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What criteria does an insurance company consider when determining whether to total a mobile home?
An insurance company considers the cost of repairs compared to the value of the mobile home when determining whether to total it. If the cost of repairs exceeds a certain percentage of the home's value, typically around 70-80, the insurance company may decide to declare it a total loss.
If your car is declared a total loss how much will the insurance company pay back to you if the car was purchased below book value?
Regardless of what you paid for the vehicle, in most cases,if your vehicle is deemed a total loss, you will be paid the local market value of your vehicle. If you happened to purchase your vehicle for less than that, you lucked out:)
What happens to a car that's declared totaled by the insurance company?
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.
When the insurance company tell you your vehicle is total and want to take t the vehicle. do the have to pay the loan off?
It gets a little complicated. When a car is declared a total loss (cost of repair is 75% or more of the value of the car) the insurance pays for the fair value of the car. minus any deductible that applies. If there is a loan recorded against the car, the payment goes first to the company that made the loan, anything left gets paid to the owner. But if you owe more than the car is worth, the insurance company still pays what the car is worth (to the loan company). The owner is then responsible for paying anything the insurance company did not pay. You can look up the fair market value of a car on line at nada bluebook or Kelley blue book.
What are insurance guidelines for totalling a truck after accident?
If the repair cost is higher that the ACV (actual cash value) of the vehicle, then, the vehicle is declared total loss. That is pretty much the only guideline used by Insurance co.
Does gap insurance cover repossession in the state of NY?
No, GAP Insurance covers the difference between the market value of the vehicle the insurance company pays you after a total loss and what you owe to the financial institution.
Is it legal for the insurance company not to pay the loan company on a totaled car?
Yes. The insurance policy is a contract. All it requires the insurance company to do is to pay the fair market value of the vehicle. You would need to get what is called gap insurance to pay the difference between the market value and the loan value.
Will your insurance company pay you a diminished value if accident is your fault?
No, if it is your fault you are not eligible to received diminished value from your insurance company. It has to be a third party claim, ie the party at fault's insurance company pays the damages if you can recover them.
Why would type of insurance will pay for damage to your car or tp replace your car if it is declared a total loss?
Comprehensive and collision insurance are the types of coverage that will pay for damage to your car or replace it if it's declared a total loss. Collision insurance covers damages resulting from accidents with another vehicle or object, while comprehensive insurance covers non-collision incidents such as theft, vandalism, or natural disasters. If your car is deemed a total loss, these policies will typically reimburse you based on the car's actual cash value at the time of the loss.
How much do classic cars cost to insure in California?
The cost of insurance for a show car is actually based on the total value of that particular car. You always have the option to purchase additional insurance with any insurance company.
How do you know if you car is totaled?
You need to file a claim with your auto insurance carrier. The insurance adjuster will physically examine the vehicle's damage. If the estimated cost to repair all damages exceeds the total value of the car, then the insurance company will total the car. This means they will write you (or the lender) a check for the total value of the car before damages.Most of the above is true but a car is considered totaled when the repair costs exceed 50-75% (depending on the state you live in) of its actual cash value. If it is totaled you will sign the title over to the insurance company and they will take ownership of the car after they pay you.
If your car is a total loss will the insurance company help you fix it if you both pay?
If your car is deemed a total loss, the insurance company will only pay up the value of the vehicle. They will have nothing to do with the repairs. If the vehicle is worth $5,000 and the damage is $8,000, you are going to pay $3,000 out of your own pocket. Once the insurance company pays you that $5,000, they are out of the picture. Just be prepared for a 'salvage' fee to be deducted from your settlement by the insurance company. That is what they would have gotten for your vehicle if you had surrendered it to them.
