Ok, heres the situation. I'm 16, i drive a 1988 Porsche 924S, and i pay like $150/mo for liability. Few days ago i wrecked my car at school. i took a turn too fast, hopped a curb and went thru a fence. I'm pretty sure the car is totalled since parts are so expensive for that car.
Here's the thing. Nobody was hurt, and cops came, but they didnt file a report and i wasnt charged with anything. I havent told the insurance company yet though because i don't know my options. If i told them i totalled my car, will they give me what its worth? Will they do anything? should i just sell it to a junkyard and cancel my insurance?
2006-09-24 09:08:07 · 11 answers · asked by MM&FF 2 in Cars & Transportation ➔ Insurance & Registration
Obviously you are way to young and immature to even be driving. Good lesson for you. Glad you are off the road before you injure someone!
2006-09-24 09:15:45 · answer #1 · answered by Island Queen 6 · 2⤊ 1⤋
Well, you have a couple of issues to deal with. first, if any property was damaged (such as the fence you hit) then you'll have to report it to your insurance company so they can pay for that under your liability coverage.
Secondly, if you have collision (I know you said you pay 150 per mo for liability, but wasn't sure if you failed to list all coverages), and only if you have collision coverage, you can make a claim for the damages to your vehicle. If the cost to repair is 75-80% of the Actual Cash Value of the vehicle then they will determine it is a total and proceed to settle the total loss with you and subtract the deductible from the settlement. If it is repairable they will issue payment to the registered owner of the vehicle less any deductible.
Your rates will probably increase as a result of this negligent accident. If you hadn't damaged any other property then you would not have had to report it if you didn't want to, which would not result in any increase for an at-fault loss. However, if the owner of that fence wants it fixed, which is likely, you'll have to fess up. If the fence owner will take cash from you, pay it and don't report it.
Slow down!
2006-09-24 18:28:12 · answer #2 · answered by Chris 5 · 1⤊ 0⤋
*Sell the car as damaged goods,
*Cancel the insurance, do not report the accident to them, since you only have liability they are paying nothing toward the car and will only jack up your rates for the next vehicle you purchase.
*And be more careful in your driving. A Porsche is too much vehicle for a 16 yr old, because next time you may not be so lucky.
2006-09-24 16:51:51 · answer #3 · answered by Seeking 5 · 1⤊ 0⤋
Thats what you get for showing off, dumb ***. Go to a performace driving school before you do something stupid like that again, and keep that **** off the streets.
Anyway, even if you had full coverage, the insurance company would laugh at the fact that you want them to give you the value of the car when you were the one who totalled it. Then they'd slap you with a jacked up, ridiculous insurance rate. So, even if you take it to the junkyard, they still may run a check on the cars VIN to see why you really cancelled the insurance.
Tough luck buddy, you're effed.
2006-09-24 16:44:39 · answer #4 · answered by diamond_joe1979 3 · 1⤊ 1⤋
Got the cash to pay for the fence? They will want you to pay for replacing or fixing it, and if you don't your only option will be turning it into the insurance company. Unless you had full coverage with collision, they won't pay to have your vehicle fixed since you were at fault. If you just had comprehensive, it will pay for things you broke that belong to others.
2006-09-24 18:03:40 · answer #5 · answered by oklatom 7 · 1⤊ 0⤋
wow, that really sucks. yeah, because you only have liability insurance, it will cover an damage done to the fence/other things you went through, but you have to cover the damage to your car on your own. If i were you i might look to sell it to someone who would want to fix it up, and put that money toward another car and better coverage insurance perhaps. sorry!
2006-09-24 16:17:49 · answer #6 · answered by inquisitivelittleguy 2 · 0⤊ 1⤋
First of all glad your safe and no one got hurt. Drive in future more carefully and less power full cars until your older and wiser.
Sell the car, don't tell the insurance you'll regret it, buy another car and carry on driving safely!
2006-09-28 06:17:20 · answer #7 · answered by john g 2 · 0⤊ 0⤋
the same thing basically happened to me. unless the "totalled" value of the car that the insurance company is willing to pay is really high i wouldnt report it. if you do report it then the insurance company will raise your rates by quite a bit. since your rates won't go down untill you are 25 that's 9 years worth of over-inflated rates.
2006-09-24 16:16:09 · answer #8 · answered by redwall1987 1 · 0⤊ 1⤋
Idiot.
If you only have liability you get NOTHING for your car. You are responsible for damages you did to the fence so call your insurance company unless Daddy is willing to pay for it.
2006-09-24 20:45:43 · answer #9 · answered by Anonymous · 1⤊ 0⤋
liability only will cover the fence you hit, thats it. telling insurance would just put an accident on your driving record. i would put it on ebay and scrap it that way, a junk yard wont give you what its worth because its a rare car and they would have trouble selling parts. ebay is world wide and you would be suprised what youll get.
P.S. list all body parts thats are good,individually, incase peple search for a fender, trunk lid, etc.
you have a good taste in cars, good luck
2006-09-24 16:27:33 · answer #10 · answered by Matthew J 3 · 1⤊ 1⤋
Sorry fella, no dice!! you only have liability!! That means, the insurance covers the damages the car do. You'r auto is Bye, Bye!!
2006-09-24 16:13:48 · answer #11 · answered by alfonso 5 · 1⤊ 0⤋