Nov.10-opening day of gun season. While hunting my truck was stolen and has not been found as of today. The police made a report and I contacted my ins co. Mon a.m. I had to give a recorded statement in which I was asked for my ss#,my household income , and how much I make at my job. I don't like to give out my ss#, is this normal? Also the truck was locked and I still have the keys-03 F-350 Diesel. I did have a hide-a-key hidden under the truck. Will this hurt my case? Deputy @ at the scene mentioned tow trucks had recently been stealing vehicles. The ins co. told me I had to keep making the payments? Isn't that their job? If I do have to keep making the payments, how long can they legally drag this out in FL? Thank you for your time and your help.

Answer
Hi Curt,

You do need to keep making the payments until the insurance company settles the claim. In Florida in a theft claim, the insurance company has 60 days to investigate and then either pay or deny the claim. The questions they asked you are standard. They will be checking into your financial situation to see if you had any motive to have your vehicle stolen. They always suspect the vehicle owner first.

Once they decide that you had nothing to do with the theft they will make you an offer to settle the claim. The will pay you the actual cash value of your truck not necessarily the amount of your loan. If you were upside down in your financing you will still have to pay the balance to the finance company.

You should research the value of your truck before you get an offer so you know if their offer is fair. You should print out any value information you find so you can start negotiating with the insurance company.

I hope this helps
Richard Hixenbaugh