“Is my car totaled?” is a common question asked after a severe accident. A totaled car, or a total loss, is one that the insurance company would rather not pay to repair, because they've deemed it not worth the cost—they'd rather pay for you to get a new one.1 However, the ...
If your car is totaled in a crash, your collision insurance would pay out up to the market value of your car, minus your collision deductible. If your collision deductible is $500, your insurance company would pay you $24,500. But you'd still be on the hook for the remaining $5,500...
If your car is totaled, your car insurance company will reimburse you based on the current value of the car after this depreciation—not the price you paid for it, the cost of a new one, or the amount you still owe on your loan or lease agreement. That's where gap insurance comes in...
There can be legitimate reasons to expedite a vehicle purchase. Perhaps your vehicle was totaled in an accident, or maybe it broke down and it's not worth paying to fix. Either way, you'll need a new car right away. But many shoppers don't think about doing valuable research beforeha...
Here’s some good news: Some used cars are still under the manufacturer’s warranty, which means the manufacturer or dealer is still on the hook for at least some of therepairsand replacement parts your car might need. 10. How would this car impact my car insurance premiums?
Continue to comply with the terms of the lease until the title is cleared. Title clearing happens after the car is totaled as the car is processed by the lien holder and the insurance companies. During that time, you must continue to make your lease payments as agreed. You will be notifie...
time of purchase. Gap insurance covers the monetary gap between what your car is worth and the amount of money still remaining on your loan or lease. If your car is totaled in a car accident, gap insurance will pay the difference between the market value of the car and the actual value...
When and whether a vehicle involved in a collision is considered to be “totaled” for first-party insurance purposes is an issue of great angst and
Is Social Security Going to End? There are no plans for Social Security to end. Current estimates from the Social Security Administration's 2024 Trustee Report state that the Old-Age and Survivors Insurance (OASI) Trust Fund, which pays out Social Security benefits, will be able to pay out ...
This comes into play if you want to sell a car part way through your loan, or if the car is totaled before the loan term ends. Remember, insurance companies generally only pay the replacement cost of the vehicle, not its actual value. Gap insurance will cover the difference. See "...