My husband just got rear ended while slowing down after a red light as so were the car in front of him. BUt some idiot (excuse the language) drove right into him. The car is a total wreck. If anyone had sat at th eback they would seriously be hurt.
What I want to know is this: We are still paying of the car ca. $5.300 and I was wondering if we would stil have to pay that off? Can someon etell me how this works?
2007-11-02 14:13:10 · 10 answers · asked by Greta N 1 in Cars & Transportation ➔ Insurance & Registration
what you owe has nothing to do with what you will receive.
You will get "actual cash value" of your car- meaning.. what that car would sell for in the market right now.
If you owe less then the acv.. you keep the extra..
if you owe more.. they dont owe you the whole loan legally.. they will pay you the cars worth.. and you will owe the rest.
check out nada.com and autotrader for an idea of what your cars worth
2007-11-02 14:20:35 · answer #1 · answered by Anonymous · 3⤊ 0⤋
Continue to make your car payments. No where in your loan agreement does it say that if the car is wrecked you get to stop paying for it. If you were to stop paying - the bank will repo the wrecked car and it will show up on your credit.
Contact the insurance company for the guy that hit your husband. They will assign an adjuster to handle the claim. They will also have someone inspect the car.
If the car is a total loss - they will make an offer to settle with you for the actual cash value of your vehicle (what it could reasonably have sold for given it's age, mileage and condition.) First money goes to the bank and any left over goes to you.
If you owe more than the car is worth - the insurance company will still pay the ACV of the car - not the amount of your note. In that case - if you have been a good customer, the bank will usually allow you to do a substitution of collateral or will roll the excess into the note for the replacement vehicle.
The adjuster assigned to handle your claim will be able to answer your questions and explain exactly how their company procedures work.
2007-11-02 14:23:39 · answer #2 · answered by Boots 7 · 1⤊ 0⤋
Any car that hits you from behind on a 2 way street is at fault. If you were at an intersection, the car on the right usually has the right of way when there are stop signs or green lights for all cars involved. You should contact your insurance company ASAP and file a police report as required by law when the damage is over $500 in most states.
2007-11-02 15:14:16 · answer #3 · answered by Phillip S 6 · 0⤊ 0⤋
You need to get the police there to fill out an accident report. The report is needed to make an insurance claim. Get the other peoples' insurance information (they should have an insurance card in their vehicle). Take down their names and address(es) and phone numbers along with the insurance info. Get the police report (usualy takes a couple of days).
If you have a car loan that has nothing to do with the accident and you will still have to pay the loan back, usually done with the money you get from the insurance claim. Hopefully your claim $$ are equal to or greater than what you still owe on the vehicle. Your insurance will not pay replacement cost. They only pay what the car is approximately worth today (blue book).
2007-11-02 14:20:09 · answer #4 · answered by Karen T 3 · 3⤊ 0⤋
Yes, you still have to pay the car off. Having the car in an accident doesn't get you out of the loan.
The other guy, if he has insurance, should pay the ACTUAL CASH VALUE of your car - don't forget to ask for dimunition of value, if the car isn't a total loss. (It's not a total loss until the adjuster says it is).
Go to www.kbb.com and look up the private party sale value, to get an idea of what the ACV of the car is.
If the other guy doesn't have insurance, you'll have to put the claim in through your insurance, and pay the deductible. Then your insurance will chase this guy for the money, and reimburse the deductible if they get it.
2007-11-02 15:14:49 · answer #5 · answered by Anonymous 7 · 0⤊ 0⤋
If the car is totaled, the insurance of the person at fault will give you the market value of the car. If that is less than what you owed, you will have to continue to make payments until it's paid for, unless you have GAP insurance that will cover the difference.
2007-11-02 15:08:57 · answer #6 · answered by oklatom 7 · 1⤊ 0⤋
Insurance will only pay the actual value of the vehicle if is 'totaled', minus whatever deductible there is on the policy. If that isn't enough to pay off the loan, you have to make up the difference yourself. But, if the other driver was at fault, you can go after him for your entire loss.
2007-11-02 14:19:50 · answer #7 · answered by curtisports2 7 · 3⤊ 0⤋
Unless your car insurance pays the loan, you have to pay it still. Since the other guy was at fault, you have the option to sue him for the money, but that doesn't always work out that well. It also depends if you have no-fault insurance where you are. If you do, you'll just get your predetermined amount and will be on the hook for whatever is left.
2007-11-02 14:50:01 · answer #8 · answered by rohak1212 7 · 1⤊ 1⤋
IT WILL DEPEND ON WHAT THE VEHICLE IS WORTH AT THE TIME OF THE ACCIDENT AND THE INSURANCE COMPANY WILL BE THE ONES THAT DECIDES THAT FOR YOU.
EXAMPLE: IF YOU STILL OWE $5300.00 AS YOU STATED AND THE INSURANCE TELLS YOU IT IS ONLY WORTH $4000.00 THEN YOU WOULD BE LIABLE FOR THE DIFFERENCE.
OTHER THAN THAT YOU CAN EITHER TRY TALKING WITH THE INSURANCE COMPANY AND ASK FOR MORE OR YOU CAN FILE WITH THE SMALL CLAIM COURTS AND SEE IF YOU CAN RECOVER THE REST.
GOOD LUCK.
2007-11-03 01:31:23 · answer #9 · answered by Anonymous · 0⤊ 0⤋
The other driver's insurance should cover you. If the other driver has no insurance, then you would be covered by the "uninsured motorist"
coverage in your policy, assuming you have it. In any case you should contact your insurance company.
2007-11-02 14:21:51 · answer #10 · answered by Anonymous · 1⤊ 1⤋