by Guest » Sun Nov 15, 2009 12:37 am
4 months ago I bought a new 09 lancer...paid 19000 for it. Last week I hit a deer, the total cost of damage was 12,260. Would that be considered totaled?
Another question... Alot of people have been asking me about some "gap" insurance or something when I got the car?... I really have no idea what that means, but would it effect the decision that my insurance will make. Will they pay off the rest of my car, or just leave me out there on my own? And if they do pay off what I owe left on the car, what happens to all the money that I put into already? Probably gone right?
Another question... Alot of people have been asking me about some "gap" insurance or something when I got the car?... I really have no idea what that means, but would it effect the decision that my insurance will make. Will they pay off the rest of my car, or just leave me out there on my own? And if they do pay off what I owe left on the car, what happens to all the money that I put into already? Probably gone right?
Posted: Sun Nov 15, 2009 01:29 am Post Subject:
12,260. Would that be considered totaled
Most likely it, because, (and I hope you understand this), your vehicle is no longer worth 19k. If you'd like to provide all the info about your vehicle (ie mileage, all options which lancer, 4d DE-ES-GTS- or Ralliart AWD) I'll run a value for you.Most states have regulations on the books stating when the damage to a vehicle equals a certain percentage of that vehicles ACV (actual cash value) it's an automatic total. It could also be (and likely is ) an economic total, (if cost of repair, is more than the acv, minus salvage value).
Alot of people have been asking me about some "gap" insurance or something when I got the car?
If you didn't have have GAP coverage prior to the accident it won't matter, you can't buy it now (on this vehicle)..I really have no idea what that means
GAP pays the leinholder the "gap" between what you owe on the car and the ACV of the car, (if the acv is less than the loan balance). Example: You're car's ACV is 10k, but your loan payoff is 15K, GAP pays that 5k. Without it, you are left owing 5k AND, have no car.would it effect the decision that my insurance will make.
No, whether you have GAP or not will have nothing to do with your vehicle totaling, it either is a total or it's not...Will they pay off the rest of my car, or just leave me out there on my own?
As I said, if you have GAP, then there isn't an issue. If not, and you owe more than your vehicle is worth, then yes, you'll still owe it, but your carrier isn't leaving you out there on you're own, you chose to borrow more than your vehicles value, and not to purchase GAP. (if of course that is the case)And if they do pay off what I owe left on the car, what happens to all the money that I put into already? Probably gone right?
What do you mean, money that you put into it already? Are you talking about the payments you've made?Posted: Sun Nov 15, 2009 03:07 am Post Subject:
It's a lancer es, and I do have the gap coverage, with a long search through some car papers. And yes, what happens to the payments that I have already made? And or the down payment I put on it?
Posted: Sun Nov 15, 2009 03:12 am Post Subject:
And yes, what happens to the payments that I have already made? And or the down payment I put on it?
That was paid to your lien holder and has nothing to do with the insurance claim.Posted: Sun Nov 15, 2009 12:26 pm Post Subject:
Without the mileage and options all I can tell you is somewhere between 13-17k...
As T said, your payment have nothing to do with the claim. You are owed the ACV of your car a second prior to impact, no more no less.
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