If you have insurance and your car is totaled, but you still owe money on a car loan, you do still have to pay the loan. In these cases, the insurer will usually pay what is owed on the car to the lender, and then give you the rest of the money if there’s any left. If you...
What Happens If the Totaled Car Was a Leased Car? If you were leasing your totaled vehicle, your insurance provider sends your lender a payout equal to the car's ACV, minus the deductible. This goes toward the remaining balance on the lease. If the ACV is higher than the amount you ow...
Your car has a high value. You might have a better chance of getting a claim approved if you have a newer vehicle with low mileage. An uninsured driver caused the accident. Your chances of receiving a payout can be higher if an uninsured driver caused the property damage. State law allow...
Out of luck again. Shop around to see which insurance company offers you the most favorable rate [source: Cars Direct]. 8: Who will my policy cover to drive my car? This is a question many people overlook. What happens if your 15-year-old, who's learning to drive, has a crash?
An earthquake happens, and the replacement cost is found to be $500,000. But since you did not reach the coinsurance percentage, the ratio between the insurance limit ($900,000) and the required amount based on coinsurance percentage ($1.2 million) would be less than 1 (0.75). ...
Sometimes, fixing the car costs more than it’s worth—this is what they call “totaled.” If that happens, how much money I get back depends on myinsurance coverage details. Keeping good records is crucial here. Photos and notes can make a big difference later if there’s a dispute or...
The good news is that you survived a car accident. The bad news is that an insurance company says your car is a "total loss." What does that mean? What happens next?In This Article Totaled Car Meaning: When Is a Car Considered Totaled?
This situation happens when the vehicle loan is bigger than the actual book value of the car. Here is a simple example to prove this scenario: You have a car worth 20,000 USD (according to blue book). Unfortunately, the owner owns a total of 25,000 USD on car payments. If the ...
insurance company will pay per person or accident and are decided when you purchase your policy. If the accident expenses exceed these limits, you may need to pay the extra costs out of pocket. Factors such as state minimum requirements, coverage availability and cost can influence your policy ...
There is sort of a theoretical reason for it. You buy your coverage, the car’s value drops, then the car gets totaled. You still owe $18,000 on the car. But the insurance company is only going to pay $15,000. So, you still have another $3,000 that you’re not covered for, ...