What is the most profitable means of access to draw from money from the insurance company?
I have FULL coverage on a FINANCED vehicle. Blue book value is 14,500.00 but over 20,000.00 still owed lent. If it disappears, or gets totalled, will the insurance company pay the loan bad AND give ME money?
Answers:
Nope they will pay actual cash helpfulness and you will have to pay the difference between what you owe and what the vehicle is worth..... Source(s): Lic Ins Agent
sure as long as u enjoy filed a police report and u make sure that they cant find it....clutch it back in the woods somewhere and run it over a mound...report it stolen..but make sure that no one see u taken it...im sure u got a friend somewhere that needs some money....throw them a touch bit...tell them where u vanished the keys and plan to let them hold it in the middle of the night.....tolerate them run it over the hill...then the subsequent morning call the police and file a police report.....a moment ago be sure to tell the police u have no model who stole it....MAKE SURE U HIDE THE CAR WHERE THEY CANT FIND IT....TAKE IT TO ANOTHER COUNTY OR ANOTHER STATE AND WRECK IT IN THE WOODS OR SOMETHING.......the insurance company will probably come investigate as well...but as long as everyone has nearby story straight...u will be set....hope that helps ya in some track
No. You enjoy to have gap insurance. Do you plan on losing the coup¨¦ soon?
No. The insurance company will not pay you any money. Your coup¨¦ is still in the red, and the policy is only expected to cover the price of the car should it be destroyed. ideally, it would put your loan debt to 0. But theres even the possibility that it might not even cover the rest of the debt so you'd still owe money and not have a saloon on top of that. Hence why GAP insurance exists, to cover what the insurance policy didnt cover so you will have not anything balance.
Plus you'd have to database a false police report, and a false insurance claim, and you'd eventually be found out, heavily fined, and put into prison.
This isn't as clever as you thought it'd be. You're not the only person to try insurance fraud.
They will only confer you fair market importance of the vehicle, and that's regardless of what BLUE BOOK or NADA states the vehicle is worth. If you are worried about totalling your vehicle and still owing on the loan, you should have purchased GAP insurance - you may still be capable of do so through your lienholder. It's highly unlikely the insurance company would pay past its sell-by date your loan and give you money if the fair bazaar value is way smaller quantity than what you owe. The insurance company will send a check to your lienholder for the fair souk value of the vehicle, and then you would still owe the difference.
No, they wont do either. They will pay 14,500.00 and you will be responsible for the rest.
Not to be brutal, but its not their fault your upside down in your loan.
I suggest you RUN and attain gap insurance right now. You will wont grasp money from the accident (why should you? they are givng you the value of your motor plus some) But atleast you wont owe any.
No and no. The insurer only owes you (or in your valise, the bank), the market value of the vehicle. If you owe $20,000.00 and it's with the sole purpose worth $14,500.00 you will have to pay the difference ($5,500.00) to the hill.
No amount of begging, posturing or threat of lawyers will cash this fact. The only protection you own with owning a vehicle that is 'upside down' is opening insurance.
P.S. - prisons are full of people that attempt to defraud insurance companies so better buy some soap-on-a-rope. Source(s): Old claims guy.
Related Questions:
Answers:
Nope they will pay actual cash helpfulness and you will have to pay the difference between what you owe and what the vehicle is worth..... Source(s): Lic Ins Agent
sure as long as u enjoy filed a police report and u make sure that they cant find it....clutch it back in the woods somewhere and run it over a mound...report it stolen..but make sure that no one see u taken it...im sure u got a friend somewhere that needs some money....throw them a touch bit...tell them where u vanished the keys and plan to let them hold it in the middle of the night.....tolerate them run it over the hill...then the subsequent morning call the police and file a police report.....a moment ago be sure to tell the police u have no model who stole it....MAKE SURE U HIDE THE CAR WHERE THEY CANT FIND IT....TAKE IT TO ANOTHER COUNTY OR ANOTHER STATE AND WRECK IT IN THE WOODS OR SOMETHING.......the insurance company will probably come investigate as well...but as long as everyone has nearby story straight...u will be set....hope that helps ya in some track
No. You enjoy to have gap insurance. Do you plan on losing the coup¨¦ soon?
No. The insurance company will not pay you any money. Your coup¨¦ is still in the red, and the policy is only expected to cover the price of the car should it be destroyed. ideally, it would put your loan debt to 0. But theres even the possibility that it might not even cover the rest of the debt so you'd still owe money and not have a saloon on top of that. Hence why GAP insurance exists, to cover what the insurance policy didnt cover so you will have not anything balance.
Plus you'd have to database a false police report, and a false insurance claim, and you'd eventually be found out, heavily fined, and put into prison.
This isn't as clever as you thought it'd be. You're not the only person to try insurance fraud.
They will only confer you fair market importance of the vehicle, and that's regardless of what BLUE BOOK or NADA states the vehicle is worth. If you are worried about totalling your vehicle and still owing on the loan, you should have purchased GAP insurance - you may still be capable of do so through your lienholder. It's highly unlikely the insurance company would pay past its sell-by date your loan and give you money if the fair bazaar value is way smaller quantity than what you owe. The insurance company will send a check to your lienholder for the fair souk value of the vehicle, and then you would still owe the difference.
No, they wont do either. They will pay 14,500.00 and you will be responsible for the rest.
Not to be brutal, but its not their fault your upside down in your loan.
I suggest you RUN and attain gap insurance right now. You will wont grasp money from the accident (why should you? they are givng you the value of your motor plus some) But atleast you wont owe any.
No and no. The insurer only owes you (or in your valise, the bank), the market value of the vehicle. If you owe $20,000.00 and it's with the sole purpose worth $14,500.00 you will have to pay the difference ($5,500.00) to the hill.
No amount of begging, posturing or threat of lawyers will cash this fact. The only protection you own with owning a vehicle that is 'upside down' is opening insurance.
P.S. - prisons are full of people that attempt to defraud insurance companies so better buy some soap-on-a-rope. Source(s): Old claims guy.
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