insurance claim?

Question

I have full coverage on my truck and want to know what the insurance company would do if i totalled it with no other vehicles involved (say a tire blows out and went in the ditch)

no loans on truck , would i need to pay the deductable up front and would my insurance go up?

Answer 1

A collision loss that totals a vehicle will be (usually) paid according to book and/or market value to the owner (you). The deductible amount will be deducted from your check you recieve from your ins co.

Answer 2

They'll pay you the fair market value (blue book retail) of the vehicle at the time it was totalled less the deductible, assuming that you have collision coverage. If you don't have collision coverage, they won't pay anything.

Your rates may or may not go up; that will be up to your insurance company.

Answer 3

first of all I hope you are not planning insurance fraud. Insurance fraud causes everyone an estimate of $200 more a year on their premiums. Secondly it is a felony. But yes your insurance company will attempt to pay you what they feel the vehicle was worth at the time of the accident minus your collision deductible. Then your rate goes up for an at fault accident depending on the cause of that accident. Be careful.

Answer 4

At fault accident, rates will go up. You will also get value of vehicle less your deductible. As the other person said it may not be enough to pay off any loan on vehicle you may have but you would still be responsible for the loan.

Answer 5

The way I understand it the insurance co. is supposed to replace it with one of equal value. Have you looked at ads in the paper? How much is a used truck like yours selling for?

Answer 6

Typically they will cut you a check for the value they have for the truck, not what you owe which can be much more. Minus your deductible