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Car totaled insurance value car at 16000 and loan amt is 12400 can you use your gap insurance to pay off car loan?
Wiki User
∙ 13y ago
If they gave you 16000 on the car, you would not need gap insurance since your loan amount is 12400.
Wiki User
∙ 13y ago
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Why would an insurance company declare a vehicle totaled?
An insurance company declares a vehicle totaled when the cost to fix the vehicle exceeds 70% or more of its market value.
How do you know how to get cash value when your car is totaled?
The insurance company will make you an offer.
What percent does foremost insurance use to determine if a motorcycle is totaled?
70% of the value
What is the positive numeric value of 16000?
The positive numeric value of 16000 is 16000 it self
Does state farm insurance use the trade in value or the retail value of a car to determine the value of a car if totaled?
They use a market value guide.
Your car was recently totaled by insurance company can you buy it back from the insurance company?
I totaled my Mustang and was able to buy it back from the insurance company. They gave me the Blue-Book value less my $500 deductable. They would not insure it after I repaired it, I had to switch insurance carriers to get coverage.
How is the actual cash value determined if a car is totaled?
I think it depends on your insurance company. A friend totaled a car and they based the value of 3 or 4 values. Things like Kelly Blue Book and such.
Does an auto insurance company have to pay for a deaf interpreter to find a new vehicle after yours has been totaled?
What. Why would you think this is required? An insurance company will not find you a new vehicle is your is totaled, they will pay you the actual cash value of the vehicle you had.
What to do if Car totaled and no collision insurance?
If the accident was your fault you're out of luck. If you were hit by someone, their insurance will total your car and pay you for its actual cash value.
What happens to a car that's declared totaled by the insurance company?
If you want to keep a totaled car, the insurance company will determine the salvage value and deduct that from your settlement check. You can still get liability insurance (if there are no safety issues related to the damage), but not collision or comprehensive unless you have the repairs made.
How do you know if you car is totaled?
You need to file a claim with your auto insurance carrier. The insurance adjuster will physically examine the vehicle's damage. If the estimated cost to repair all damages exceeds the total value of the car, then the insurance company will total the car. This means they will write you (or the lender) a check for the total value of the car before damages.Most of the above is true but a car is considered totaled when the repair costs exceed 50-75% (depending on the state you live in) of its actual cash value. If it is totaled you will sign the title over to the insurance company and they will take ownership of the car after they pay you.
Is it legal for the insurance company not to pay the loan company on a totaled car?
Yes. The insurance policy is a contract. All it requires the insurance company to do is to pay the fair market value of the vehicle. You would need to get what is called gap insurance to pay the difference between the market value and the loan value.
