The guy at the collision place already says over $10,000 in damage. Now we are waiting on an adjuster. Will I get a new car or will this one be fixed? I miss my car.
2006-10-10 17:57:42 · 9 answers · asked by daffneyc4c 1 in Cars & Transportation ➔ Insurance & Registration
If the repairs are 70% of the cost of the vehicle or > you may have a good chance. don't get your hopes up.
2006-10-10 18:02:19 · answer #1 · answered by Beast 4 · 0⤊ 1⤋
I see totals every day that surprise people. My company deems a vehicle a total if the repairs come in at 60% or more of the car's ACV (actual cash value). Regardless of the percentage, if your car is a total, the fair market value will be what is paid to you. This is determined by a number of factors, including what vehicles of a similar year/make/model/condition are selling for in your area. They are not responsible for paying off your loan. If you purchased GAP insurance with the vehicle that would pick up the "upside down" amount. If you didn't, you are responsible to pay the balance on the loan, less your settlement (which will also be less whatever your collision deductible is), even if you no longer have the car. Insurance will pay the lender directly if it's a total, and you pay your lender the rest.
2006-10-11 14:03:34 · answer #2 · answered by Pieandchips 3 · 1⤊ 0⤋
Daffenyc4c:
You're getting BAD information here. Here's how it works. The adjuster will establish a "fair market value" for your car at the time of the accident. If the cost of repairing your car is LESS than that value, they will fix your car. If the cost of repairing your car is MORE than that value, they will "total" your car and pay you the FAIR MARKET VALUE of the car at the time of the accident. They DO NOT give / buy you a brand new car, nor do they pay off your loan. This is because they are insuring your loss, and what you lost is a 3 month old car with 3400 miles on it. Sorry, but that's how it works.
2006-10-11 03:29:58 · answer #3 · answered by Peedlepup 7 · 2⤊ 0⤋
Remeber that when you drive that new car off the lot it loses value. If you have a loan on it more than likely the loan is going to me more that what the car is worth. For example..lets say your new car was 10,000 with the loan but when you drive it off the lot it loses value and the car is now worth 8,000. They will only give you what the car is worth, 8,000. So 2,00 would be you to pay off. Now if you purchased a thing called GAP coverage either from the dealer or your insurance company it will cover that 2,000. But that will be it. If the accident is not your fault you make get some extra money for pain and suffering but not enough for a new car.
2006-10-13 12:24:16 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you purchased new car protection, you will receive a cheque for the purchase price, if it is, indeed written off. Otherwise, it will be repaired. You don't say what the car was worth, but $10,000 damage will be repaired if the value of the car is high enough to make it economically viable for the insurer, and there isn't irreparable frame damage. Auto insurance is "actual cash value", and your car is used as soon as you drive it after purchase. If it is written off, and you don't have new car protection as part of your policy, you will get a cheque for the depreciated value of the car.
2006-10-14 09:20:59 · answer #5 · answered by Fred C 7 · 0⤊ 0⤋
If you car is deemed "totaled" by the adjuster, they will pay off your loan. After that it's up to you to find another vehicle. Adjusters commonly figure the cost of fixing the car plus any consequential costs like car rental while it's getting fixed and whatever the replacement value is on any add ons, (stereo, custom lenses, ground effects, etc,) and add that into the figures. If the cost of repair plus other is more then the replacement value of the car they will total it and pay off your loan. If this happens you have the option of buying the car back for a nominal cost and taking it to a different repair shop and having it repaired at your cost. Choose a shop in your price range as you will have to pay for it yourself.
2006-10-10 18:36:10 · answer #6 · answered by Thomas S 3 · 0⤊ 1⤋
They will total it if the damages are within 70-80% of the actual cash value. So if not, it's considered repairable and you would have to get it fixed. The adjuster will go over that with you.
2006-10-11 11:15:40 · answer #7 · answered by Chris 5 · 0⤊ 0⤋
i am afraid no. your insurance will not give you a new because that "you have a pretty face on your head" but however it must have been 100% totalled for the insurance to dish out any money.
just be happy that are willing to send to you to a dealer where the bill will be paid by them.
please keep in mind that not all insurance companies do this for their customers and that you must check around to see whch one does and also to find out if your insurance company has it or not.
2006-10-10 18:10:10 · answer #8 · answered by soar_2307 7 · 0⤊ 1⤋
it depends on who was at fault i doubt you will get a new car if it was your fault
2006-10-10 18:05:34 · answer #9 · answered by jettalady 4 · 0⤊ 1⤋