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If you have full coverage and total the car will you get enough insurance money to buy another car if it is not paid for?
Wiki User
∙ 17y ago
== NADA Blue Book Guide== Go to the NADA book to determine the retail value of your vehicle. This is about all you can expect to receive. You can go to www.nada.com and get the low retail value of your car. Ask the payoff amount on the car. The difference is about what you will have to work with. I think there are two parts to your question. First is the value. In a perfect world you should get enough money to replace the car with a similar one without paying any more than you get from the insurance company. Very often you will get something less. You can dispute the claim amount if you think it is too low, but you must have some basis for your amount. Low settlement amounts are common when a car has unusually low mileage, is in especially good condition, or has had restoration work done to it. In addition to the source above, look in your local papers and see whether you can substantiate a higher price. The second part is your loan balance, which remains your obligation regardless of the payoff amount on the claim. Let's say you put $4,000 down on a $20,000 vehicle that you wreck six months later. If you still owe, say, $15,000 on the vehicle and the book value is, say, $17,000, then the finance company gets 15 thousand and you are left with just two thousand. Things get really crappy when the book value of the car is less than what's owed on the loan. In that situation, you are on the hook for the difference. So, not only will you not have money to buy another vehicle, you are now in the hole. The insurance company will pay the Blue Book trade-in value less your deductible. Since the bank has a lien, they will get their share first and quite often that leaves the owner with little, nothing, or still owing the bank. And, of course you will pay Blue Book retail for the replacement. The chances of even getting enough for a downpayment that will allow you to finance the same amount you owed on the old car are slim.
Wiki User
∙ 17y ago
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If my car is financed and i have insurance money coming can they take the money?
There is not enough information to make that determination. You have insurance money coming from what? Are you late on your loan payments? Do you have comprehensive and collision coverage? Please provide as much information as possible.
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Average auto insurance rate for a sixteen year old in MI?
There are lots of people having the same question like you and yours is just another one. Basically speaking about car insurance Car insurance is the most widely purchased type of insurance coverage. Car insurance is designed to protect you, your family, and your automobile. Cheap car insurance is a popular avenue these days, but you should be sure that you're getting all of the coverage you need, as damage to your car or another person's car may cost you money out-of-pocket if you don't have sufficient coverage and your car insurance rate may go up.
What are the pros and cons of having discount auto insurance?
A obvious pro of having 'discount car insurance' is that it is discounted and you don't have to pay as much money. A con is that because it is 'discounted' you normally do not get as good of coverage normally just the state minimums and if you are negligent and cause a serious accident you may not have enough coverage.
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What could be a result in receiving a discount on your insurance premium?
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What is Classic auto insurance?
There are lots of people having the same question like you and yours is just another one. Basically speaking about car insurance Car insurance is the most widely purchased type of insurance coverage. Car insurance is designed to protect you, your family, and your automobile. You may get your query answered here, http://www.best-autoinsurance.we.bs/ Cheap car insurance is a popular avenue these days, but you should be sure that you're getting all of the coverage you need, as damage to your car or another person's car may cost you money out-of-pocket if you don't have sufficient coverage and your car insurance rate may go up.
How much money can you get from life insurance?
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Finding Insurance Coverage To Meet Your Needs?
The insurance coverage that you choose could greatly determine how much you are responsible for out of pocket should something happen to you, your home, or your car. You always want to find the happy medium between what is affordable and having enough coverage so that you aren't in a rough financial situation should something happen. One of the primary things that you need to look at is the deductible. This goes for your health insurance, car insurance or just about anything else. This is the money that you must pay out of pocket before insurance steps in to pay the rest. It is standard practice that the higher the deductible, the lower the insurance. This is because you are risking the idea that the likelihood of you needing the insurance is low. When it comes to life insurance, the coverage that you choose is what will provide your family the money that they need to continue their current level of living once you pass. While no one wants to consider their mortality, you do need to consider this. Not providing enough may save you money, but it won't help your family very much. All the coverage that you get from insurance is variable. The more coverage you want, the more that you will pay. Some people need more coverage than others. If you aren't sure what you need exactly, you may want to consider getting an insurance broker to help you with some of your decisions. They are free and get paid by the insurance company. The insurance broker may suggest higher coverage options for those who are over the age of 65. There is also the importance of those that are involved in dangerous professions to have higher coverage. The reason for this is because in both of these instances, the chances of something happening where insurance would come into affect are higher. The coverage premiums will vary from company to company, so you should ask at least three different companies for rates. If you are dealing with an insurance broker, they will do the comparison shopping for you. Ultimately, you need to get the coverage you need to cover you and your family so that you aren't paying a lot out of pocket in the event that you need to take advantage of your insurance company. Rates vary, so there is no reason to pay for the highest � just make sure you do your comparison shopping.
