Ok got into an accident on tuesday and my insurence guy was saying something along the lines of.....if it costs more then 5,000 dollars to fix my car then i can get a new one (cause then it will hurt my re-sale value)....is this true? Can i get a new car? (my car is $11,000, but i only owe $9,000)...I think my car is totaled, my trunk is pretty much up to my back window and my doors are very hard to open (will open when alot of muscle is used)
2006-10-15 11:34:07 · 7 answers · asked by Itisme 2 in Business & Finance ➔ Insurance
Are you sure your car is worth $11,000 or is that what you paid for it? Basically if the cost to repair is more than 75-80% of the Actual Cash Value (ACV) it's a total. Not sure where that "hurting the resale" comment is coming from. Insurance settlements don't usually take that into account.
The settlement won't be about what you owe, it will be about what the vehicle is worth, meaning what you could buy the exact vehicle for in the marketplace. If you choose to get a new car, that's up to you, but obviously the settlement won't be enough to just pay for one outright, but would be a good downpayment provided after your lienholder is paid you get something in your pocket with the differenct.
2006-10-15 12:44:44 · answer #1 · answered by Chris 5 · 1⤊ 0⤋
Insurance adjusters and companies go by a "book number" on auto damage. It does not have anything to do with can you drive it still. It is more, how much to fix.
You better hope is is "total loss." They will pay you book value for the car. You may want to check into replacement and you do not have to take their first offer, go to court with them if it is out of line.
One of the biggest social crimes of the century, put a 2 inch scratch on a new car and you are going to lose $2000 or more.
They never get repaired to "like new factory." You almost always lose money unless you fight hard.
2006-10-15 12:19:47 · answer #2 · answered by The Advocate 4 · 0⤊ 0⤋
I think your insurance guy is dead wrong. If your car is a total loss, WHATEVER that means, you get paid the actual cash value of THAT CAR. It might be $500, it might be $20,000, but NO ONE gets you a new car.
If you have $5,000 of damage on an $11,000 car, it's not totalled.
Get a new insurance guy.
2006-10-15 14:18:15 · answer #3 · answered by Anonymous 7 · 0⤊ 0⤋
YES, it's totalled. Get your insurance money and get a new car.
2006-10-15 11:36:53 · answer #4 · answered by Candi S 3 · 0⤊ 0⤋
it is up to the insurance company........if its up to ur window then i think its totalled but i dont really know how bad it looks like.......call your insurance company and tell them then they will get someone to come over and see if its totalled or not.
2006-10-15 11:43:48 · answer #5 · answered by 9buzz 4 · 0⤊ 0⤋
Chris and mbrcatz17 are correct. Go with their advice
2006-10-15 15:46:49 · answer #6 · answered by mamatohaley+1 4 · 0⤊ 0⤋
do you read my previous answer? if it's correct then you may not be getting a new car.
2006-10-15 11:42:05 · answer #7 · answered by austinguy62 2 · 0⤊ 0⤋