theyre supposed to have a licensed appraiser inspect the damage, estimate the repair costs, determine ACV (actual cash value) and pay you the value minus anyreasonable and customary costs for items requiring repair which are not accident related but diminish the value of the vehicle . For example if the same vehicle in good condition (no damage ) is worth $6000 , and your vehicle has $ 500 worth of rust repairs and bald tires which would cost $500 neitherof which were related to for example a collision in which you were rear ended, the company would be obliged to pay you $5000 minus any deductable . The value of your car is determined by make model year and condition . This value is taken by blue book values and or market prices of the vehicle involved.I always require a written report from the appraiser and review them carefully as the appraisers are on the side of the ins co not you. If the valuesare off I would consider an independent appraiser and or attorney and sue the ins company for the difference and the legal/appraiser costs
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.
The loan still has to be paid, according to the law in most countries.
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.
Yes, but you would have to get a loan for the payoff amount from the loan company you want to use
Payoff amounts are not usually provided on the monthly loan statement because the amount is calculated on a daily basis. To determine your payoff amount, call your lender and ask them what the current payoff amount is. Ask them if the payoff will change if you want to pay off the loan on a future date (give them the future date and they can calculate the payoff for you).
Generally, the owner of the car must be the one to insure it. If there is a loss, the check for the insurance company payoff will go to the owner of the property. However, some companies offer family discounts.Generally, the owner of the car must be the one to insure it. If there is a loss, the check for the insurance company payoff will go to the owner of the property. However, some companies offer family discounts.Generally, the owner of the car must be the one to insure it. If there is a loss, the check for the insurance company payoff will go to the owner of the property. However, some companies offer family discounts.Generally, the owner of the car must be the one to insure it. If there is a loss, the check for the insurance company payoff will go to the owner of the property. However, some companies offer family discounts.
A creditor will usually accept a lower payoff amount when requested. Usually a lump sum payoff will result in a lower due balance.
If there was a Title company involved the Title Company would have collected and made the payoff, if they did not the Insurance Company would be on the hook to pay. If you sold the home to an Investor, without a Settlement Agent ( Title Co.) you are out of luck and most likely would have to make a settlement with the Bank for the mortgage.
The average payoff from workman's compensation insurance for herniated discs in the United States is $20,000. This amount is based on figures from 2013 and can vary significantly from one individual to another.
Well.........! It's common, Many people have more equity in there home than they owe on it.
Call the loan company u went through and ask them for the payoff
No. The vehicle is worth what the vehicle is worth, no matter how it was totaled