0
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?
Wiki User
∙ 17y ago
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.
Wiki User
∙ 17y ago
Add your answer:
Earn +20 pts
Who determines if a vehicle is totaled?
the insurance company- if the vehicle is damaged more then it is worth- it is considered a "total lose" you will get what the car is worth at the time of the accident-not the total value of the car-other pendings vary like full compensation insurance
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.
What makes a motorcycled totaled?
When a vehicle covered by insurance gets wrecked, the insurance company looks at how much it will cost to repair. If repairing the bike costs more than it is worth, then the insurance company declares it totaled and pays for a replacement.
Is a car totaled when it has rolled?
It just depends on whether or not the insurance company considers the vehicle worth repairing or not.
Can you show comparable vehicle to ins co and get more for your totaled vehicle?
No, you can't The insurance company will pay you the ACV (Actual Cash Value) of the vehicle. Meaning, you'll get what your vehicle was worth at the time of the accident.
Totaled in a auto accident can I get my rims off of my car?
If you accept payment for the vehicle then the insurance company will own the wrecked car, rims and all. It's worth inquiring though, they may make some allowance in the offer they make if you keep the rims.
If your car is out for repo but has been totaled in a car accident are you still repsonsible for the payments or will the insurance company pay off?
Your insurance will only pay off what the blue book value of the car is, whether that's enought to pay off the vehicle is unknown to me. If you owe $7k and insurance says the car is worth $5k you owe the $2k difference.
What if my car was totaled in an accident the insurance pay off the debt?
Only if you carried GAP insurance will it pay off what you owe to the Lienholder. If not then they will only pay what they valued your car to be worth which may or may not be enough to pay off the loan.
Once your car has been deemed a total loss is it true you should drop collision coverage from your insurance policy as it can not be claimed as totaled ever again?
If the damage to a vehicle will cost more to repair than the value of the vehicle before the accident, an insurance company will "total" the vehicle. That means they will pay you what the car was worth before the wreck. At that point the insurance company owns the wreck, not you. You have nothing left to insure, therefore.
If an insurance company totals your car can you get a new car?
Totaled means that the cost to repair it is more than what its worth...they will most likely give you something below KBB ...
Can totaled 1999 mustang gt convertibles be repaired?
It can, but obviously the insurance company has decided it is not worth it. Also, note that in some states it may be hard to obtain a non-salvage title on a totaled car, which would make it hard to sell.
When is your car totaled?
Your car is considered totaled when it would cost more to fix it than it is worth. when your insurance company says it is or it cost more to fix than it's worth == When the repair costs exceed 50-75% (depending on what state youre in) of the actual cash value of the car.
