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If my car is totaled and not paid for will your insurance pay for it?
Wiki User
∙ 16y ago
In most cases, insurance companies are only required to pay up to the book value of your car. What this means is that if you owe $15,000 on a car loan and the car is only worth $12,000, you will still be held responsible for the remaining balance which in this case would be $3,000. This is also known as being upside down. If you purchase GAP, a.k.a a debt cancellation contract, then you would not be held liable for the remaining $3,000. This is why it pays to purchase a car that has good residual value meaning it shouldn't depreciate much faster than you are able to pay off your loan.
Wiki User
∙ 16y ago
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What happens if you have no insurance and you totaled your car?
you will have to pay a debt and GET CAR INSURANCE
Who gets paid if a financed car gets totaled?
If a car with an outstanding lien gets "totaled" in an accident the insurance company will pay the finance company. Any amount left on the loan after the insurance payment must be paid by the owner of the car. Gap insurance purchased at the time of the loan will pay any deficiency.On the other hand, any amount left over after the loan has been paid will go to the car owner.If a car with an outstanding lien gets "totaled" in an accident the insurance company will pay the finance company. Any amount left on the loan after the insurance payment must be paid by the owner of the car. Gap insurance purchased at the time of the loan will pay any deficiency.On the other hand, any amount left over after the loan has been paid will go to the car owner.If a car with an outstanding lien gets "totaled" in an accident the insurance company will pay the finance company. Any amount left on the loan after the insurance payment must be paid by the owner of the car. Gap insurance purchased at the time of the loan will pay any deficiency.On the other hand, any amount left over after the loan has been paid will go to the car owner.If a car with an outstanding lien gets "totaled" in an accident the insurance company will pay the finance company. Any amount left on the loan after the insurance payment must be paid by the owner of the car. Gap insurance purchased at the time of the loan will pay any deficiency.On the other hand, any amount left over after the loan has been paid will go to the car owner.
Do you have to pay off the car loan if you have totaled the car?
Yes, if your insurance company will not pay it all.
How much will you have to pay to get your car back if it was totaled and the insurance company refuses to pay?
The insurance company will pay you the worth of your car minus your deductible.
Who get the money if the car is totaled and the car is on chapter13?
The insurance company will pay the finance company not you.
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.
What will insurance pay for your car if totaled?
It will pay the sum your vehicle is worth according to BLUE BOOK
If your loaner car was totaled and you do not have insurance what should you do?
get a good job............you will (assuming you are at fault for this loss) be require to pay for the totaled vehicle.........
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.
How do you get your car title from Bank of America?
The only way to get your car title back from the Bank of America is to pay of the loan that the title is collateral for. If the loan is paid off, they will send you the title in the mail.
What happens your car is totaled?
If you have the proper insurance or you were hit by someone you will surrender the car and the title to the insurance company and they will pay you the actual cash value of the car before it was hit.
Can you get car insurance on a car that is not in your name in Tennessee?
You cannot insure a vehicle that is not titled in your name. If you did and the car was totaled the insurance company would not pay you because you are not the owner of the car and they cannot pay the true owner because they do not have a legal contract of insurance with the company.
