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suckowsgirl | Can my insurance comp. total my car or do they owe me a settlement? |
I wrecked my car a 1996 mazda 626 I owe 4000 on my car and have a new transmission that cost 1000 my damages are 1900 and the value of my car is 2100 can i force my ins. comp to fix my car instead of totaling it and leaving me with no car and 1900 dollars in debt. |
 |
 
jerry
 |
No. As part of insurance regulation, they pay either the damages to the vehicle or the determined value of the vehicle, whichever is lower. The only exception is if the damage to the vehicle creates a safety issue (such as if the frame cracks - it can be fixed, but it is unsafe, in which case they HAVE to total the car).
If there are liens on the vehicle that exceed the value of the vehicle, then your lienholder is paid everything and you owe the rest. You may have GAP insurance with your lienholder, which covers the difference between the value and the owed value.
However, may companies total out at 70-80% of the value. So, if the damages are $1900 and they pay the lienholder $2100, you can are able to turn around, retain the vehicle, and fix it for the $1900 on your own and then know that your company paid $2100 that you owed your lienholder (which you would have had to pay anyway). |
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mkulda
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It is totally up to the insurance company and they will do whatever is cheaper for them.
If the value of the car is only $2100 and the damages are $1900, they are probably going to total it, leaving you with no car and you get stuck with the debt. You should have purchased GAP insurance, which pays the remainder to the debt if you are upside down and suffer a total loss. |
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PiggiePants
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Found an article called "What to do if your car is unfairly totaled" here : http://moneycentral.msn.com/content/Insurance/Knowyourrights/P35062.asp |
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alwayscurious
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Don't think so, my son just lost the truck he loved when some idiot hit him and totalled his. We tried everything to keep his truck and fix it and they wouldn't allow it. We had to take a mere part of what it was worth after all the work he put into it. Good luck. |
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itsmeagain
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It is completely up to the insurance company on weather or not to total out a car instead of to pay for it to be fixed. They usually will total it out if the book value of the car is not much. With your car being the age it is and the cost of it's value being so little over the cost to fix it, the insurance company can legally total it out and nothing you can do. Sorry. |
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Audi Guy
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Your "totalled" car *is* your settlement. "Totalled" means the cost to fix the car exceeds its market value. Therefore, your insurance company will not pay out more than the "total" value of the car. Whether or not you realize it, or agree with it, that's the amount of coverage you were paying for.
The key here is "market value" of *your* car, not just any 1996 Mazda 626. If you can show you insurance company that other 626's (or cars in the same class as a 626) with similar mileage and overall condition as your car are worth more than $2100, then maybe you can get more. |
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valmay
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In most cases, they can "total" the car if the cost to repair it exceeds its market value. In your case, it's pretty much a tie. Your car is totalled. The insurance company has to offer you a settlement, but since your car is still being paid for, the insurance company will just pay off the car (you DO have comprehensive insurance, right?) You will have no car, and no debt. |
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