2006-09-08 17:56:16 · 12 answers · asked by kuta 1 in Business & Finance ➔ Insurance
If you have collision coverage and the accident was your fault they will pay off any monies you owe and whatever is left over, they pay to you. If you do not have a loan on the car, they will give you the money and you can buy another car or not, that's your choice. They will want the title to the car so expect to have them hold out some money until they get it, this is common practice.
2006-09-11 11:26:44 · answer #1 · answered by hummingbird 3 · 0⤊ 0⤋
The vehicle has to have a loss of 60% or more of its total value before the accident in order to be a total (in most states). The insurance adjuster will evaluate your vehicle before the accident and then give you a settlement. If you have a loan on the vehicle and no gap insurance you will have to pay the difference of the settlement and the loan balance to the leinholder, as the insurance adjuster will not give you the balance of the loan. If you do have gap insurance you will then need to follow up with that company to file a claim for the difference of the settlement and the loan amount. At that point you will basically walk away with nothing (no additional money, but no loan balanace either). If you have no loan, you can then take the money from the settlement and buy a new vehicle.
2006-09-09 04:38:50 · answer #2 · answered by J O 2 · 0⤊ 0⤋
The amount you are paid is what the car was worth just before it was totaled. In some cases, you can 'prove' a value higher than 'blue book' by finding an 'equivalent' vehicle for sale and using the asking price for that car. The problem with this approach is the is really no such thing as an equivalent vehicle.
2006-09-10 14:33:48 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
If you are in an accident you can get money for another car. They will look at the Kelly Blue Book value for your car. This is based on year, condition, model ect.... and you will get this much towards a new car. You do have to have a mechanic say that it is totalled though.
2006-09-09 01:11:32 · answer #4 · answered by tonip1963 3 · 0⤊ 1⤋
I don't think it even has to be totaled, just has to have the economic value of the repair be almost what the car is worth.
2006-09-10 01:44:31 · answer #5 · answered by Michelle G 5 · 0⤊ 0⤋
They will give you a sum of money equal to the value of your car. it may or may not be enough to get another car.
But that is only if you have full coverage, if you have libility only then they don't
2006-09-09 22:47:05 · answer #6 · answered by Anonymous · 0⤊ 0⤋
if your car is totalled in the state of massachusetts do you get to keep the car
2014-10-27 15:03:02 · answer #7 · answered by janet 1 · 0⤊ 0⤋
Assuming you are covered, they give you the actual cash value of the car. The money is given to you to do with as you please. They dont help you purchase another car.
2006-09-09 10:18:30 · answer #8 · answered by Anonymous · 1⤊ 1⤋
Generally, if you are covered, they give you the amount that you could reasonably expect to get for the car if you tried to sell it yourself.
2006-09-09 01:00:27 · answer #9 · answered by GJ 5 · 0⤊ 0⤋
They write you a check, you can do anything you want with the money.
2006-09-09 19:58:41 · answer #10 · answered by Anonymous 7 · 0⤊ 0⤋