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If a car is totaled how does the insurance company come up with an amount for the payoff?
Wiki User
∙ 12y ago
theyre supposed to have a licensed appraiser inspect the damage, estimate the repair costs, determine ACV (actual cash value) and pay you the value minus anyreasonable and customary costs for items requiring repair which are not accident related but diminish the value of the vehicle . For example if the same vehicle in good condition (no damage ) is worth $6000 , and your vehicle has $ 500 worth of rust repairs and bald tires which would cost $500 neitherof which were related to for example a collision in which you were rear ended, the company would be obliged to pay you $5000 minus any deductable . The value of your car is determined by make model year and condition . This value is taken by blue book values and or market prices of the vehicle involved.I always require a written report from the appraiser and review them carefully as the appraisers are on the side of the ins co not you. If the valuesare off I would consider an independent appraiser and or attorney and sue the ins company for the difference and the legal/appraiser costs
Wiki User
∙ 12y ago
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Who pays remainder of loan when car is totaled?
It depends. if you have GAP insurance, the insurance company will pay the payoff amount. If you do not have GAP insurance, it is the holder of loan's responsibility to pay off the complete open loan regardless of the amount paid by the insurance company.
The insurance company payoff is less the the amount of the car loan?
The loan still has to be paid, according to the law in most countries.
If your car is worth 12K but you owe 20K on it will the insurance company pay it off if it is totaled in an accident?
You can only collect the fair market value or retail book value depending on the regulations as established by your state's insurance commissioner. The only way you can collect the difference between the Actual Cash Value of your vehicle and the Payoff is through GAP insurance. This is usually offered to you during the purchase of your vehicle but can be purchased later. At the time of purchase, the offer to purchase GAP insurance may seem like a ploy by the salesman to sell you something you don't need. However GAP insurance is a valuable option should this situation arise. GAP insurance is what its name implies, insurance coverage for the "GAP" between the fair market value of your vehicle and the payoff amount.
Can you change your car loan to another loan company?
Yes, but you would have to get a loan for the payoff amount from the loan company you want to use
Where can you find out what the payoff amount is?
Payoff amounts are not usually provided on the monthly loan statement because the amount is calculated on a daily basis. To determine your payoff amount, call your lender and ask them what the current payoff amount is. Ask them if the payoff will change if you want to pay off the loan on a future date (give them the future date and they can calculate the payoff for you).
Can I still be covered under my parent's insurance and purchase a car in my name?
Generally, the owner of the car must be the one to insure it. If there is a loss, the check for the insurance company payoff will go to the owner of the property. However, some companies offer family discounts.Generally, the owner of the car must be the one to insure it. If there is a loss, the check for the insurance company payoff will go to the owner of the property. However, some companies offer family discounts.Generally, the owner of the car must be the one to insure it. If there is a loss, the check for the insurance company payoff will go to the owner of the property. However, some companies offer family discounts.Generally, the owner of the car must be the one to insure it. If there is a loss, the check for the insurance company payoff will go to the owner of the property. However, some companies offer family discounts.
Will a creditor accept a lower payoff amount?
A creditor will usually accept a lower payoff amount when requested. Usually a lump sum payoff will result in a lower due balance.
What is the average payoff from workmans compensation for herniated disc 456?
The average payoff from workman's compensation insurance for herniated discs in the United States is $20,000. This amount is based on figures from 2013 and can vary significantly from one individual to another.
What if an investor bought my house and never sent the payoff to the mortgage company and the investor was caught and is currently in jail could the loss be covered by my home title insurance?
If there was a Title company involved the Title Company would have collected and made the payoff, if they did not the Insurance Company would be on the hook to pay. If you sold the home to an Investor, without a Settlement Agent ( Title Co.) you are out of luck and most likely would have to make a settlement with the Bank for the mortgage.
What if the amount of insurance is greater than the payoff value of your home?
Well.........! It's common, Many people have more equity in there home than they owe on it.
How can I get the payoff on my truck?
Call the loan company u went through and ask them for the payoff
If someone totals your car and leaves the scene and is arrested for DUI is there a higher payoff for the vehicle?
No. The vehicle is worth what the vehicle is worth, no matter how it was totaled
