Do you get the full value when the insurance adjuster claims the car totaled?
Posted on Apr 27, 2008 under Insurance Information |The car is a 1993 Subaru and was totaled.Valued ar $2.550.Will they pay they total value?
kingkings.com
Insurance Information
April 27th, 2008 at 7:18 am
YES,, THE ONLY REASON THEY WON'T PAY THE WHOLE VALUE OF THE CAR IS WHEN YOU STILL OWE MONEY ON THE CAR, FOR EXAMPLE
THE VALUE OF THE CAR IS 10,000
YET YOU OWE 16,000 THE INSURANCE WILL ONLY PAY 10,000 AND YOU WILL HAVE TO COME UP WITH 6,000.
April 27th, 2008 at 7:18 am
no
have never experienced a full payment for cars i totaled
April 27th, 2008 at 7:18 am
The insurance company will pay what they estimate to be its present value. That is irrespective of what you may owe on the vehicle. Based on its value, I would guess that's not an issue.
April 27th, 2008 at 7:18 am
They will pay up to the "blue book" value. This can be looked up at various websites such as http://www.kbb.com. They total a car when the price to repair exceeds a certain percentage of the car's value. Perhaps 60%. You can often purchase the car back from them as "salvage" for a reasonable rate. This can come in handy if you are a mechanic and can rebuild the car, use, or sell the parts.
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