How much will i get from insurance if my car is totaled?Also, I am NOT at fault.?
Posted on Mar 08, 2008 under Insurance Information |I just got into a car accident with my Toyota 4-runner ('97) and it looks to be totaled. Some guy just turned onto to the street and stopped, taking up the whole two lanes which left me no choice but to hit him head on.
What I want to know is:
1. If my car is not repairable, how will I be covered?
2. Will I get the cost of the car?
3. If not, if anyone knows, please do tell me.
Seriously, I really think my car is totaled. The car has been paid off years ago and I really don't want to deal with buying a new car and doing the whole car payment thing over.
Thank you.
March 8th, 2008 at 7:13 am
it will be up to the insurance company and the body shop that writes the estimate up on it to determine if its totaled,if they consider it to be totaled out,they will pay fair market value for it ,what that means is what the car is worth today,or at the time of the accident,so you may want to ask the body shop that has the vehicle what they are going to do on it,they may wind up being able to repair it,if so,all they will do is repair it,if they do total it out,they will pay you what its worth if you owe no money on it,good luck.
March 8th, 2008 at 7:13 am
The responsible party's insuance will handle the claim in most situations. You will be required to obtain a couple estimates and they may send their adjuster out to check the damage.
Most companies use fair market value to determine a vehicles worth. This is obtained by researching vehicles similar to yours in age, condition and mileage for sale in your area. Whether or not it is totalled will be determined by the cost to repair your vehicle.
If the vehicle is in fact totalled, be sure to have them include sales tax (if this applies in your area) and be sure to show proof of any major, recent improvements to the vehicle. Routine maintenence will not be counted but if you have improved the car greatly you may get a little extra. Once you are paid, the insurance company will own the vehicle.
Some people elect to purchase the totalled vehicle back from the insurance company and have it repaired. Do not enter this lightly as the vehicle will have to have a special title to show it was totalled and will have diminishe value. You will need to be sure it can be repaired and that it is definitely worth it to you!
March 8th, 2008 at 7:13 am
You should get book value, (what it's worth)…advice, don't take their word on it…do a little homework…find ot blue book value and press them for it,also check your policy,see if you can get a free loaner car.
March 8th, 2008 at 7:13 am
The insurance comapny will only give you the blue book value of your car wheather it's totaled or not. So,any repairs that need to be done with max out at the Blue Book Value.
March 8th, 2008 at 7:13 am
If the amount of damage equals or exceeds 70% of the value of your car, it gets totalled. The at fault driver's insurance company will only give you the actual cash value (acv) of the car at the time of the accident.
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