Hit and run CRISIS! Plz help. Serious answers only 💞?
My vehicle was struck by a hit and run driver. Well the car was worth 8,500 before accident. I still owe about 8,000 on the auto loan. Damages are estimated at 9,300. I know its a total loss at this point. The policy pays out max of 10,000.
What i want to know is will the insurance company send the check for the max 10,000? Or will they only send a check for 8,500 which is the value of the car? Which i dont mind paying off my auto loan with. Just glad this car is off my back and off my credit!!
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That willl be a question for your insurance company to answer. Do you happen to know what your deductible is? Chances are they will send the lender the fair market valuB less your deductible. The of course the other questions is did you get GAP coverage? Nut again, talk to your insurance.
My guess the $10,000 is the liability limit on your policy, which pays for the (other) driver if you are found at fault in an accident. Your collision coverage does not have a limit, since if your vehicle is totaled, then insurance pays fair market value (minus) your deductible.
So since the damages are more than the value of your vehicle, then they will pay the lender fair market value (minus) your deductible, and (if) there is the value is more than your loan, then the lender will reimburse you the difference. So if your vehicle is worth $8,500, then insurance would pay the lender $8,000 (minus a $500 deductible) and if the loan is $8,000 then you have paid off the loan.
This is covered in your policy. MY insurance company paid Blue Book value for my car. I argued - and presented proof - that it was in outstanding condition, low mileage, and they paid $250 above Blue Book.
They also deducted the amount of my deductible before sending the check to me.
Your claim is the market value of the vehicle plus sales taxes and title transfer fees.
Hi only if you are extremely lucky.
Having a wreck in not like winning the lottery. You pay for insurance to cover the VALUE of your vehicle.
No, nobody is going to pay you ten grand. Your insurance policy will pay for the actual cash (depreciated retail) value of your vehicle, and nothing more.
Assuming your estimate of the value is correct, that means you'll be paid $8500 after you sign (what's left of) your vehicle over to the insurance company. And since hit & run damage is only covered under Collision, your deductible will apply.
Really? Saying serious answers only followed by an emoji? Really?
READ your insurance policy! It probably says something to the effect that in the event of a total loss, they will pay the current fair market value of the vehicle, MINUS your deductible.
They can only send $8500 or less. They cannot send more than the value of the car.
The insurance company will pay out the "Blue Book" value of the car, about $8500, minus any deductible. Most or all of that is going to go to paying off the loan, of course.
Depending on what your deductible is, you'll probably still wind up with some debt to the finance company. Still, you're lucky you had insurance.