inurance ??? can you help???

Question

i have a dodge stratus 2000 have had a lot of work done on my car and last saturday i totaled it it was my fault and all but i still owe
3000 on it will my ins give me at least that much oh and about how long will it take oh and i do have full coverage


will i get retail or trade in value??

Answer 1

You get neither...you get the actual cash value of the car.
If you had recent work done to it, get your receipts & be prepared to send them to your insurance...they may add some value to your over all settlement.

Answer 2

Vehicles, unlike (most) real estate, depreciates over time. That means your vehicle is worth less than what you owe on it pretty much the minute you drive it off the lot.

Car insurance, unless specifically specified otherwise (and that's very rare), does NOT provide replacement cost coverage. This means that they pay you based on the depreciated amount (and there are several factors, including condition of the vehicle prior to the accident) that will go into factoring that. Typically, you can expect to get what's known as "private party value", which is basically the amount for which you would expect to go out and buy the vehicle from another individual (not a retail outlet.)

This is almost always less than what you owe on the vehicle. (If you feel that the amount they offer you is too low based on the work you've had done on it, be sure that you have the receipts for the work ready to show the adjustor.)

However, there may be some hope, if you purchased gap insurance when you financed the car.

If the vehicle's been declared a total loss, then it won't take long for them to close out the claim, as long as you sign off on everything in a timely manner.

Answer 3

You SHOULD get ACV (actual cash value), or market value. This is what the car was worth prior to the loss. Do some research on your own to try and determine what your vehicle was worth, such as finding as many for sale in the papers, on line and on car lots, as you can. Keep a list of the cars, prices and phone numbers in case the offer from the insurance adjuster seems low. This way you can present your data and hopefully they will up th offer. Cross your fingers and don't be surprised if it wasn't worth what you thought. Maintenance will NOT increase the value of your car.