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Rainna R | I recently totaled my truck and I currently owe $23,000 on it. Will the insurance company pay it off? |
Will the person who was at fault insurance company pay it off and give me what it was worth. My credit situation is not the best so I need a sizable down payment to get another car. So I'm wondering if usually if the insurance companies will pay off what you owe and pay you what the car was worth. |
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MSAD
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The insurance company does not owe the balance of your note. They do not owe you a down payment.
They owe the fair market value of your vehicle. That means - what you could have reasonable sold the vehicle for given it's age, condition, mileage and options just prior to the accident.
Recently the values of trucks and suv's has tanked. Many dealership will not even accept them on trade. It's difficult to even give a truck or suv away. As such, the fair market value of trucks and suv's is below the book values.
It is entirely possible that you are "upside down" on your vehicle. That means you could owe more than it's worth.
When their is a lien on the vehicle- first money goes to the bank. If there is anything left over, that goes to you. |
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car253
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You need to keep making payments on the truck until the insurance company pays it off.
The insurance company will figure out how much its worth and send a check to your bank. If you overpaid for your truck you still may owe the bank a balance. If the truck is worth more than your loan then the insurance company will send a check to the bank and the bank will send you a check for the difference.
The check from the insurance company gets mailed directly to your bank. You need to give the insurance company your bank info and your account number so they can call them and get a payoff amount. So, make sure they have that info so they can pay them ASAP.
Good Luck. |
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djedin
 |
Chances are they will pay book price for it, and he check will go to you and your lienholder. If you were responsible for the accident, you would have to pay the deductible. It doesn't matter to them what you owe, only what the vehicle is worth. |
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VIRGINIA R
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I have ever met this kind of situation before,here http://www.AutoInsuranceFree.info/free-auto-insurance.htm is the resource I found useful though.
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watcher
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the insurance company will pay you the agreed amount that is on your policy schedule if you are not at fault. You can then use this money as you please, either to pay off the loan or to buy a new car. Its up to you. It leaves them as a cheque and arrives to you for you to do what ever you want with it. |
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Smiz
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If it's new and you have a loan on it, yes, thats why you're required to have full coverage on a vehicle that you use an auto loan on. because technically, it is the banks. if you have gap insurance you might get some money back for another car, otherwise, you'll get nothing and have a higher insurance payment. but in short, yes, they will. |
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