They will only pay up to the limit on the policy.
If you owe more than the value of a car that was announced a total loss how much does the insurance company pay?
Typically the insurance companie will pay the cost of the vehicle at the time of loss, they will not pay anything more. If you purchase a vehicle that is higher than blue book, then consider gap coverage to help with this type of situation.
Will insurance companies cover depreciated value from an accident that is not your fault if they determine not to consider your car a total loss?
I am not sure what you mean by “cover”. If the car is totalled, it depends on your carrier, as to whether they will charge for depreciation. Most top A++ carriers list cars at “Agreed Value”, which means you get the utter replacement value for the car, regardless of depreciation. ReactionGeico and Alstate insurance would not cover the depreciated value of my car, even however it was not my fault. I was told no one does… I don’t see why, but they say there is no way to figure out how much was actually lost because your vehicle is now considered to have “one accident”. I did ask several dealers if that information matters to them and they said they do take off money for accidents. sorry for the bad news, just another unfair thing in life. ResponseYes, if the accident was at no level your fault and the other party is accepting all liability you can send a request lettering requesting they pay for the depreciating value of your vehicle. I would search more online how to write this, but you will need back up documentation displaying the depreciation of your vehicle from at least two different dealerships. A copy of the Kelly Blue Book value will also help. I have now been in two no-fault accidents and in both cases the other insurer’s company has lodged for depreciation value.
If you have utter coverage and your car is totaled by someone and their insurance pays the current value will your insurance pay the difference?
Depends on the underwriting rules as to what they consider indemnifying you. They may cover it, and then subrogate against the other insurer.
What do you do if the insurance for a totaled car does not pay off the car loan?
I faced the same thing about a year ago. The insurance company did not want to give me what was needed. I got on-line and found many cars that were just like mine and displayed them that my car was worth more than they were wanting to give me. They still did not want to give me what the car was worth. So I went to puny claims court and filed suit on the driver of the other car. The person’s insurance has to represent them. Also go and look at the comps that the insurance company are using for your car to see if you can substitute the car for what they want to give you. ResponseUltimately it is your responsibility that you either made low payments, took out a very long loan, or picked a car with high depreciation. The insurance company is not liable for the inflated amount you owe–only what the car is worth. ReactionThe insurance company will only give you the value of the vehicle, as per the “Kelly Blue Book”. They will also send an appraiser out to see what the condition of the car was, as in mileage, any previous harm. If the accident was another driver’s fault, you have to sue him and/or his insurance company for the remaining balance.Whatever you borrowed to obtain the vehicle wil always be more than the car is worth. You have already lost money on it as soon as you drove it off the car lot. But do your research. Go online for “Kelly Blue Book”, and get the estimate of the car’s value. If it is more, then dispute it with the insurance company. Print the page out. ResponseWhen you bought the car fresh or used from the dealer you had the option to purchase something called GAP INSURANCE from them (the Dealer, not the insurance company) for your exact situation. If you did not have enough equity in your car for the insurance pay off to cover it AND did not have gap insurance. basically you are screwed and responsible for the rest of the loan amount car or no car. Some people believe Gap insurance is a rip off so they do not suggest it to you and some just don’t know what it is. They do not need to be selling cars. Not fair but the way of life. Father is an insurance sales man. I also had a damsel hit me I had GAP insurance and she did not. She still had to pay off the balance on the loan even tho’ she did not have the car. The courts won’t do much because you had the option to purchase gap insurance and you did not, it does not matter that you did not know.
If someone borrowed your car and wrecked it and they aren’t on your insurance will your insurance pay for it?
if they stole your vehicle and you filed a theft report, your damages will be covered but the driver possibly will be responsible for other harm caused by your vehicle; don’t permit unlisted people to drive your vehicle- your rates will increase b/c we will risk alert youYes, even if the person stole it or took it without your permission. This is assuming, of course, that you have utter coverage (collision and/or comprehensive on your car). Here’s the “but”: But, if your insurance carrier finds out that the person who borrowed your car actually lives with you, or is a resident relative, and you never told you’re carrier that the person has access to your car, it could cause problems. They’d still take care of your damages, most likely, but they might drop you or increase your rates substantially. As for a rate increase, even if you weren’t driving when the loss occurred, you still assumed some risk by loaning out your car. Your carrier will take that into consideration and adjust your rates accordingly. Incidentally, if the person who borrowed your car also has total coverage on his or her own vehicle, your own insurance will still pick up the tab. Insurance goes after the vehicle almost always… If the person driving your car has insurance their insurance company may pay for your car if you only have liabiliy.
Can you pay for an appraiser after a car wreck to appraise the value of your car ‘prior to the wreck’ so as to get more money from the insurance company as the car’s value is significantly higher?
Well, when you get an high priced or classic vehicle insured, the insurance company will usually ask for an appraisal or inspection anyways…Which at the time of loss there adjusters will still come up with a value they think the vehicle is worth. Certainly and is very adviseable if there is a significant difference. Many adjusters will suggest a “low-ball” figure and reject to take into consideration the condition of the vehicle before the wreck. They know that your only option is to file suit and that will cost you attorney fees. Look in the newspaper and local auto trader magazines for an equal vehicle. then forward the appraisal and similar ads to the adjuster. If he still fails to make a reasonable suggest contact your local state insurance office or attorney general to see if you may have a “bad faith” claim.
Does an insurance company have ownership of the vehicle after they pay for your total loss?
If you lodge a total loss with an insurance company & choose not to keep the car, you have to send them your signed title and release possession of your vehicle to them in order to be paid for the claim. You do have the option of retaining it for less settlement money (due to salvage value and, in certain states, license & fees, taxes, etc…If you choose to retain, you will still not be paid for the repair of your vehicle, it is still totalled. Depending on the state, you also must get a salvage title on the vehicle until you have had it repaired & explored by the state to be deemed roadworthy before applying for a rebuilt title.
If your car is announced a total loss how much will the insurance company pay back to you if the car was purchased below book value?
Regardless of what you paid for the vehicle, in most cases,if your vehicle is deemed a total loss, you will be paid the local market value of your vehicle. If you happened to purchase your vehicle for less than that, you lucked out:)
Is it legal for your insurance company to deny a loss for a car that was totaled?
It would depend on why the car was totaled and who’s fault the accident was and what time of insurance do you have PLPD or Utter Coverage
Can you get utter coverage from other insurances on a car if is was proclaimed a total loss by your insurance?
If the vehicle has not been repaired and examined and title cleaned up, any insurer doing their job will restrict or not write collision and comp. However it does happen, but be aware that if an accident occurs this salvage title will demonstrate up and you will get substantially less on this next settlement. Any prior harm will not be paid to repair again.
How does the insurance rate the value of a wrecked vehicle?
Typically they go by what the same year make and model sells for in your area. Please note that they do not go by what the list price is on vehicles listed in the newspaper as that is not usually the final selling price. I like to use edmunds.com to get a good estimate of the true value of a vehicle.
If your daughter’s car was totaled by an unlicensed driver running a stop sign can the insurance company deny to pay because the car was insured under her mother’s name?
The company will not admit liability….but they may still pay. If the unlicensed driver was operating the car with the parents permission…the parents are liable. The parents are liable for the deeds of any minor child…so if the child is youthful and I mean not driving age…they better get the company to step up and pay whats fair to you. If the parents say…No we did not give permission, you don’t give up…get a lawyer and take them to court. Doing so brings in the insurance company…and it will get lodged. I know of parents who excluded the daughter, or son from their policy…exclusions are written agreements , signed at the insurance company , that the parents don’t want a driving aged kid coverd by their insurance. ( The rate is cheaper-No kids) Later the parents let the kid get a license, and routinely let the kid drive the cars…exclusion still in effect. CRASH goes the kid…The company does not owe for even the collision harm to the parents fully covered auto…because the kid did it…and the exclusion states they are not liable for anything the kid does…HE IS EXCLUDED FROM ANY AND ALL THAT THE KID DOES. The Parents Owe…they knew, they let the kid. SO, Take their house, the boat , the summer cottage, and whatever else it takes to cover what they owe..
Don’t get your hopes up, if the parents say the driver did not have permission, you very likely won’t win in court period. The policy is pretty specific about this and people driving the vehicle without permission are not covered period. You may have a hard time finding a lawyer to take the case. Best bet is to have your own insurance pay under Uninsured Motorist coverage. Claims under this coverage should not be held against you and your rates should not go up..
Your insurance company should pay you for the total, assuming you had comprehensive/uninsured motorist coverage. Let them battle it out with the other party’s insurance company, it’s not your problem. That’s why you have insurance!
What happens if you have no car insurance and have a wreck but are willing to pay for damages?
Then you are doing the right thing. If you avoided getting a ticket then the accident won’t become part of your record.
Will car insurance pay for a car totaled in a DUI accident?
It should. If the “at fault” vehicle is insured, it’s supposed to cover the victim’s vehicle 100%. If the “at fault” vehicle has comprehensive and collision insurance that insurance is supposed to cover the at fault vehicle up to the deductable amount.Note that the inebriated driver will liberate his insurance and be required to get the VERY expensive DUI “insurance endorsment” since he/she is now in the highest risk bracket..
BTW, when a inebriated driver causes a collision it’s not called an “accident”. Accident is when things just happen. Driving toasted is the CAUSE of the collision and as such the collision is not called an accident. Call it a wreck, crash or just about anything else that takes away the implication of a random act.
What does the insurance company have to pay if you total your car with total coverage?
They pay whatever the value is of your vehicle less the deductible..
The value they pay, in most cases, will be the trade-in value or average private sale value. Not enough to substitute the car even when you add the deductible..
anything you do with the car or any one else but beware when claiming on insurance they will charge you more next time
What do you do when an at-fault driver has insufficient insurance to pay for your total loss?
Insurance DelimmaDepending on what state you live in check your insurance policy for Under or UN insured motorist coverage. In some states it is an elective coverage and in others you are required to carry the minimum thresholds.If you do not have that type of coverage your best bet is to contact an attorney. Again depending on what state you live in, some insurance carriers can go after other members of the households insurance to recoup damages. In other words, if Grandma or Uncle Bob is the one that hit you and they live with son or daughter, it may be possible to file against son or daughters policy. sue emSue them. You may not see any money for awhile, but at least you will be given a judgment and promise – which is more then you have now.
If you want the insurance company to total your wrecked car can you negotiate this?
To Total Or Not To Total?? .
Not indeed. Albeit things from vary from one state to another, usually they will repair the car if the harm value is 70% or less of the car’s current book value. I’ve never heard of anyone doing this so I’m not sure if it’s possible, but you COULD call the insurance company and tell them you’re willing to lodge for a check directly to you for less than the harm estimate. The company will most likely agree as ALL insurance companies want to lodge for as little as possible, but state laws may prohibit that because once a car is give a totaled or salvaged title it’s reported to the state. To response the question most of the time if they choose to repair it you have to side with that option most of the time, if you feel otherwise, consult your local auto accident attorney.
What do you do when you total a car and still owe the finance company more than the retail value that insurance will pay and you have no gap insurance?
Response 1 .
I hate to have to be the one to tell you this, but there is not too much you can do. If you feel the insurance company’s valuation is wrong, and the settlement is unfair, you could discusss your situation with one or more ATTORNEYS [“usually,” a very first visit is free]. Don’t go to any attorney that doesn’t suggest free very first consultations, as there are many who do..
Otherwise, you’re just going to have to make the best of a bad situation. In order to do that, I sugguest:.
1. Discuss your situation with your finance company and, with a entire lot of luck, they MAY forgive PART of your note..
2. UNLESS there is a PREPAYMENT PENALTY clause in your loan note, take the ENTIRE settlement money and pay it ALL to the finance company. This gets your balance as low as possible..
3. TO PREVENT Harm TO YOUR CREDIT RATING, AND a lot of continuing collection pressures, proceed to make your payments until your loan is fully paid off. Not only will this protect your credit record, and prevent a lot of harassment, it is the right thing to do.
If your insurance pays purchase price for your car for a total loss and you are still paying off the finance of the car are you compelled to buy a fresh car or risk having your insurance rates climb?
Total Loss .
When a car gets totaled and it’s paid off the lienholder gets paid very first and you get whatever is left over. In California, your insurance cannot be raised until the end of the term. If the accident was your fault your insurance will rise. If it wasn’t then the insurance will rise depending on the type of fresh car purchased.
How do you get rid of a wrecked car with no insurance?
call local salvaging companies. many will take cars for free. also look into donating the car for local charity groups. Another reaction: The local junk yard paid me $ 25.00 for my chunk of junk and came and picked it ip.
If my car is totaled and not paid for will your insurance pay for it?
Car Loans .
In most cases, insurance companies are only required to pay up to the book value of your car. What this means is that if you owe $15,000 on a car loan and the car is only worth $12,000, you will still be held responsible for the remaining balance which in this case would be $Trio,000. This is also known as being upside down. If you purchase GAP, a.k.a a debt cancellation contract, then you would not be held liable for the remaining $Trio,000. This is why it pays to purchase a car that has good residual value meaning it shouldn’t depreciate much swifter than you are able to pay off your loan.
Will your insurance pay if someone wrecks your car and they do not have a licence but you let them drive your auto anyway.?
Most large company’s do, as long as the person driving was @ least 25, even if they where determined after investigating, to be @ fault.
If you have a wreck delivering does your insurance have to pay?
Depends … if you are using a individual auto that is insured for ‘pleasure’ and using it for delivering goods to customers (which is conducting a business), then NO your insurance will most likely not pay. However, if you have been fair and upfront with your insurance company and have the car insured for use in business venture, then you might be covered.
Will car insurance pay if totaled car?
If you have total coverage they might pay you the lowest market value fo your car. They will deduct your deductable.. Insurance companies are out to make money so they will find the cheapest way out
When you wreck a car does the insurance company pay for tax and title also?
If your vehicle it considered a total loss, your Total Settlement Value will include Taxes, Transfer Fees, Deductible and your Loan/Lien..
This is with State Farm Insurance, I am not sure about other companies.
What if you get in a wreck but have failed to pay the insurance the past month the car is fresh and has gap insurance but the insurance is inactive because of failure to pay?
Your Not covered for anything at all..
If the auto insurance is inactive, then so is the GAP coverage..
“GAP Insurance” is Not “Auto Insurance”, it is Finance Company Insurance. it will only pay the difference after your required Auto Insurance policy has paid it’s maximum boundaries..
If your auto insurance lapsed, then your GAP insurance has also lapsed automatically and concurrently..
The GAP Insurance is Void in the absense of an auto insurance policy..
Your on the hook for all monies owed to all parties involved with your finance note..
What is constructive total loss under engineering insurance?
In terms of motor vehicle insurance, when an insurance company writes a vehicle off, they have a dedicated salvage agent, who will give them back a certain percentage of its market value (pre-incident) for every bruised vehicle sold to them..
If the cost to repair the vehicle is greater than its market value minus the percentage the insurance company receives, it is known as a constructive total loss (category D), as it is more economic for the insurance company to write the vehicle off than repair it..
Cost to repair > Pre accident value – Salvage percentage comeback = Constructive write off
Does car insurance pay if you wreck your car while operating under the influence?
Each policy has exceptions to when certain things apply. Drivingunder the influence usually negates the insurance companiesresponsibility to pay out a claim.
Will insurance pay for a DUI wreck?
Yes, your auto insurance policy will react to harm claims eventhough your may have been intoxicated at the time. However, you mayalso see a steep increase in your auto insurance rates for the nearfuture.
If your car is a total loss will the insurance company help you fix it if you both pay?
If your car is deemed a total loss, the insurance company will only pay up the value of the vehicle. They will have nothing to do with the repairs. If the vehicle is worth $Five,000 and the harm is $8,000, you are going to pay $Trio,000 out of your own pocket. Once the insurance company pays you that $Five,000, they are out of the picture. Just be ready for a ‘salvage’ fee to be deducted from your settlement by the insurance company. That is what they would have gotten for your vehicle if you had surrendered it to them.
If your insurance wont pay for your wrecked car what should you do with it?
Pay for it yourself and fix it or sell it to a junkyard, up to you.
If a car is considered a total loss after an accident and the insurance company pays you for what the car is worth do you still have coverage on that vehicle if you contnue to drive it?
Usually if the car is a total loss, the insurance company will pay you and take the car. They then sell it for parts/salvage. If they let you keep the car, all you have to do is check on the current status of your policy and see if it is listed.
I wrecked my friends car they didn’t have insurance do i have to pay?
Yes. If you caused harm to somebody’s property you are responsible. The definition of insurance is a transfer of risk. If your friend had insurance on the car then the risk would have been transferred from you to the insurance company, but would still make you at fault.
Will insurance pay for a wreck if you have no license or insurance?
If you don’t have insurance then there will be no one to pay for an accident. If you are hit by someone who doesn’t have insurance your own insurance policy may pay for harm to your vehicle as well as bodily injury within your policy or state boundaries
I had a wreck. Insurance wants to total the car. When I purchased the car I purchased GAP insurance. I packed Bankruptcy Chapter 13. Wondering will the GAP insurance cover balance of after insurance?
Yes, you have taken a wise and wise step. When your car will be totalled by the insurance company, than the balance amount of the loan which you will have to pay will be paid by the gap insurance. This is the purpose of gap insurance..
Gap insurance pays for the difference in the insurance settlement and the loan amount when there is an accident or a misfortunate event that leads to a claim like theft of the vehicle..
The purpose of insurance is to save a person from financial problems.
If someone borrows your car and total loss it will the insurance company pay for damages?
Yes. Collision coverage pays for harm to your vehicle, minus the deductible, regardless of who is driving it. Also, if you loan your vehicle to someone they are considered a permissive driver and you are liable for harm they cause in your vehicle even if they have their own insurance. Insurance always applies to the car not the driver.
Will insurance pay if you have a wreck and get a DUI?
If the DUI was the cause of the wreck, most likely not. You will need to check your policy to see what it says, since there are many options for insurance.
How long can an insurance co take to pay for your totaled car?
The general response, absent a contractual or statutory requirement is, “a reasonable time”. When a car is determined to be a total loss, it essentially means that the insurer has determined that the cost of repair exceeds (usually, some statutory) percentage of the actual cash value of the car. In that example, the law requires that the be announced to be a total loss. The time consuming part of that process can be in determining the actual cash value of a car of like kind, quality, and other features. While there are commercial guides to help in that determination, often there is a period of negotiation with the holder as to the final value. Many States provide that once a claim has been resolved by agreement as to the value, and all necessary documents have been signed (in this case, proof of claim, title certificate, and other documents that the State or the insurance company may reasonable require), payment must be made within 30 days. However, the period may be shorter or longer and State law will govern.
Had wreck driving with no insurance my car total but courts says that I have to get non driver insurance what is that?
Status as an insured on an auto policy is generally tied to a specific auto that is insured under the policy. That is, unless you are named on the policy as an authorized user of the vehicle, you will not have coverage. Non-owners coverage is a type of auto insurance that “goes after you”, in that it provides coverage regardless of the car that you are driving, and which presumes that you do not own a vehicle. Since your car was “totalled”, until and unless it is repaired and you get a “rebuilt title” for it, you fall into the category of not possessing that vehicle any longer.
What value do car insurance companies use when totaling a car?
They will inspect the vehicle and then look at the value of it in the Kelly Blue Book or the National Auto Dealers Association guide to determine it’s value. The insurer may also consider vehicles of like kind and quality to determine that which they are sellinf for. The insurer will compare the value of the vehicle to the price necessary to repair it by getting estimate(s) from reputable auto repair shops and/or auto figure shops. If it costs more to fix than the vehicle is worth they will total the car. The statutory law of many states require that an insurer total a car if the cost of repair exceeds a stated percentage of the actual cash value.
Car totaled insurance value car at 16000 and loan amt is 12400 can you use your gap insurance to pay off car loan?
If they gave you 16000 on the car, you would not need gap insurance since your loan amount is 12400.
What if you are hauling stuff in your car and get in a wreck and the items are cracked Will your insurance pay for the items?
If you have receipts for things like TV, cameras etc. you may recover depreciated value .If you have groceries spoling or all over the road, get pictures. Keep a little disposable camera in the glovebox, from now on. If your car being overcharged and/or blocking your vision was a contributory factor to the accident, leave behind it .
What type of insurance will pay for harm to your car if it is announced to be a total loss?
Physical harm coverage pays for harm done to your vehicle. This is divided into two policy provisions, comprehensive and collision. Collision is if you hit something or turn the vehicle over. Comprehensive is about everything else, including theft, vandalism, animal collisions, fire, glass breakage, etc. So the main thing you will need to determine is what caused the harm. If you hit a deer then it will be a comprehensive claim. If you hit a telephone pole or another vehicle then it is a collision claim.
Where to go if your Insurance company is not paying for the loss of a car accident?
Attorney General,s office where you live. Also attempt the Better Business BureauAdded: Contact the State Insurance Commission of your state and file a complaint.
What if their insurance determines your car is total loss?
Then their insurance cuts you a check for the Bluebook value of your car. Also, some of them also suggest rental coverage until the car is substituted (but obviously not for several weeks)
Who is responsible if your under age daughter wrecks even however you have nothing to do with the car or insurance?
This truly just depends on the factors involved. Thedriverin an at fault accident is always the primary responsible party, however, thevehicle possessoris jointly and severally liable for all resulting damages and injuries. So long as your daughter was driving with the owners consent whether direct or implied, the auto insurance coverage on the driven vehicle should pay for the damages as it is the responsibility of the vehicle proprietor to have the desired suitable coverage. If the vehicle belongs to another person who permitted your daughter to drive then in the case of a minor, the vehicle holder is liable for the cost of damages and injuries under permissive use rules. If the vehicle belongs to your minor daughter, even if she purchased it without your skill or you permitted her to drive the vehicle, then the Legal Guardian or parent is considered legally liable for the costs of damages and injuries. Blessed Motoring
What is an insurance recovery car?
Stolen car that claim was paid off by the insurance company. The car was later recovered. Because the claim was already paid the car is possessed by the insurance company and they will typically sale these at auction.
Does insurance cover a car totaled in a wreck involving a DWI?
If you had collision insurance on the car at the time of the accident that should cover the value of the vehicle. Even if you were toasted you were still at fault and most likely didn’t crash your car on purpose.
Do insurance companies pay for wrecked cars?
It can be said that insurance companies pay for cars after a wreckas long as you are fully insured. But when a person does get money from the insurance company it doesn’t mean that they are buying it from you. The car will have to be taken to a car junk yard and you can sell it to them.
What does the insurance company do when a car is not total in a wrecked?
If a vehicle is bruised in an auto accident the insurance company that insures the vehicle has the option to repair it, substitute it, or pay the actual cash value of the car. The last one is in the case of a total loss and the company never attempts to substitute a vehicle anymore. In this case it would repair the vehicle and pay for the cost of repair less your deductible which you will be responsible to pay for yourself.