I was involved in a car accident.It was not my fault.Brand new car.What happens when and if they total the car

Answer 1

Your insurance company will either pay you what the car is currently worth on the market (depreciated since once it rolls off the lot, it's not new), or if your policy has 'new car replacement value' built in, you'll be able to get a replacement new car. If you have a loan, the check will go to your loan company, though, to pay off the debt on the car, so you won't be 'ahead' financially.

Answer 2

If the person who totaled your car has sufficient insurance, you will be paid the "totaled" value of the car, which unfortunately can oftentimes come in under what you still owe on the car. This check, as stated above, may go directly to pay your loan if you have one. If they don't have insurance, you have to make the claim on your insurance.

Answer 3

The insurance company will pay you/lein holder what the car was worth according to NADA minus any pre-existing damage. Then they tow the car off to salvage unless you want to "buy" the car back.

Answer 4

Previous answer very good but incomplete. If it was your fault the insurance company uses the wholesale value of your car to determine if it is totaled or not. Not your fault they use the retail value (much higher). the finance company gets paid first.

Answer 5

you won't manage to sell it because of the fact the insurance enterprise totalled it and paid you for the motor vehicle. Now they very own it! the only way around that's what they consult with as a "purchase lower back" in which you tell the insurance enterprise you elect to maintain the destroy and that they deduct what they consult with as "salvage value" out of your declare verify! as an occasion, if your vehicle is well worth $3000 and the fix value after an twist of destiny is $3500, the insurance enterprise is going to pay you "honest value" which for say is the $3000. Now, you elect the destroy so which you tell the insurance enterprise. They comprehend that junk yards will pay them $600 for that distinctive make and type with "x" quantity of marketable areas left on it. you will get a verify from the insurance enterprise for $2400. it relatively is $3000 much less the salvage value of $600. you preserve the destroy and do as you're happy with it. in spite of the incontrovertible fact that, maximum if no longer all insurance companies checklist to DMV that the motor vehicle became into "totalled" and for this reason you have gotten issues securing a registerable identify!