When someone has and accident and their car is total and they have full coverage insurance on the vehicle, does the insurance company only pay the blue book value of the vehicle to the lender? Does the insurance company pay you anything once paying the lender off? How does it really go when a vehicle is total?
2006-10-05 12:29:55 · 9 answers · asked by Anonymous in Cars & Transportation ➔ Insurance & Registration
Value is determined by ACV or actual cash value of your vehicle. Kelly and NADA as well as other sources are used as a guide to help determine value of an automobile with considerations taken or added for condition, mileage, etc. Hopefully when a vehicle is 'totaled' there is less money owed to a leinholder than it was worth prior to the loss. Vehicle gets paid off, insured gets the remainder.
2006-10-05 13:33:05 · answer #1 · answered by Anonymous · 0⤊ 0⤋
1
2016-09-25 19:11:33 · answer #2 · answered by Tiffany 3 · 0⤊ 0⤋
It is likely that you are going to get less than you think for your vehicle. ACV is accurately described above by Cowboy Bill. The insurance is also going to look at what similar vehicles (same year/make/model/condition), are selling for in your area. This is called Fair Market Value. If you have any customizations on the vehicle and have receipts, find them for the auto damage adjuster. If you are still financed, and are upside-down...let your lender know now. Best of luck.
2006-10-06 07:24:20 · answer #3 · answered by Pieandchips 3 · 0⤊ 0⤋
They pay you up to the blue book value of the vehicle depending on the condition the car was in before it was wrecked. They will deduct $$ for previous damages. It sounds crazy however wash it and clean it up the best you can before the insurance company sees it. May help a little bit. The most you will get is blue book. If you bought gap insurance when you bought your car, it will cover the difference of what you owe vs. what the insurance company gives you.
2006-10-05 12:38:06 · answer #4 · answered by Mike Hunt 5 · 0⤊ 1⤋
the laws in most states say that the insurance company owes the "actual cash value" of the car... sometimes this is LESS than you owe... most of the time it is more and you are owed the extra (you paid that extra and the coverage for it)
the biggest arguements come when there is a disagreement to that value, insurance co's like to pay what they call private party sale price... you are owed the retail value which is much higher
If the insurance company refuses to pay what is owed in full that is fraud and they can be sued for breach of contract
2006-10-05 12:44:17 · answer #5 · answered by my_iq_135 5 · 0⤊ 1⤋
because drivers' licenses are state-issued, that's a state count number, even with if the federal authorities can effect the states through threatening to withhold Federal highway funds (the way they did to get each and every state to augment the ingesting age to 21). in short, there's a philosophical distinction right here. driving is a priviledge granted through the State or maybe as driving, one has a duty no longer in elementary words to himself, yet to others on the line. Making automobile coverage needed might want to be considered as a fee of taking section in this priviledge, component to a electorate responsibilities for th common safe practices of others. well being care is a own challenge. Requiring someone to purchase a product for his own own use seems to many like requiring all electorate to purchase automobile coverage....no matter if or not they rigidity or no longer. Somewill argue that the requirement will convey down the costs linked with the uninsured getting care in emergency rooms etc, even with the indisputable fact that a similar might want to correctly be suggested for needed automobile coverage. imagine how rates might want to bypass down if all non-drivers were compelled to purchase regulations as well. So again, there's a philosophical challenge previous the "will it convey down expenses" question.
2016-12-04 07:49:20 · answer #6 · answered by mento 4 · 0⤊ 0⤋
Cowboy Bill is right. Note that if the amount you owe on the loan is more than the value, then the loan won't be paid off, and that would also mean you get no $ in your pocket. Hopefully though, you are not in this "upside down" situation.
2006-10-05 14:10:20 · answer #7 · answered by Chris 5 · 0⤊ 0⤋
They give you blue book also they check around dealerships to see how much it is retail so your getting more back and if its your fault your insurance is going to pay for both of the cars the other insurance does nothing when it comes to whos fault it was.
2006-10-05 13:11:01 · answer #8 · answered by Anonymous · 0⤊ 1⤋
youprobably get the appraised value
2006-10-05 12:33:02 · answer #9 · answered by glass man 3 · 0⤊ 0⤋