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What happens if the car was totaled in an accident and money was still owed?
Wiki User
∙ 14y ago
That's about it. The car is totaled. The money is still owed. If there was a loan, you'd better have insurance and if you are lucky, the insurance will cover MOST of what you still owe.
Answer
Your insurance co. is obligated by law to satisfy any payment up to the policy's limits. If there are money owed after that, you can sue the other driver for the money owed or be sued, whatever applies.
Wiki User
∙ 14y ago
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What happens after your car is totaled and you only have liability?
If a car is totaled in an accident and only liability insurance is present, there is a chance that the other party's insurance will pay for the vehicle if the accident was their fault. If a car is totaled, but no others were involved, then the responsibility falls on the registered owner. This will not release the registered owner from paying for the vehicle, either, if money is still owed on the car.
What do you do if your motorcycle is totaled in an accident with no insurance but you still owe on the bike?
you still owe on the motorcycle. that's why banks require full coverage at the time of the loan-so that they will get their money. Since there is no insurance company, YOU are responsible for paying off the loan.
What happens if the car was totaled in an accident and money was still owed and accident is your fault?
Typically, your deal with the bank that you bought your car through is separate from your car insurance. However, many insurance companies offer "gap" insurance to cover this issue, so that the car is paid off if it is totaled. Talk to your agent, and they can tell you exactly what coverage you have and how much they'll pay. The insurance company (yours) will look the car and if it is totaled they will give you the money for its current value, minus your deductible. If its repairable, they will give you the money to repair it, minus your deductible. Any money left on the car payments after the amount your insurance pays is your responsibility, unless your insurance specifically covers this. If you didn't have insurance, then you lose it all, no money to fix or replace the car, and you still have to pay for the car. Never drive a car without insurance, period.
If you dented another car and then that car is totaled in a separate accident before reapirs are made do you still owe for the dent?
Yes - you still owe for the dent.
What happens if you get into a car accident and then later on get car insurance?
they still will not give you money for the car accident and because of the accident they will most likely charge you a higher fee for being considered an unsafe driver.Added: There is no such thing as retroactive insurance. A policy you get today will not cover you for a collision you had last week.
What can happen if after an At Fault accident the auto is totaled and you choose to cancel the insurance because you will not drive again and there are personal injury claims not settled?
If you were insured at the time of the accident, your insurance should pay up to the amount stated on your policy. It does not matter if you still have the insurance now. It is important that you had it on the daye of the accident.
If a car is totaled how is the cars value determined?
its valued by however much money you can make off the scrap parts that are still okay with the vehicle.
What happens when you have insurance at the time of an accident and then it gets cancelled does the insurance still cover the accident?
Yes it does. The cancellation of an insurance policy is not retroactive.
What does the your insurance company do to a car if it is totaled and you only have liability coverage?
If you caused the accident and you totaled your car and you only have liability insurance, your insurance company does not do anything to your car. The car was taken away by the tow truck driver. You may pay to haul it somewhere to be repaired or you may sell it to a junk yard. If the other driver caused the accident, then his insurance company buys your car. It still goes to a junk yard to be recycled. That way, however, you will get some money. Either way, you are entitled to get your personal stuff out of the car.
If you are in a car accident and the car is totaled does your car loan get paid off through insurance?
Not unless you have the new option in insurance of the new car replacement. If your car is totaled, you will be paid the Blue Book price for your vehicle. This sum is the amount your vehicle is worth at this time. Any amount over this sum that is still owed to a car loan is still due.
If your car is totaled and you still owe for your car do you have to still pay for it?
Hell yea
What are your options when you have totaled an uninsured car that you still owe A LOT of money on and you need a car to get to work still?
Make another loan-quick before the wrecked car loan goes bad.
