The language changes depending on where you live.
If you borrowed directly to buy the car the Bank or Finance company will Be registered with your insurance company and they will be paid.
If there is money left over you will get a check from the bank or the insurance company depending on what lender and where you live.
If you went to the local title loan place you may be paid direct but if you don't pay the title loan guys they can both sue and charge you with fraud.
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.
Hi, It depends on what type of insurance you had. Liability, full coverage...etc...Call your insurance company and find out.
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.AnswerYour 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.
You should check with your insurance company. If you still have a policy open for the car the premium is still due. But I'm not sure why you'd have a policy if the insurance company said the car was totalled
If you want to keep a totaled car, the insurance company will determine the salvage value and deduct that from your settlement check. You can still get liability insurance (if there are no safety issues related to the damage), but not collision or comprehensive unless you have the repairs made.
If the driver was uninsured or only had liability insurance, they would be liable to still pay the finance company back or face a lawsuit.
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.
No, they will not.
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 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.
if you have gico then no but any other car insurance will yes
If you have comprehensive and collision the insurance company covers your car for loss. Unfortunately, most people don't have comp & collision after the car is paid off. If the bank still has an interest in the car, they will make demand of the insurance company and the BANK will be paid first. After that, if any money is left over you might get a check.