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After you've signed the papers at an auto dealership and driven the car off the lot the finance company wont cover you for the loan and the car gets totaled and its insured who pays for the vehicle?
Wiki User
∙ 12y ago
Next time you post a question, read it over before hitting "save" (your question is a little hard to understand).
Once you sign the papers for the car, it is yours. If you get in a car accident and the car gets totaled, the insurance company for the At Fault driver is responsible to pay for the "fair market value" of the car. If you are at fault and you have collision, your insurance company will pay you fair market value less the deductable.
Please be aware, if your loan was for 10,000 but your car is really only worth 8,000 then you will be stuck paying the extra 2,000 (unless you purchased gap insurance from the loan company)
Wiki User
∙ 12y ago
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Who get the money if the car is totaled and the car is on chapter13?
The insurance company will pay the finance company not you.
What does the finance company do when a car is totaled and there is no collision insurance?
If the driver was uninsured or only had liability insurance, they would be liable to still pay the finance company back or face a lawsuit.
Your car was totaled due to fire what should you expect from the dealership?
Nothing. Your insurance company is the agency which would deal with that.
What do you do if you totaled a car and it wasn't insured?
cry
How do you finance buying back a totaled car?
Home equity loan perhaps. No bank is going to finance a totaled car.
Can a totaled vehicle be insured again?
Once a car is totaled it is gone. Usually the insurance company takes the car for them to sell and get some extra money and if it is claimed as a totaled vehicle I would not recommend driving it on the street where you can hurt yourself or someone else.
Can you cash a check written to you by your insurance company for a car that was totaled but still has remaining payments on it to a finance company?
Sure you can, but you're still responsible for paying off the loan to the finance company. If the check will cover the pay-off, give it to the finance company. If it doesn't, give it to them, anyway. It'll reduce your debt by that much.
Can a totaled motorcycle be insured again?
yes it is called a salvaged title
If the finance company thought your insurance was cancelled and put an add on policy to your loan and the car was totaled while both policies were in effect will both policies pay for the loss?
No, the finance company would simply refund any monies they charged you for forced placed insurance and your primary insurance company would be responsible for footing the bill.
What happens when a vehicle is totaled and you owe a finance company more than what the insurance company offers?
Auto dealers would normally offer you a Guaranteed Asset Protection plan attached to your amount of the auto. This GAP is technically insurance of your asset, the car for payment of the remaining amount owed the finance company after the regular insurance pays their amount.
Your friend sold you his car take over paymentsHe took the car off his insurance you insured the car and then totaled it but you are not on the title Will your insurance company pay for it?
As long as you have the title that he signed off of it and you signed on and you have insurance on the vehicle it will be covered.
What happens in California when a insured car with full coverage hits an uninsured car and totaled it?
There's a good chance the insurance company will deny the claim of the person with the uninsured vehicle, as that vehicle isn't supposed to be on the roadway to begin with.
