When u total a vehicle, does the insurance salary u what u owe on ur auto loan or freshly the vehicle expediency....>?
i have and auto loan on a car and lately totaled it in an accident. i hold full coverage so does the insurance company pay the loan off or newly what the car is worth?
Answers:
Fair market pro........blue book..........
No the insurance company will not payment off the loan. If their is a lienholder on the policy the cheque will be co payable to both of you. If no lienholder is on the policy the cheque is payable to you only.
As far as settelment - Lets say-so you bought a car but paid $ 2000 more than the vehicle was actually worth. The insurance company will not payment more because you paid too much. Works the opposite bearing to lets say Uncle eddie sold it to you passageway cheaper than its worth. Lets say its worth $ 20,000 however you paid merely 15,000 you get $ 20 grand
Standard collision coverage will only pay packet for your car's "fair market value". And that, we adjectives know, begins to go down as soon as you drive it bad the lot. The loan that you took is of no consequence to the settlement of your claim.
If you purchased gap coverage it would insure the difference between what you owe on your car and what your insurance company say it's worth.
Check with your agent to verify what coverage you chose when you insured your car.
Source(s): 35 years insurance industry experience
The vehicles expediency prior to the accident. No insurance policy that I know of pays off a loan. Hopefully, the appeal of the car prior to the accident will cover your loan.
Brit
It depends on your policy. The massive majority of auto policies, they pay out actual cash merit - less your deductible. You can calculate that next to the private party resale value at www.kbb.com.
They won't rate off the balance, unless you bought GAP coverage. And, GAP doesn't cover any behind fees, balance rollovers, or financed taxes.
depends on ur insurance, hopefully u own a good 1
The actual dosh value - unless you also carry a "GAP" insurance rider.
Related Questions:
Answers:
Fair market pro........blue book..........
No the insurance company will not payment off the loan. If their is a lienholder on the policy the cheque will be co payable to both of you. If no lienholder is on the policy the cheque is payable to you only.
As far as settelment - Lets say-so you bought a car but paid $ 2000 more than the vehicle was actually worth. The insurance company will not payment more because you paid too much. Works the opposite bearing to lets say Uncle eddie sold it to you passageway cheaper than its worth. Lets say its worth $ 20,000 however you paid merely 15,000 you get $ 20 grand
Standard collision coverage will only pay packet for your car's "fair market value". And that, we adjectives know, begins to go down as soon as you drive it bad the lot. The loan that you took is of no consequence to the settlement of your claim.
If you purchased gap coverage it would insure the difference between what you owe on your car and what your insurance company say it's worth.
Check with your agent to verify what coverage you chose when you insured your car.
Source(s): 35 years insurance industry experience
The vehicles expediency prior to the accident. No insurance policy that I know of pays off a loan. Hopefully, the appeal of the car prior to the accident will cover your loan.
Brit
It depends on your policy. The massive majority of auto policies, they pay out actual cash merit - less your deductible. You can calculate that next to the private party resale value at www.kbb.com.
They won't rate off the balance, unless you bought GAP coverage. And, GAP doesn't cover any behind fees, balance rollovers, or financed taxes.
depends on ur insurance, hopefully u own a good 1
The actual dosh value - unless you also carry a "GAP" insurance rider.
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