parked car a total loss?

A truck driver of a huge garbage truck fell asleep at the wheel and crushed my parked suv. Both insurance adjustors(mines and theirs) agreed that the suv is a total loss. The other party insurance company is paying out the book value of the suv but not what I still owe on the loan. They want me to pay for a car I no longer drive. NOT FAIR! How can I get the other insurance company to pay out the full amount of the loan? Do I have to sue for property damage? I have worked hard for two years paying on this suv. Is all of that money just gone? This happened in NY state.

In most areas what they owe you is the actual cash value of the car. Unfortunately, what happens to many people, is that the value of the car depreciates faster than the loan. Particularly if you financed close to 100% of the value, or if you rolled over another loan and financed over the value of the car. Most insurance companies will not pay out the full value of the loan.

Check with the company you have the loan with. Often times they have what’s known as GAP coverage. This will cover the amount over what they value of the car is and what your loan is.

Even if you sue – the judge will only pay you what the law provides for the car.

Make sure they are offering you what the law requires for your state. Contact the insurance department to determine how total losses are valued in your state and then ask for the documentation from the insurance company that they have followed this procedure.

And for your next car – if possible – put down a larger down payment, or at the very least, check for GAP coverage.

No matter what exactly are we planning to buy, all of us have a tendency to discover the cheapest possible solution for our requirements. So, the very same applies to purchase Automobile Insurance.

Would it be smarter for my son to split car insurance payments with his 17 year old sister, or go it alone?

He is 24, has taken driver’s ed and had his license since he was 17, and it is his first car (not a new one, a 2000 Kia). She is 17, has taken driver’s ed classes, and it would be her first car as well. He wanted to know because he figured that only having to pay half the fees would be negated by the fact that she is 17 and as new a driver as possible, which would likely cause high rates.
Also, I live in MA, which doesn’t support most major companies, so I am looking for ballpark figures.

Your son is correct His 17 year old sister would have much higher rates because of her age, especially since next year he will be 25, and will have his own rates reduced.

He would be better off buying his own insurance, and you adding your 17 year old daughter to your policy. She should/would reimburse you for her coverage.

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Total loss insurance claim?

Recently i had an accident, there is extensive body damage (Roll over), but the cars vital components such as engine/tranny/axles/tires, are still functional, and the vehicle still drives perfectly, except for the bent upper roll cage. Its a jeep TJ

Whether or not you can keep the car depends on the laws in your state, and each one of them are different. Generally, however, if it’s possible insurance companies will allow this. They will deduct the salvage value of the vehicle from the total loss settlement. In other words they’ll subtract what the car was worth AFTER the accident from what is was worth BEFORE the accident.

The previous poster was wrong about salvage value. It’s usually determined by actual competitive bids from salvage buyers and takes into account everything about the condition of your car. Salvage value does NOT start at $500 and go up. It all depends on the desirability and post accident condition of your vehicle. A brand new car that was burned up might have $0 in salvage value while a beat up and barely running hard to find older car might have much more. A good indicator to salvage value is how many body panels are intact because body panels generate the most income for the salvage yards.

You can take all the parts off the car you want because it’s still your car. Bear in mind though that the parts might add to the salvage value and if you don’t end up keeping the car the company is within its rights to deduct the salvage value of those parts from the settlement. The best thing to do is find out from the adjuster if you can retain the salvage. If so, no problem. If not, tell him which parts you want to keep. Do this BEFORE they have the car towed to a salvage yard. After that it gets much more complicated.

Also, the previous poster was incorrect about the modifications to your car needing to be “scheduled” on your policy to be covered. All of the functional improvements you listed go to establishing the value of your car and should be pointed out to the appraiser when he looks at your car. They will act to increase both the pre and post accident value of your car.

One final point. If it’s declared a total loss and you keep it, chances are almost certain that you’ll never be able to fix it up and put it back on the road. At least not legally. Most states have made major changes to how salvage titles are handled and while there are ways around it, it generally involves fraud and should be discouraged. Spare parts, yes. Rebuilding, no.

(20 years claims veteran with the scars to prove it)

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My Car was recently totaled.. How will it’s value be determined by my insurance company?

I currently have Nationwide insurance, and my car was totaled in a hit and run accident.

the insurance companies have a book in which all car prices are listed you will get that price plus state sales tax if you state has that buy back is about $250 from the insurance company the hood will not make any difference