The accident was the other' party's fault.
2007-01-07 21:28:35 · 23 answers · asked by KD 1 in Cars & Transportation ➔ Insurance & Registration
thecar is written off...and you should recieve it`s market value..plus any whiplash comp if applicable...
2007-01-07 21:30:38 · answer #1 · answered by francis m 1 · 0⤊ 0⤋
I had a similar situation several years ago. the car was 'worth' £500 and the estimated cost of repair was £1000.
The estimated cost is to get the car back into pristine condition.
this involves using brand new parts and matching paint, etc.
If you are willing to use a bit of give and take, it *may be* possible to get the car repaired - fully repaired - for less than the market value
I took the £500, and got it repaired privately for about £150. Even the insurance was still current, I just had to get a new MOT and have a written report to say the car was roadworthy (from the people that repaired it).
So I had a fully working, safe, car - with a second hand bumper and a couple of dents, which were only visible if you were below the level of the bumper - and had £300 in my hand
The car lasted for another year and I only got rid of it, because I traded up to a better car
2007-01-07 21:58:19 · answer #2 · answered by Vinni and beer 7 · 0⤊ 0⤋
The other person's insurance company will make you whole. They will give you the value of the vehicle at the time of loss, adjusted for condition. This will not be the amount you owe if you have a loan, nor replacement costs for a new car, but the worth of yours. After you have accepted the offer, they will send someone to pick up and take away the wrecked vehicle they bought from you. If you want to keep it, tell them and they will sell it back to you by reducing the amount they pay you.
Note that if there is existing damage to the car, well worn tires, no stereo, etc. they can reduce the amount they give you. If on the other hand you just had it repainted, and upgraded the stereo to a CD player, you can negotiate for more.
Your insurance company should be able to give you advice.
2007-01-08 01:10:56 · answer #3 · answered by oklatom 7 · 0⤊ 0⤋
If insurance covers the accident, they call it a "total" as in total loss, and give you book value for the car and take the wreck to get what they can for salvage. Usually you have the option of buying it back at a low price, and doing what you can with it. Since the accident was the other party's fault, it depends on if you are in a "no-fault" state (in which case it is YOUR insurance that handles it) or not, (in which case it is the other persons insurance).... Talk to your insurance agent. He/she will know the details and give you good information.
2007-01-08 00:00:47 · answer #4 · answered by hasse_john 7 · 0⤊ 0⤋
The car will be totaled. They will offer you a value much lower than the car is worth and you will have to fight with them for several weeks to get what the car is worth. When you get the check they get the car. You can also choose to buy the car back if you think the damage is minor or you can repair it, generally they will give you the money minus 10-15% of the money to buy the car back.
One other thing, you can force a company to replace the car with one very identical, but they will fight you tooth and nail. And if they can't you might be able to get more money out of them, sometimes though they will find the car and it could be a POS car.
2007-01-07 21:31:40 · answer #5 · answered by lemans81 3 · 0⤊ 0⤋
Everything so far about the car being totaled is correct, but I'm surprised to see no one's bothered to mention what happens if the value of the car is less that what you owe.
Say you owe the bank $8000 and the car books for $5000, you still owe the bank the $3000 difference, essentially, you end up paying for a car you don't own.
The only exception is if you have what's called gap insurance. It covers the difference between what you owe on the car and what the car is worth.
2007-01-07 21:40:52 · answer #6 · answered by damion_2002 1 · 0⤊ 0⤋
The car will be "totaled" by the insurance company. They will pay you the car's fair market value immediately prior to the accident less any deductible.
2007-01-07 23:44:17 · answer #7 · answered by Bostonian In MO 7 · 0⤊ 0⤋
The insurance company can refuse to pay for the repairs and write off the car and send you a cheque for its market value. This happens when it is deemed economically unviable to repair the car.
2007-01-07 21:31:24 · answer #8 · answered by Anonymous · 0⤊ 0⤋
The insurance company will write off the car and pay you only the market value. They tend to take the piss with their first offer so refuse it and hold out for something better.
2007-01-08 08:13:58 · answer #9 · answered by Anonymous · 0⤊ 0⤋
You've just defined what it means for a car to be "totaled." The insurance will not pay to have it fixed; they'll probably cut you a check for the market value and tell you to replace the car.
2007-01-07 21:33:12 · answer #10 · answered by Gee Wye 6 · 0⤊ 0⤋
if you have full coverage they will total the car and you have a chance to buy the car back after they give you the value of the car(with a little depreciation) I know that some states have crash n cry where if you wreck like that they will give you $500 for the car and thats it, you should call you insurance company, every co. is different too
2007-01-07 21:31:49 · answer #11 · answered by Jonnygirl 2 · 0⤊ 0⤋