by Guest » Thu Oct 16, 2008 05:05 am
Hi everyone!
What can I expect from my carrier once my car gets totaled following an accident? Can I expect a high settlement amount at least? Purpleheaded08
What can I expect from my carrier once my car gets totaled following an accident? Can I expect a high settlement amount at least? Purpleheaded08
Posted: Tue Jan 01, 2013 10:31 pm Post Subject: title
I bought back my totaled car and insurance wants a copy of title do I have to give copy of title before I get settlement?
Posted: Wed Jan 02, 2013 02:01 pm Post Subject:
I bought back my totaled car and insurance wants a copy of title do I have to give copy of title before I get settlement?
You need to prove ownership or at least show that you had an insurable interest in the vehicle.
Most likely they need the information to send to the state so the title is changed to a salvage title.
Posted: Tue Apr 09, 2013 10:52 pm Post Subject: Truck was totaled
My truck was recently totaled by another driver who admitted fault running a red light. The insurance company informed me that there going to pay retail since the truck is only 4months old but am i entitled to a pay off and can i ask for more money in a settlement to get me into another truck? I know there are two adjusters handling my claim one for the truck and one for my personal injury.
Posted: Wed Apr 10, 2013 12:04 am Post Subject:
See my sig.
but am i entitled to a pay off and can i ask for more money in a settlement to get me into another truck?
No. Your deal with the finance company has nothing to do with your damages. I could fiance a 1980 Escort for a million dollars... this does not mean it's worth a million dollars.
Posted: Wed Apr 10, 2013 05:16 am Post Subject:
You are only entitled to the ACTUAL CASH VALUE of your vehicle at the moment prior to the collision. ACV = replacement cost minus depreciation. If no essential depreciation (which I doubt, because simply driving the vehicle off the lot makes it a used one worth thousands less), then you are entitled to the full price of a new vehicle, same make and model and equipment.
As tcope has said, your obligation to the financing entity is a separate matter. It is a contractual relationship between that company and you. You owe them the money you borrowed, whether you have a vehicle to show for it or not. But without the vehicle that was the security for the loan, your loan will be accelerated and become due in full. If you had purchased GAP coverage, any shortfall would be covered.
Posted: Sun May 05, 2013 09:23 pm Post Subject: Selling 'Totaled' Car to Someone Else
My 2001 Toyota Camry was in a one car accident, hitting a snow bank and landing on the driver's side. The front underside was damaged including the headlight, and the driver's side has external dents and the outside mirror torn off. One or two tires need to be repaired/replaced. There is no internal damage. It starts and was able to be driven onto the flatbed. The insurance adjuster said it was totaled. Any idea what it is worth if I sell it outright? Obviously, I would inform them of the accident. I
The car didn't have coverage, just liability. Is it worth something to someone who wants to fix it up and drive it? Please advise. Thanks
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