answersLogoWhite

0


Best Answer

== NADA Blue Book Guide== Go to the NADA book to determine the retail value of your vehicle. This is about all you can expect to receive. You can go to www.nada.com and get the low retail value of your car. Ask the payoff amount on the car. The difference is about what you will have to work with. I think there are two parts to your question. First is the value. In a perfect world you should get enough money to replace the car with a similar one without paying any more than you get from the insurance company. Very often you will get something less. You can dispute the claim amount if you think it is too low, but you must have some basis for your amount. Low settlement amounts are common when a car has unusually low mileage, is in especially good condition, or has had restoration work done to it. In addition to the source above, look in your local papers and see whether you can substantiate a higher price. The second part is your loan balance, which remains your obligation regardless of the payoff amount on the claim. Let's say you put $4,000 down on a $20,000 vehicle that you wreck six months later. If you still owe, say, $15,000 on the vehicle and the book value is, say, $17,000, then the finance company gets 15 thousand and you are left with just two thousand. Things get really crappy when the book value of the car is less than what's owed on the loan. In that situation, you are on the hook for the difference. So, not only will you not have money to buy another vehicle, you are now in the hole. The insurance company will pay the Blue Book trade-in value less your deductible. Since the bank has a lien, they will get their share first and quite often that leaves the owner with little, nothing, or still owing the bank. And, of course you will pay Blue Book retail for the replacement. The chances of even getting enough for a downpayment that will allow you to finance the same amount you owed on the old car are slim.

User Avatar

Wiki User

โˆ™ 2006-09-14 04:21:53
This answer is:
User Avatar
Study guides

Nutrition

22 cards

If you were laid off and apply for insurance coverage on your wife's group policy do you have to answer a medical questionnaire

How many grams of cholesterol should you eat each day to maintain a healthy diet

What would cause a fluttering inside the ear canal

Why is beef fat a solid at room temperature

โžก๏ธ
See all cards
4.8
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
5 Reviews

Add your answer:

Earn +20 pts
Q: If you have full coverage and total the car will you get enough insurance money to buy another car if it is not paid for?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

If my car is financed and i have insurance money coming can they take the money?

There is not enough information to make that determination. You have insurance money coming from what? Are you late on your loan payments? Do you have comprehensive and collision coverage? Please provide as much information as possible.


Is boat insurance coverage worth the money?

Yes, boat insurance coverage is worth the money- especially if you might happen to own a boat or are thinking of purchasing one in the near future. Contact your insurance company to learn more.


What are Small amounts of money for incidental expenses?

umm i think it is insurance coverage


Does home owners insurance cover money stolen from a school PTO?

No, It is the schools choice to obtain coverage for losses from theft on school property or not. Your homeowners insurance would not cover the losses of another party.


How does the insurance industry work?

Insurance works by collecting premiums from people who need to have coverage. This money is then paid out to people who have losses.


What could be a result in receiving a discount on your insurance premium?

A. You pay less money for insurance coverage B. You are less likely to change insurance companies


Average auto insurance rate for a sixteen year old in MI?

There are lots of people having the same question like you and yours is just another one. Basically speaking about car insurance Car insurance is the most widely purchased type of insurance coverage. Car insurance is designed to protect you, your family, and your automobile. Cheap car insurance is a popular avenue these days, but you should be sure that you're getting all of the coverage you need, as damage to your car or another person's car may cost you money out-of-pocket if you don't have sufficient coverage and your car insurance rate may go up.


What are the pros and cons of having discount auto insurance?

A obvious pro of having 'discount car insurance' is that it is discounted and you don't have to pay as much money. A con is that because it is 'discounted' you normally do not get as good of coverage normally just the state minimums and if you are negligent and cause a serious accident you may not have enough coverage.


What is Classic auto insurance?

There are lots of people having the same question like you and yours is just another one. Basically speaking about car insurance Car insurance is the most widely purchased type of insurance coverage. Car insurance is designed to protect you, your family, and your automobile. You may get your query answered here, http://www.best-autoinsurance.we.bs/ Cheap car insurance is a popular avenue these days, but you should be sure that you're getting all of the coverage you need, as damage to your car or another person's car may cost you money out-of-pocket if you don't have sufficient coverage and your car insurance rate may go up.


How much money can you get from life insurance?

Depends on your coverage. The more coverage, the higher the premiums. You of course would not be alive when it pays out, so you would get nothing yourself.


What kind of insurance is Fortis temporary health insurance?

Fortis temporary health insurance is now called Assurant Health. It is health insurance intended to provide coverage to individuals who only need insurance for a short while and do not wish to pay a lot of money out of pocket for coverage, for example those between jobs.


How much money do you get if you get hit by a car?

this depends on your insurance coverage and other driver's insurance coverage.. some people have $15,000 limit to cover medical expense, and collison.. and some are higher.. asian623 http://www.myspace.com/scionturboracing

People also asked