That's about it. The car is totaled. The money is still owed. If there was a loan, you'd better have insurance and if you are lucky, the insurance will cover MOST of what you still owe.
Your insurance co. is obligated by law to satisfy any payment up to the policy's limits. If there are money owed after that, you can sue the other driver for the money owed or be sued, whatever applies.
If a car is totaled in an accident and only liability insurance is present, there is a chance that the other party's insurance will pay for the vehicle if the accident was their fault. If a car is totaled, but no others were involved, then the responsibility falls on the registered owner. This will not release the registered owner from paying for the vehicle, either, if money is still owed on the car.
Typically, your deal with the bank that you bought your car through is separate from your car insurance. However, many insurance companies offer "gap" insurance to cover this issue, so that the car is paid off if it is totaled. Talk to your agent, and they can tell you exactly what coverage you have and how much they'll pay. The insurance company (yours) will look the car and if it is totaled they will give you the money for its current value, minus your deductible. If its repairable, they will give you the money to repair it, minus your deductible. Any money left on the car payments after the amount your insurance pays is your responsibility, unless your insurance specifically covers this. If you didn't have insurance, then you lose it all, no money to fix or replace the car, and you still have to pay for the car. Never drive a car without insurance, period.
they still will not give you money for the car accident and because of the accident they will most likely charge you a higher fee for being considered an unsafe driver.Added: There is no such thing as retroactive insurance. A policy you get today will not cover you for a collision you had last week.
If you caused the accident and you totaled your car and you only have liability insurance, your insurance company does not do anything to your car. The car was taken away by the tow truck driver. You may pay to haul it somewhere to be repaired or you may sell it to a junk yard. If the other driver caused the accident, then his insurance company buys your car. It still goes to a junk yard to be recycled. That way, however, you will get some money. Either way, you are entitled to get your personal stuff out of the car.
Your insurance is either valid on the day of your accident or it isn't. If you are asking what happens if the policy was valid on the day of the accident but lapses before the claim is settled then the coverage that was in effect the day of the accident still applies. If your policy was not in effect the day of the accident then coverage will not apply.
It depends on why it was totaled. If it's cosmetic damage that totaled the car (like a shallow sideswipe) of course. If it's structural, like frame damage, maybe. If it was in a flood, it's probably not a good idea to fix it since quirky electrical problems will haunt the car forever. If it is repaired it would still carry a totaled title but it can be qualified with the brand 'totaled/reconstructed' on the new title.
How do you get 1000000 robux for free?
Give me food and I will live give me water and I will die what am I?
A teacher walks into the Classroom and says If only Yesterday was Tomorrow Today would have been a Saturday Which Day did the Teacher make this Statement?
What is 8 divided by 2(2 plus 2)?
How old is Danielle cohn?
What does ckcd debit mean on a bank statement?
What TV show was Precious and Few by Climax the theme song for?
Who was Hillary Clintons running mate in the 2008 presidential elections?
What is the toughest academic course according to the Guinness Book of World Records 2011?
Why do so many foods "taste like chicken"?
Who invented Lincoln Logs?
How did chickenpox get its name?
What is doomscrolling?
How did the Wiffle Ball get its name?
Do schools still teach cursive writing?
Can eggs break inside a chicken?
How is Bob Seger related to Pete Seger?
Is pete seeger related to bob seeger?
Is Quentin Somerville related to Julia Sommerville?
How is kottatchiyar in English?
Slum children at play by Ruskin Bond summary?
When two pieces of cui or other unclassified information are posted online together?
What is nda course serial?
What is the reason why Instagram is a Dynamic Website?
Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.