What happens when a car is totaled?

entidtil

If your car is totaled, you will receive "fair market value" for it. You may be given the option to buy it back from the insurance company. if you do buy it back, you may do whatever you wish with the car. Fix it, just drive it, junk it, blow it up...whatever. Whatever you do, If you don't receive enough to pay it off, you will still have to make the payments til the loan is satisfied

calipink22

You chipped a curb, the value of your car is $12,000 and the estimate for repairs is $8,640? Must have been a pretty damn big curb to do that much damage. I would call that an accident. The insurance company will send the check to the finance company as they are the legal owner of the car. You won't get anything because you're probably upside down on your loan. If the insurance company totals the car and you still want to keep it and get it fixed you'll have to get a salvaged title. Most insurance companies will not insure a salvaged vehicle for full coverage. If you are still financing the car you have to carry full coverage insurance. You're in a big bind here. Just let them total the vehicle and pray that you have gap insurance

Nick

When I totaled my 1991 Jetta the insurance company gave me $2500 and I bought the car back from them for $160 (yes, one hundred and sixty dollars) and fixed all the damage for $1,000. It worked out nicely.

Jacquelyn

If anyone clipped the curb with their car there should be no mechanical damage, maybe some scratched paint nothing more. Your insurance company doesn't know what they are talking about, bring the car to an auto shop and ask them to estimate the cost of damage they will do it for you, usually for free, depending on where you live. If you clipped the curb you should never have went through insurance its not even worth it. Try and fix it, i think it can be done.

DoH

As I recall, the insurance company sends a check to your lender for the balance of the loan and a check to you for any value above the amount owed on the loan. The insurance company then owns the car. If it's going to cost $9000 to fix it, it must be really messed up. Odds of it ever being like it was before the accident are slim to none when it's that damaged. You better off taking the residual and buying another car. Not like now isn't a good time to get a deal on a new car.

â™¥ Uwish â™¥

If the vehicle ends up being a total loss then your insurance company would pay your lender the actual cash value of your car.

if the ACV is less than your loan, then you are responsible for the difference.

if the ACV is mroe than your loan, the loan will be paid off and the remaining amount will be sent to you.

The insurance company will not pay to repair a totalled vehicle.

Nizzle

If it was just you clipping a curb i dont see it being that expensive to fix thats crazy unless you really slammed into it and it broke a bunch of stuff i dont know that story but. Sometimes they'll want to consider it totaled because they can fix your car and resell it. But if they consider it totaled then your insurance company will give a check for the blue book value of your car, and since your payin on it still that can be good or bad it can be bad because if you owe more on your car then what it blue books at your going to be SOL but it can be good cause you can pay off your loan possibly have money left over and if you want put that towards a downpayment on a newer better car of your choice. Good Luck

Enter Your Message or Comment

User Name:
User Email:
Post a comment: