When a car gets totaled and it’s paid off the lienholder gets paid very first and you get whatever is left over. In California, your insurance cannot be raised until the end of the term. If the accident was your fault your insurance will rise. If it wasn’t then the insurance will rise depending on the type of fresh car purchased.
What do you do if the insurance for a totaled car does not pay off the car loan?
I faced the same thing about a year ago. The insurance company did not want to give me what was needed. I got on-line and found many cars that were just like mine and demonstrated them that my car was worth more than they were wanting to give me. They still did not want to give me what the car was worth. So I went to petite claims court and filed suit on the driver of the other car. The person’s insurance has to represent them. Also go and look at the comps that the insurance company are using for your car to see if you can substitute the car for what they want to give you. ResponseUltimately it is your responsibility that you either made low payments, took out a very long loan, or picked a car with high depreciation. The insurance company is not liable for the inflated amount you owe–only what the car is worth. ReactionThe insurance company will only give you the value of the vehicle, as per the “Kelly Blue Book”. They will also send an appraiser out to see what the condition of the car was, as in mileage, any previous harm. If the accident was another driver’s fault, you have to sue him and/or his insurance company for the remaining balance.Whatever you borrowed to obtain the vehicle wil always be more than the car is worth. You have already lost money on it as soon as you drove it off the car lot. But do your research. Go online for “Kelly Blue Book”, and get the estimate of the car’s value. If it is more, then dispute it with the insurance company. Print the page out. ResponseWhen you bought the car fresh or used from the dealer you had the option to purchase something called GAP INSURANCE from them (the Dealer, not the insurance company) for your exact situation. If you did not have enough equity in your car for the insurance pay off to cover it AND did not have gap insurance. basically you are screwed and responsible for the rest of the loan amount car or no car. Some people believe Gap insurance is a rip off so they do not suggest it to you and some just don’t know what it is. They do not need to be selling cars. Not fair but the way of life. Father is an insurance sales man. I also had a doll hit me I had GAP insurance and she did not. She still had to pay off the balance on the loan even however she did not have the car. The courts won’t do much because you had the option to purchase gap insurance and you did not, it does not matter that you did not know.
If the finance company thought your insurance was cancelled and put an add on policy to your loan and the car was totaled while both policies were in effect will both policies pay for the loss?
No, the finance company would simply refund any monies they charged you for compelled placed insurance and your primary insurance company would be responsible for footing the bill.
If your car is proclaimed 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:)
Can your car get repossessed for not paying your insurance?
IF your loan contract specifies that you must maintain insurance covering the vehicle, the response is YES..
Just an echo of the previous response, most major lenders require that the vehicle maintain total coverage insurance. It states in your finance agreement that the vehicle must remain insured or it can be repossessed.
If your fresh car was announced a total loss in an accident are you still responsible for paying the finance charges?
Yes if the amount your insurance company paid did not cover the amount you still owed on the car. You are still responsible for the difference.
What are your options when your financed car was totaled and you are not at fault but your insurance isn’t suggesting you enough money to pay off the loan?
This is not an uncommon occurrence. You might be stuck with a loan balance on a car that you can’t drive. The next time you finance a car with little or no down payment you might consider getting “gap” insurance to cover the difference inbetween the vehicles “actual cash value” and the amount you owe on it. This is an especially big problem when dealers suggest to “pay off your trade no matter what you owe” when buying a fresh car from them. You can attempt to make your case by getting evidence that the car was indeed worth more than what the insurance company is suggesting or you can get a lawyer. Good luck.
Will car insurance pay for a car totaled in a DUI accident?
It should. If the “at fault” vehicle is insured, it’s supposed to cover the victim’s vehicle 100%. If the “at fault” vehicle has comprehensive and collision insurance that insurance is supposed to cover the at fault vehicle up to the deductable amount.Note that the buzzed driver will liberate his insurance and be required to get the VERY expensive DUI “insurance endorsment” since he/she is now in the highest risk bracket..
BTW, when a inebriated driver causes a collision it’s not called an “accident”. Accident is when things just happen. Driving toasted is the CAUSE of the collision and as such the collision is not called an accident. Call it a wreck, crash or just about anything else that takes away the implication of a random act.
What do you do when you total a car and still owe the finance company more than the retail value that insurance will pay and you have no gap insurance?
Response 1 .
I hate to have to be the one to tell you this, but there is not too much you can do. If you feel the insurance company’s valuation is wrong, and the settlement is unfair, you could discusss your situation with one or more ATTORNEYS [“usually,” a very first visit is free]. Don’t go to any attorney that doesn’t suggest free very first consultations, as there are many who do..
Otherwise, you’re just going to have to make the best of a bad situation. In order to do that, I sugguest:.
1. Discuss your situation with your finance company and, with a entire lot of luck, they MAY forgive PART of your note..
2. UNLESS there is a PREPAYMENT PENALTY clause in your loan note, take the ENTIRE settlement money and pay it ALL to the finance company. This gets your balance as low as possible..
3. TO PREVENT Harm TO YOUR CREDIT RATING, AND a lot of continuing collection pressures, proceed to make your payments until your loan is fully paid off. Not only will this protect your credit record, and prevent a lot of harassment, it is the right thing to do.
If my car is totaled and not paid for will your insurance pay for it?
Car Loans .
In most cases, insurance companies are only required to pay up to the book value of your car. What this means is that if you owe $15,000 on a car loan and the car is only worth $12,000, you will still be held responsible for the remaining balance which in this case would be $Three,000. This is also known as being upside down. If you purchase GAP, a.k.a a debt cancellation contract, then you would not be held liable for the remaining $Three,000. This is why it pays to purchase a car that has good residual value meaning it shouldn’t depreciate much swifter than you are able to pay off your loan.
Your car is a total loss and pay off is about half of the amount of your loan you carried some from a prior car will your GAP insurance cover the majority or all of the remaining balance of the loan?
You will need to read your GAP insurance information. Like car insurance each plan is different. Some GAP insurance plans state they will pay 100% of the “resale” value. Others state 125% (meaning the current resale value of your car plus 25% above that). Others state 100% of “trade-in” value..
Bottom line – read the insurance plan document you got from the company, or visit the car dealership you bought the car from and pick up a pamphlet..
Good luck to you!
What if you don’t pay your car insurance?
Very first, your policy will be cancelled. Then, depending on what state you live in, the insurance company reports the cancellation to your Motor Vehicles department. Depending on how efficient they are, either your drivers license or car registration (or both) can be revoked. In some states, law enforcement will come to your residence and eliminate the plates from the vehicle. If you have a lien on the vehicle, you’re still paying on it, your lender may impose their own insurance on the vehicle. This is expensive, and does nothing to protect you. It only protects the bank in the event the car gets totaled. In many states, lender-imposed insurance does not meet state standards, so you still get revoked, and still have to pay for the car and the lender-imposed insurance. Then you have to pay the state to get your license/tags back, plus a penalty. You have to pay a large down payment to re-establish normal insurance. In some states, you may be compelled to get SR22 insurance, which is up to three time as expensive, before you can get your license back. It’s lighter and cheaper by far to pay the car insurance bill on time.
You total out your car and your insurance denies coverage will you still have to pay the notes?
Yes. Your auto loan must be paid whether or not the car is driveable, lost, stolen, whatever. The lender doesn’t know or care if the car was totaled and the insurance company only gave you the blue book value on it – in way too many instances the car is not worth what it costs overall. Review the terms of your loan.
Can you turn down a total by the insurance company and pay to have your car repaired by myself and still have car insurance?
Yeah, there should be no problem cancelling a claim on your insurance if it isn’t under way already.
Does your insurance company pay for your car?
If you carry utter collision and replacement of your vehicle, depending on your insurance company, they will pay the blue book value of the car if it is totaled. That is why it is significant not to ever owe more than the car is worth, which is referred to as “being upsidedown.”
Will car insurance pay if totaled car?
If you have utter coverage they might pay you the lowest market value fo your car. They will deduct your deductable.. Insurance companies are out to make money so they will find the cheapest way out
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.
Your car is on finance and its been wrote off by a bus which was at fault will the insurance pay your finance off and wil you still be without a car?
You mean you owed more than the car was worth. An insurance company will only pay you for thevalueof the car – what it’s worth depending on age, condition, etc. If you owed more than that – were upside down on the loan as it’s known – you are still responsible for the payments, and are without a car. It’s unfortunate, but it happens fairly often..
Yes your car will be paid off since the accident wasn’t your fault albeit it most likely would have been paid for either way since most car lenders require you to have utter coverage while going through the loan. Anyway, your the buses insurer will pay you the book value of your car minus what’s owed because lenders have to get paid very first. Why you ask? Lenders are the ones who lent you the money to buy the car and since they technically hold the title they have to be paid very first and it’s ALWAYS in an auto loan contract. Hopefully you have some equity in your car, meaning what it’s worth is more than what you owe. For example if you owe $14,000 on a car and at the time of incident it was worth $16,000, the insurance company would send you a check for $Two,000 which is the net difference. Now if it was the other way around and you owed $16,000 while the car’s only worth $14,000, you would have to end up paying $Two,000 out of pocket unless you had GAP from the dealer which nulls the contract in case the car is upside down in the loan and it gets totaled. It deepthroats but that’s auto loans for you.
What happens when you do not pay car insurance?
Legal issues such as a minumum of $500 fine. That only goes up if your caught more than once. Possible suspension of driving. Also if your in an accident and it was your fault well that cost is out of your pocket rather than the insurance company.
Your finance car was stolen does your insurance claim go to your finance company to pay off the cars debt?
The monies from the insurance company will go towards the car payoff. Now, the insurance company is entitled to pay off the worth of the car. If the car is worth less than you owe, you may have to pay back the rest. For Example, say you owe $20,000.00 on a certain vehicle. The Blue Book(www.kelleybluebook.com) value of this vehicle is $Legitimate,000.00. If they pay utter value of the vehicle $Legal,000.00 you may still owe the rest $2000.00 to the loan of the vehicle. This means you were upside down on the loan…
After you’ve signed the papers at an auto dealership and driven the car off the lot the finance company wont cover you for the loan and the car gets totaled and its insured who pays for the vehicle?
Next time you post a question, read it over before hitting “save” (your question is a little hard to understand). Once you sign the papers for the car, it is yours. If you get in a car accident and the car gets totaled, the insurance company for the at fault driver is responsible to pay for the “fair market value” of the car. If you are at fault and you have collision, your insurance company will pay you fair market value less the deductable. Please be aware, if your loan was for Ten,000 but your car is indeed only worth 8,000 then you will be stuck paying the extra Two,000 (unless you purchased gap insurance from the loan company)
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.
If you have total coverage insurance and have a car accident will the insurance company pay off your car if you still owe on the car?
If you’re filing the claim through your own collision coverage, your car insurance will pay the actual cash value (ACV) minus your deductible at time of loss. This may not be enough to cover loan due to interest, negative equity, etc. You can look at buying gap coverage either through your finance company or your insurance company if this concerns you. The best available resource for determining your ACV is www.nada.com.
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 $Five,000 and the harm is $8,000, you are going to pay $Three,000 out of your own pocket. Once the insurance company pays you that $Five,000, they are out of the picture. Just be ready 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.
If a car is considered a total loss after an accident and the insurance company pays you for what the car is worth do you still have coverage on that vehicle if you contnue to drive it?
Usually if the car is a total loss, the insurance company will pay you and take the car. They then sell it for parts/salvage. If they let you keep the car, all you have to do is check on the current status of your policy and see if it is listed.
Can you be sued after car insurance pays?
Yes, if the person that you hit feels that there was not enough payout. Or there injuries where life treating or there injuries are keeping them from ever returning to work or live a normal life.
If someone borrows your car and total loss it will the insurance company pay for damages?
Yes. Collision coverage pays for harm to your vehicle, minus the deductible, regardless of who is driving it. Also, if you loan your vehicle to someone they are considered a permissive driver and you are liable for harm they cause in your vehicle even if they have their own insurance. Insurance always applies to the car not the driver.
Do you still have to pay your car insurance if your car is off the road?
I have taken my caroff the road for the winter. Do I still need to pay insurance
Can you pay your car insurance online?
Yes. I paid my car insurance on line. It depends on what type of insurance you’re referring to. Health, auto, home, life? If you have health insurance, it is most likely through your work, and in most cases, they take care of the payment. Most auto, home, and life insurance companies have a website you can access and pay your bills through. Most sites can be found through google.com. The best option would be to call your insurance provider to find out their specific options.
If your car is totaled do you still have to pay off the insurance policy?
No, simply because there is nothing to be insured any more, your car is gone.
In Fresh Zealand if an uninsured drivers car is hit by an insured drivercar will the insured drivers insurance still pay for the damages to the uninsured car?
In most cases if you are fully insured then your insurance will pay for the uninsured driver’s car. However if it is only a third party insurance then most likely you have no cover if it is your fault. However it depends on the insurance company and the policy that you signed.
When can you stop paying car insurance and why?
You can stop paying car insurance when a) you no longer drive or b) you no longer own a car. You should always have car insurance if you’re an active driver because you never know what could happen on the road. Insurance will treat most of your paperwork and deal with repairs, rentals, towing, etc.
Who do pay your car insurance deductible to?
Your deductible only gets paid in the event of a claim. For example, you tap a light pole in the mall parking lot. The pole is ok but your car is bruised. If you have comprehensive coverage on your car, your insurance company will pay a claim to have it repaired. So, you get a figure shop who says it will cost $1,400 to fit it. If your deductible is, say, $500.00, your insurance company cuts a check to the bod shop for $900.00 which is the difference inbetween the harm repair bill and the deductible. Thus, you must come up with the $500.00 amount.
How often do you pay your car insurance?
When applying for auto insurance, the applicant is usually given options as to the frequency of payment of premiums. It can be monthly, quarterly, semiannually, or annually. Frequently, somewhat of a discount is suggested for the longer payment durations, as the insurer incurs lower internal costs, such as for billing.
Car totaled insurance value car at 16000 and loan amt is 12400 can you use your gap insurance to pay off car loan?
If they gave you 16000 on the car, you would not need gap insurance since your loan amount is 12400.
Can you buy back your totaled financed car lets say my car is financed and I get into an accident that totals my car. I know the insurance will pay out the bank but can i still buy it back after?
Yes, you can usually but it back because it is then inbetween you and the insurance company. But keep in mind your insurance company normally pays the ACV (Actual Cash Value) which may not be what you actually owe on the vehicle unless you carry Gap insurance. Gap Insurance is an extra coverage that covers the balance of the loan inbetween the ACV and remaining Balance.
Will at fault insurance buy you a fresh car after paying your car totaled?
No. They will give you the money for the value of the vehicle and then you are on your own. However, check with your state’s Department of Insurance. You might have recourse against the insurance company if you are incapable to find a comparable vehicle with the amount they gave you.
Why do you have to pay insurance when purchasing a car?
There are a number of reasons, two of which include: 1. The financial responsibility law of every state requires liability auto insurance as a condition of registration. This ensures that the proprietor has some minimum level of insurance that will response to an harmless party if the insured vehicle’s driver is negligent (careless) and causes harm to the person or property of the virginal party. Two. If the vehicle is financed, the lender will require collision coverage. This provides a source of money from which the car can be repaired in the event of a collision. The lender is worried with this because it loaned money based upon the value of the undamaged vehicle. Repair may therefore restore (most) of the value of the repaired car.
Do you need to still pay insurance when your car is totaled?
Assuming that you had collision coverage on your car, when it is totalled, the insurer pays the “actual cash value” of the car, less the collision deductible. This represents the market value of the car instantly before the collision. It takes into account make, model, mileage, condition, and other features. When the car is totalled, you will be given the option of keeping the salvage or letting the insurer keep it. If you keep it, the amount paid to you will be diminished by the value of the salvage. If you keep it the salvage and have the car repaired, sometimes you are permitted to obtain a “salvage title” from the motor vehicle authorities. If the vehicle, as rebuilt, is roadworthy, you will need to insure it as you would any other vehicle.
What type of insurance will pay for harm to your car if it is proclaimed to be a total loss?
Physical harm coverage pays for harm done to your vehicle. This is divided into two policy provisions, comprehensive and collision. Collision is if you hit something or turn the vehicle over. Comprehensive is about everything else, including theft, vandalism, animal collisions, fire, glass breakage, etc. So the main thing you will need to determine is what caused the harm. If you hit a deer then it will be a comprehensive claim. If you hit a telephone pole or another vehicle then it is a collision claim.
When you get a car on disability do they pay your insurance?
It is unclear what you are asking, but I will do my best. If you are asking whether you can buy a car with your disability payments (from a private insurer, Social Security Disability, or otherwise), yes. Keep in mind, tho’ that that may leave you brief for other needs, but it is business decision for you to make. The payer of the disability benefits has no obligation to buy a car for you under ordinary circumstances. It would be the very odd situation that would require a disability payer to do so. Nonetheless, a private insurer may consider doing so as a means of facilitating your comeback to work and thereby no longer qualifying for disability. In the long run, it may be cheaper for it to go “out of policy” and do this, than paying benefits for a very long time. The contract controls what you can collect under a private policy; statutes control what you can collect under public sources of disability, such as Social Security Disability.
Where to go if your Insurance company is not paying for the loss of a car accident?
Attorney General,s office where you live. Also attempt the Better Business BureauAdded: Contact the State Insurance Commission of your state and file a complaint.
How much they have to pay in car insurance?
Depends on value of the car, where it is located, driver’s age, practice, driving record, and in some cases, grades in school for a student. Too many variables to give a single response. It could be $50 or $500 a month.
Do you pay car insurance when you are in the army?
If the car will be driven while one is in the army, liability insurance should be maintained on the proprietor and on the person/people who will be driving it. This insurance is protection against claims by third parties based upon negligence by the driver. Many states hold the holder vicariously liable for the negligence of the driver and apply a presumption that the holder gave permission to the driver to use the vehicle. Additionally, physical harm coverage should be maintained on it (collision and comprehensive). These pay for the repair of the vehicle in the event of physical harm to it. If the car is garaged while the proprietor is in the service, one can take a chance and not maintain physical harm coverage on it. However, keep in mind that if the car is financed, the lender may require that physical harm coverage be maintained until the loan is paid with the lender being named on the policyas a loss payee. The failure to do so may constitute a breach of the loan contract. If the lender learns that physical harm coverage has lapsed, it may purchase “single interest” physical harm coverage and charge the premium to the borrower by adding the premium to the loan balance. The premium for this type of insurance is usually significantly greater than were the insured to have kept physical harm coverage in place as required by the lender.
Do you have to pay for a car when in an accident who does not have insurance?
Pretty much yes, If your liable for the harm then you have to payfor those damages. If you’d have had your car insurance in place atthe time, it would have paid the bill for you however. Good luck..
How much do you have to pay for not having car insurance?
That depends on whether you are responsible for an accident and how bad it is. For example, if you hit someone with your vehicle and you are without insurance, you would have to pay for all their medical expenses which could run into the thousands. If you cause a severe disability, you could be paying for the rest of your life to please the judgement against you. Say goodbye to possessing a home or a car or anything else of value. The lawyers for the victim will unwrap you nude and pull the gold fillings from your mouth. So, is it indeed worth it to drive without insurance?
Why does a masculine have to pay a higher insurance rate for car insurance?
Fellows have to pay higher rates for car insurance because, statistically speaking, dudes have a higher rate of accidents. They have a higher rate of DUI-accidents, and also a higher rate of serious accidents than women. Because boys show up to be riskier, less-defensive drivers, insurance companies have to adjust their rates accordingly.
How much car insurance will I have to pay after having Two DUI’s in Fresh Jersey?
Lot’s I hope. I don’t think you should have a drivers license or be permitted to drive at all with two dui charges. I assume you mean within a brief time period. Please clean up your act or stay out of a vehicle.
Does insurance pay for your car if it burns you?
Kind of an odd question. If you get burned from something on your car, that isn’t caused by a mechanical fire , I doubt if your insurance company would pay you anything. Their liability is for accidents and damages done to other cars in traffic accidents. You need to provide more info for a better reaction.
Will insurance pay for a repossessed car?
Of course not! Itwasn’tstolen or wrecked, it was takenfrom you for failure to pay on the loan! Be sure to cancel the insurance.
When you still owe money on a car and it is totaled who does the insurance company pay the money to?
The language switches depending on where you live. If you borrowed directly to buy the car the Bank or Finance companywill Be registered with your insurance company and they will bepaid. If there is money left over you will get a check from the bank orthe insurance company depending on what lender and where you live. If you went to the local title loan place you may be paid directbut if you don’t pay the title loan guys they can both sue andcharge you with fraud.