Late last night, I was in an accident and now my car is totaled. From what the officer told me, he said that my insurance company would pay the blue book value of my car and if I owed more than it's worth, i'll have to pay the difference. I live in a big city and public transportation will take 3 hours to get to work and 3 hours to get back home. I'll have to deal with it until I get another car.
I haven't called my insurance company yet though. How does this process normally work. What do I say to them? When will they pay the blue book value for my car. Is there any way I can get out of paying the left over value for my car? The difference between what I owe and the blue book value is roughly $2,000-$3000., so once I get a new car, I will still be paying for 2 cars right? Sorry for all the questions. I'm really confused at the moment and I need all the helpful answers I can get. Thanks.
2007-07-19 00:12:47 · 10 answers · asked by ..... 5 in Cars & Transportation ➔ Other - Cars & Transportation
I got the ticket for the accident even though the guy I hit was the one who decided to just chill in the middle of the street with a green light. The car is fully insured.
2007-07-19 00:31:58 · update #1
Don't get yourself wound up, if the car is under finance then the insurance they arranged for you should have special coverage in order for the finance company to recoup their losses in the event that the car is written off.
First up, don't delay calling your insurance company, as any delay will result in them asking why, and if you leave it too long they may not even pay out, after that call you finance company and tell them what has happened and so long as the accident was not your fault then there should be no problems, but you won't find out what your liabilities are or are not until you get the ball rolling.
2007-07-19 00:29:21 · answer #1 · answered by Anonymous · 10⤊ 5⤋
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Okay, step one is to determine your coverage, which you can get from reading your policy or asking your agent. Since you hydroplaned, and no one hit you, if you don't have full coverage including collision you probably aren't covered. If the policy just lists comprehensive, you are covered for any damage you have done to anyone else, so the car you hit will be covered, and the guard rail will be fixed if needed, but your damages to your car won't be covered. If you have collision it will be, less your deductible if any of course. As to whether or not your car is totaled, that is a hard call to make. When the repairs reach the point where they are more than the worth of the vehicle, it's totaled. That depends of course on the year of the car and mileage. You can't just say "Well, the air bag went off, so it's totaled", there are other factors to consider. Will it affect your future insurance rates? You bet it will since the insurance will pay for the damage caused by you. You didn't say if you got a ticket or not, but you didn't keep your vehicle under your control and could have received a ticket for that. Yes, I know you hydroplaned, but obviously the road was wet and you were driving too fast for conditions or it wouldn't have happened. (Not bashing you, just telling you the thought patterns of the insurance company). Just remember, no matter what, you are okay, and the car is just property.
2016-04-01 12:14:10 · answer #2 · answered by Anonymous · 0⤊ 0⤋
This Site Might Help You.
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I totaled my car. What's next?
Late last night, I was in an accident and now my car is totaled. From what the officer told me, he said that my insurance company would pay the blue book value of my car and if I owed more than it's worth, i'll have to pay the difference. I live in a big city and public transportation...
2015-08-13 13:25:15 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you have collision coverage simply contact the claims dept and file a claim. Your company will write a repair estimate and determine if cost to repair is above or below the value of the car (or as in most states, a percentage of the value). If repair costs are below the T/L threshold your car will be repaired, if above it will be declared a 'total loss' and the insurance company will pay the actual cash value (ACV) of your car prior to the loss with deductions and/or additions for mileage, condition and options. Larger insurance companies will inspect and offer a settlement within days of the accident. Smaller companies with limited staff and resources usually take a little longer.
2016-03-17 05:46:06 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Glad your all right! This morning you will feal aches and pain a couple ADVIL and morning coffee. Call the insurance company so an adjuster can get a look at the car. Crashing into some one who's not moving you must be aware at all times of what is in front of you. Gap insurance coverage is what covers car payment and difference to purchase a car or two loans on the next car. Not much room for repair on a 3,000 car 1,500 will total it. Hope you like city busses start saving up for your next car have a garrage sale. Rent out the garage your not using for the car.
2007-07-19 01:06:22 · answer #5 · answered by John Paul 7 · 7⤊ 3⤋
I'm not sure if it's legal, but I know someone who totalled their van. They just told the insurance company they got rid of it so their insurance premium wouldn't spike. The van was paid off. Even if you did this, you would still end up paying for 2 cars anyway if you still owe money on the one. I would probably tell the insurance company, though, because it might be cheaper in the long run. If you would end up paying for 2 cars anyway, you would owe less to the insurance company since you would only have to pay the difference between the blue book value and what you owe on the car.
2007-07-19 00:25:54 · answer #6 · answered by InvaderZiM 2 · 0⤊ 4⤋
I know theres several different things you need to be aware of after you total your car. First, do you know if you had a gap policy? Call your financial institution if you can't remember if you purchased a gap policy when you purchased your vehicle. If you did have gap, make sure to contact your lien holder or financial institution and let them know all the insurance info. They will need to contact the ins co to exchange info. Cancel you extended warranties/ service contracts. Be ready to provide ppw to your lien holder and gap as well if you had gap. Make sure the ins co gives you fair market value for your totaled vehicle. You can find more answers at www.yourtotaledvehicle.com.
2013-12-16 09:38:02 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Is My Car Totalled
2016-06-20 08:54:45 · answer #8 · answered by kaley 3 · 0⤊ 0⤋
Depends on who has your Insurance.
Yes they have the final say but you can contest and sometimes get a better adjustment. Try anyhow.
When buying another car tell them you still owe on wreck car.
most will add to your present payments.
BE CAREFUL NOT TO OVERLOAD YOUR BUDGET WITH CAR PAYMENTS.................................jr
2007-07-19 00:24:54 · answer #9 · answered by R A W 1 · 2⤊ 2⤋
It depends on what kinda coverage you had sometimes it is worth it to take out a little more coverage . you do need to call your insurance company the faster you call the faster you will get your money
2007-07-19 00:23:09 · answer #10 · answered by Jackal 3 · 1⤊ 5⤋