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No because GAP covers any GAP between what you owe on the car and the cars actual market value if the should your loan balance happen to exceed what your car is actually worth. If you owe $16,000 on a car but you owe 18,000, GAP would kick in and pay the remaining 2,000. You would still end up with zero dollars, but you also don't have to worry about paying off a loan on a car you no longer own.
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Why would an insurance company declare a vehicle totaled?
An insurance company declares a vehicle totaled when the cost to fix the vehicle exceeds 70% or more of its market value.
Does an auto insurance company have to pay for a deaf interpreter to find a new vehicle after yours has been totaled?
What. Why would you think this is required? An insurance company will not find you a new vehicle is your is totaled, they will pay you the actual cash value of the vehicle you had.
How do you declare the title of a vehicle you own as salvage?
can be done by insurance company at time it is totaled out by them
How do you get a car after your vehicle is damaged?
most time if the car was in an accident and is totaled you will have to by it back from your insurance company
What makes a motorcycle totaled?
When a vehicle covered by insurance gets wrecked, the insurance company looks at how much it will cost to repair. If repairing the bike costs more than it is worth, then the insurance company declares it totaled and pays for a replacement.
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.
How do you determine if vehicle is totaled when burned?
A vehicle is totaled if it cost too much to repair it. Usually, insurance companies determine whether or not a vehicle is totaled.
Can your employer ask for your vehicle insurance to drive their vehicle?
Your personal auto coverage will not cover their vehicles. What they are probably asking for is to make sure you have coverage in case you drive your vehicle on errands or such for the company. If you go to the post office to get the company mail your personal auto insurance will be the primary insurance and then if they have an endorsement to their insurance called "hired and non-owned auto" it will provide secondary coverage over and above your coverage to protect them in case of an accident. Their coverage insists that you as the employee have primary insurance on your vehicle. Also note that the company insurance will not pay for damage to your vehicle.
Is a car totaled when it has rolled?
It just depends on whether or not the insurance company considers the vehicle worth repairing or not.
Who owns the salvage in an auto accident?
Either the cars owner or the insurance company who paid for the totaled vehicle
After settling with the insurance company for a totaled car do you keep the car or does the insurance compnay?
Legally, if the company pays you for the totaled vehicle, it belongs to them. You can offer (if they don't) to by the scraps back. This would be deducted from your settlement and you would be paid the difference.
How do you know if you have full coverage on your vehicle?
If your serious go ask your insurance company
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