0
What happens if the repairs to your car costs more than the car value?
Wiki User
∙ 8y ago
Well, You have a problem because your insurance bill would sky high.
- Ian B
I thought that if a repair is more than the value, the insurance company considers it a total. Why would they pay for repairs that's more than the car value?
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
What happens when a car repair is more than the value of the car?
Typically if the cost of repairs exceeds 85% of the value of the car, the insurance company will offer to total your vehicle, because of the amount of time it takes to complete repairs combined with the labor/processing costs the insurance company incurs, makes it more time and cost efficient for the vehicle to be totaled out. You will receive a check for the actual cash value of the vehicle minus your deductible
What happens when the government borrows a lot of money?
whenever more money is printed.. the dollar value becomes less.. simple as that.
How much do repairs have to cost for the car to be considered totaled?
When the damage is more than the bluebook value.
How much do the most common auto repairs cost, on average?
Well for oil changes tire changes etc. it varies on he cost you will have to be more specific in your desired repairs and their costs for me to provide greater information
What information gives more value then it costs to produce?
field
If insurance pays more for a claim than it costs for repairs do you have to claim the additional payout as income for tax purposes?
That means that it is really stupid
What has more value gold or diamonds?
Gold cost more but it depends on how the diamond is cut and what size it is. But overall gold costs more.
What happens if your repossession house is sold for more than you owe?
If your house is repossessed and is sold for more than you owe, you are supposed to get the extra, less the costs of the sale and perhaps also costs that the back incurred.
How can you get a car declared totaled instead of getting repairs?
While it normally a tough thing to do, although there can be circumstances when the responsible party is amiable to it..and sometimes you can get a 3rd party involved to essentially get you there.The responsible party is only liable to pay for the cost of repairs up to the value of the vehicle...whether you want it fixed or not. They never have to pay more than the value of the car...that is the most you had to lose.However, if they pay you the amount of the repairs they have no interest in the car. But if it is totaled the paying party gets to own the wreck. So, if the wreck as a junk value that is more than the difference between the cost of repair and the full value of the car, they may be interested in paying you the (higher) full value and selling the car for the junk value, essentially costing them less. But, they also have to be interested in messing around with the whole thing more, which insurance companies generally aren't - every action and decision costs them more money.If you can make it easy for them, basically finding someone who will buy it from them, they may do what your asking. But once again, there isn't anything stopping you from doing exactly that...take the $ for the repair and sell the junk to the interested party...adding the 2 together may even get you more than full value!
How do you calculate a value for a 1971 mobile home needing repairs?
To find out the NADA Book Value, you would need more information. Here is a link to the questions that will need to be answered.http://www.chattelmortgage.net/nada.pdf
Can a person negotiate with an at-fault insurer to demand fair market value or full repairs for a totaled vehicle?
While it normally a tough thing to do, although there can be circumstances when the responsible party is amiable to it..and sometimes you can get a 3rd party involved to essentially get you there. The responsible party is only liable to pay for the cost of repairs up to the value of the vehicle...whether you want it fixed or not. They never have to pay more than the value of the car...that is the most you had to lose. However, if they pay you the amount of the repairs they have no interest in the car. But if it is totaled the paying party gets to own the wreck. So, if the wreck as a junk value that is more than the difference between the cost of repair and the full value of the car, they may be interested in paying you the (higher) full value and selling the car for the junk value, essentially costing them less. But, they also have to be interested in messing around with the whole thing more, which insurance companies generally aren't - every action and decision costs them more money. If you can make it easy for them, basically finding someone who will buy it from them, they may do what your asking. But once again, there isn't anything stopping you from doing exactly that...take the $ for the repair and sell the junk to the interested party...adding the 2 together may even get you more than full value!
What is the formula to determine if a car is totalled?
If the car costs more to repair than its listed value, then it is defined as "totalled."
