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.
The insurance company will pay the finance company not you.
If you want to keep a totaled car, the insurance company will determine the salvage value and deduct that from your settlement check. You can still get liability insurance (if there are no safety issues related to the damage), but not collision or comprehensive unless you have the repairs made.
Nope.
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.
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.
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.
You get the Traffic Collision Report. You find out who was at fault. You get the other driver's insurance information. You file a claim with his insurance company. Using an attorney to represent you helps to avoid you suffering through the process yourself.
If you carry full collision and replacement of your vehicle, depending on your insurance company, they will pay the blue book value of the car if it is totaled. That is why it is important not to ever owe more than the car is worth, which is referred to as "being upsidedown."
An insurance company declares a vehicle totaled when the cost to fix the vehicle exceeds 70% or more of its market value.
yes if you have collision coverage barring any exclusions in your policy to the contrary.
I totaled my Mustang and was able to buy it back from the insurance company. They gave me the Blue-Book value less my $500 deductable. They would not insure it after I repaired it, I had to switch insurance carriers to get coverage.
If a car with an outstanding lien gets "totaled" in an accident the insurance company will pay the finance company. Any amount left on the loan after the insurance payment must be paid by the owner of the car. Gap insurance purchased at the time of the loan will pay any deficiency.On the other hand, any amount left over after the loan has been paid will go to the car owner.If a car with an outstanding lien gets "totaled" in an accident the insurance company will pay the finance company. Any amount left on the loan after the insurance payment must be paid by the owner of the car. Gap insurance purchased at the time of the loan will pay any deficiency.On the other hand, any amount left over after the loan has been paid will go to the car owner.If a car with an outstanding lien gets "totaled" in an accident the insurance company will pay the finance company. Any amount left on the loan after the insurance payment must be paid by the owner of the car. Gap insurance purchased at the time of the loan will pay any deficiency.On the other hand, any amount left over after the loan has been paid will go to the car owner.If a car with an outstanding lien gets "totaled" in an accident the insurance company will pay the finance company. Any amount left on the loan after the insurance payment must be paid by the owner of the car. Gap insurance purchased at the time of the loan will pay any deficiency.On the other hand, any amount left over after the loan has been paid will go to the car owner.