my car is worth $1500
a reman trans. is $1700 (so with labor, easily $3000)
i owe $4000 (yeah i know i got screwed pretty bad on this deal)
2006-07-13 19:49:46 · 11 answers · asked by francescaj7 1 in Cars & Transportation ➔ Insurance & Registration
Here's the correct answer. For starters, your auto insurance will not pay for a transmission; that's not what it is for. That would be covered under a warranty. Auto insurance only covers things like fire, theft, collision, and damage(and that's only if you have that coverage). The only way your insurance would pay for a transmission would be if it was damaged in a covered accident, and if it was less than the value of the car...so either way you still wouldn't have been able to collect on it.
If your car is totaled in an accident, assuming your numbers are right, the most you'd get is $1500...and they would get the car. Since you still owe $4000 on the car, I guess you are down to one of two scenarios...a)just fixing the tranny, licking your wounds, and continuing to drive the car until you pay it off, or b)trading it off against another vehicle now as it is...you'll get hosed on the trade and have a because they'll realize the tranny problem, and you'll have a fatter payment book on the new car because of the amount you still owed on the old one, but at least you'd have a decent car.
A third option would be just to try to sell the car as is, on your own, but again you'll be losing money as it's not worth what you owe, and nobody's going to pay $4000 for a $1500 car with a bad tranny.
Only you can make the decision, but if it were me, I'd trade it off and not waste money on fixing something that is worth less than the cost of the repair. Get something dependable.
Good Luck
2006-07-14 09:12:34 · answer #1 · answered by answerman63 5 · 13⤊ 0⤋
Transmission Insurance Coverage
2016-11-04 21:33:42 · answer #2 · answered by ? 4 · 0⤊ 0⤋
No, But some companies are offering extended warranties on cars (like Allstate). And even if it's totaled The ins will only cover the blue book value of the car at the time. To avoid this you would need to get Gap ins to pay off the total loan.
2006-07-14 04:32:44 · answer #3 · answered by ric_ozz 3 · 0⤊ 0⤋
Unfortunately, no. Insurance policies do not cover normal wear and tear of vehicles. Your "full coverage" will only pay for your car if it's wrecked, stolen, catches on fire or damaged in some way.
With an upside down balance like that, why don't you go to a used car lot and find out if you can trade it in "as is"? I know around here, we have plenty of car lots advertising that if you can push it in, pull it in or drive it in, they'll trade for it.
Good Luck!
2006-07-14 02:58:19 · answer #4 · answered by Nysa 3 · 0⤊ 0⤋
Not without a police report explaining the accident, theft or vandalism.
A few.companies offer Wear and Tear in the coverage. 90% of all Extended Warranty companies are RRG---Risk Retention Groups.....Private Investors.
Go with a REAL Insurance company like Mercury.............
Email for other names.
2006-07-14 04:35:04 · answer #5 · answered by Captain Tomak 6 · 0⤊ 0⤋
I suggest that you visit this site where you can get quotes from different companies: http://HELP-INSURE.NET/index.html?src=5YAWds13tGY73fDG1
RE :I have full coverage; my transmission will die any day now; will ins co pay off my car as totalled?
my car is worth $1500
a reman trans. is $1700 (so with labor, easily $3000)
i owe $4000 (yeah i know i got screwed pretty bad on this deal)
Follow 10 answers
2017-03-24 17:18:30 · answer #6 · answered by ? 6 · 0⤊ 0⤋
Insurance does NOT cover mechanical break down. Sorry.
NYSA - has great advise with the upside down loan! Best of luck!
2006-07-14 08:21:00 · answer #7 · answered by Badkitty 7 · 0⤊ 0⤋
Insurance policies exclude wear and tear so if I were you I would try and part ex the car as it is, whatever you do its going to be painful
2006-07-13 20:04:11 · answer #8 · answered by Nimbus 5 · 0⤊ 0⤋
Insurance will not pay unless it is an accident, fire, theft. Your transmission going out is too bad, but you are stuck.
2006-07-14 01:47:19 · answer #9 · answered by Anonymous · 0⤊ 0⤋
If your transmission dies, insurance will not cover it. That is not the responsibility of insurance.
2006-07-13 19:55:09 · answer #10 · answered by Chinese Cowboy 5 · 0⤊ 0⤋