No, simply because there is nothing to be insured any more, your car is gone.
When your car is about to get repossessed do you still need to have car insurance on it or can you just take the vehicle off of your insurance policy?
Daleann, take the car to the lender, get a reciept for the car, then drop the ins. IF it got stolen while in your possession(before repo) your LOSS would be much greater without ins..
aS LONG AS THE CAR IS STILL IN YOUR POSSESSION, KEEP THE INSURANCE. ONCE THE CAR IS GONE, DROP THE INSURANCE. iT WILL BE DONE AS SOON AS YOU Suspend UP WITH YOUR INSURANCE CARRIER..
What do you do if the insurance for a totaled car does not pay off the car loan?
I faced the same thing about a year ago. The insurance company did not want to give me what was needed. I got on-line and found many cars that were just like mine and displayed them that my car was worth more than they were wanting to give me. They still did not want to give me what the car was worth. So I went to petite claims court and filed suit on the driver of the other car. The person’s insurance has to represent them. Also go and look at the comps that the insurance company are using for your car to see if you can substitute the car for what they want to give you. ReactionUltimately it is your responsibility that you either made low payments, took out a very long loan, or picked a car with high depreciation. The insurance company is not liable for the inflated amount you owe–only what the car is worth. ReactionThe insurance company will only give you the value of the vehicle, as per the “Kelly Blue Book”. They will also send an appraiser out to see what the condition of the car was, as in mileage, any previous harm. If the accident was another driver’s fault, you have to sue him and/or his insurance company for the remaining balance.Whatever you borrowed to obtain the vehicle wil always be more than the car is worth. You have already lost money on it as soon as you drove it off the car lot. But do your research. Go online for “Kelly Blue Book”, and get the estimate of the car’s value. If it is more, then dispute it with the insurance company. Print the page out. ReactionWhen you bought the car fresh or used from the dealer you had the option to purchase something called GAP INSURANCE from them (the Dealer, not the insurance company) for your exact situation. If you did not have enough equity in your car for the insurance pay off to cover it AND did not have gap insurance. basically you are screwed and responsible for the rest of the loan amount car or no car. Some people believe Gap insurance is a rip off so they do not suggest it to you and some just don’t know what it is. They do not need to be selling cars. Not fair but the way of life. Father is an insurance sales man. I also had a dame hit me I had GAP insurance and she did not. She still had to pay off the balance on the loan even however she did not have the car. The courts won’t do much because you had the option to purchase gap insurance and you did not, it does not matter that you did not know.
If the finance company thought your insurance was cancelled and put an add on policy to your loan and the car was totaled while both policies were in effect will both policies pay for the loss?
No, the finance company would simply refund any monies they charged you for coerced placed insurance and your primary insurance company would be responsible for footing the bill.
If your car is worth 12K but you owe 20K on it will the insurance company pay it off if it is totaled in an accident?
You can only collect the fair market value or retail book value depending on the regulations as established by your state’s insurance commissioner. The only way you can collect the difference inbetween the Actual Cash Value of your vehicle and the Payoff is through GAP insurance. This is usually suggested to you during the purchase of your vehicle but can be purchased later. .
At the time of purchase, the suggest to purchase GAP insurance may seem like a ploy by the salesman to sell you something you don’t need. However GAP insurance is a valuable option should this situation arise. GAP insurance is what its name implies, insurance coverage for the “GAP” inbetween the fair market value of your vehicle and the payoff amount.
If you have utter coverage and total your car will the insurance pay for another car even however the one you crashed wasn’t paid off yet?
noNo, the insurance company has a responsibility to the lienholder very first, then you get the balance of the settlement based on the local market value of your car. Insurance companies are not responsible for purchasing you a fresh car and the settlement is based on the value of the car you had an accident in. The settlement is not based on what it will cost to buy another vehicle.
What will happen to your bankruptcy after your car which was the only thing you were paying in your Ch 13 was totaled and paid off by insurance.?
This can be a complicated issue. You should speak with an attorney in your area. .
If the vehicle was fully paid off by the insurance, then you may still owe fees to the Trustee or previous attorney..
The dollar amount you pay for the loan and the dollar amount you pay to accomplish a chapter 13 are not the same..
How do you find out if insurance will pay the car off if your spouse dies?
It is unlikely that a car loan has death benefits stipulations included. The best option is to contact the insurer and the lender ask about the terms of the loan agreement and the insurance policy. Or simply read the original agreement made with the lender and your auto insurance policy. Actually, it’s not at all unusual for a car loan to have Credit Life and Disability affixed. The lenders make a lot of money on these policies and I have never gotten a loan where this was not suggested.
If you get rear-ended in someone else’s car and you are not on their policy and your license is not valid will the other person’s insurance company still pay for the damages if it was there fault?
Response Most likely yes. In most cases it doesn’t matter who wasdriving the not-at-fault car or the status of their license. Edit: No it will not cover because by law you shouldn’t have beendriving in the very first place.
What happens to a totaled car after the insurance co pays you for it?
Some insurance companies will sell the car back to the possessor. Others sell the totaled car to a salvage yard.
What are your options when your financed car was totaled and you are not at fault but your insurance isn’t suggesting you enough money to pay off the loan?
This is not an uncommon occurrence. You might be stuck with a loan balance on a car that you can’t drive. The next time you finance a car with little or no down payment you might consider getting “gap” insurance to cover the difference inbetween the vehicles “actual cash value” and the amount you owe on it. This is an especially big problem when dealers suggest to “pay off your trade no matter what you owe” when buying a fresh car from them. You can attempt to make your case by getting evidence that the car was truly worth more than what the insurance company is suggesting or you can get a lawyer. Good luck.
Driver excluded on your policy but carries insurance on own car totals your car will either one pay?
If an excluded operator wrecks a car that is covered by the policy excluding that driver there is no coverage on that policy. Your only hope is in filing the claim with the company that insures the driver for his own car. It is possible that you won’t be left holding the bag on this one but good advise is to not let an excluded person drive your vehicle.
Will car insurance pay for a car totaled in a DUI accident?
It should. If the “at fault” vehicle is insured, it’s supposed to cover the victim’s vehicle 100%. If the “at fault” vehicle has comprehensive and collision insurance that insurance is supposed to cover the at fault vehicle up to the deductable amount.Note that the inebriated driver will liberate his insurance and be required to get the VERY expensive DUI “insurance endorsment” since he/she is now in the highest risk bracket..
BTW, when a buzzed driver causes a collision it’s not called an “accident”. Accident is when things just happen. Driving tipsy is the CAUSE of the collision and as such the collision is not called an accident. Call it a wreck, crash or just about anything else that takes away the implication of a random act.
If you only have liability and your car is totaled in an accident will your insurance pay for it?
Car insurance:liabiltityNo. Because liability only covers the damages to the other persons car in an accident. “Three. Property Harm LiabilityThis coverage pays for harm you (or someone driving the car with your permission) may cause to someone else’s property. Usually, this means harm to someone elseï¿½s car, but it also includes harm to lamp posts, telephone poles, fences, buildings or other structures your car hit.” See the link below for more information on coverage. ResponseNo. Liability takes care of the other driver and his vehicle only. ResponseNo. Unluckily, liability only covers the OTHER boy’s car. If you do not buy the “comprehensive and collision” coverage, YOUR car is only covered if the OTHER fellow is at fault. ResponseIn the UK there are three main types of car insurance: 1. third party; Two. third party fire and theft and Trio. comprehensive. The very first type will not pay for harm to your vehicle in any event; the 2nd will pay if harm to your car is caused due to fire or theft and the third will pay in any event for harm to your vehicle. If however harm is caused by the user of another vehicle you will be entitled to claim compensation from the other driver’s motor insurance for your vehicle harm and if no insurance is in place form the Motor Insurers Bureau. See the related link entitled “car accident claim” to see how to showcase legal fault for your car accident.
What does the insurance company have to pay if you total your car with total coverage?
They pay whatever the value is of your vehicle less the deductible..
The value they pay, in most cases, will be the trade-in value or average private sale value. Not enough to substitute the car even when you add the deductible..
anything you do with the car or any one else but beware when claiming on insurance they will charge you more next time
What do you do when you total a car and still owe the finance company more than the retail value that insurance will pay and you have no gap insurance?
Response 1 .
I hate to have to be the one to tell you this, but there is not too much you can do. If you feel the insurance company’s valuation is wrong, and the settlement is unfair, you could discusss your situation with one or more ATTORNEYS [“usually,” a very first visit is free]. Don’t go to any attorney that doesn’t suggest free very first consultations, as there are many who do..
Otherwise, you’re just going to have to make the best of a bad situation. In order to do that, I sugguest:.
1. Discuss your situation with your finance company and, with a entire lot of luck, they MAY forgive PART of your note..
2. UNLESS there is a PREPAYMENT PENALTY clause in your loan note, take the ENTIRE settlement money and pay it ALL to the finance company. This gets your balance as low as possible..
3. TO PREVENT Harm TO YOUR CREDIT RATING, AND a lot of continuing collection pressures, proceed to make your payments until your loan is fully paid off. Not only will this protect your credit record, and prevent a lot of harassment, it is the right thing to do.
If your insurance pays purchase price for your car for a total loss and you are still paying off the finance of the car are you compelled to buy a fresh car or risk having your insurance rates climb?
Total Loss .
When a car gets totaled and it’s paid off the lienholder gets paid very first and you get whatever is left over. In California, your insurance cannot be raised until the end of the term. If the accident was your fault your insurance will rise. If it wasn’t then the insurance will rise depending on the type of fresh car purchased.
What would you do if you have no car insurance and got into a car accident but havent commenced paying off that fee and then got into another car accident where the car was totaled and it is your fault?
You should stop driving instantaneously. It is illegal to drive any vehicle without meeting your state’s Financial Responsibilty Requirements..
Stop driving! If you still didn’t have insurance when you got into your 2nd accident, they’ll very likely suspend your license and if you’re then caught driving they’ll throw you in jail. If you can’t afford insurance you can’t afford to own a car!! Based on your driving record thusfar you need total coverage!!
Can you pay off a life insurance policy in a year?
You can, but it becomes a Modified Endowment Contract and could have tax issues. If you intend to pay it off, look into the benefits of a SPWL or Single Premium Entire Life. That depends on the policy! I very recommend that you contact the insurance company before you do that as you may want to avoid possible tax consequences form this act. If you are talking about term life insurance, albeit you cannot pay that off for life, some policies suggest discount for multi year payments.
If my car is totaled and not paid for will your insurance pay for it?
Car Loans .
In most cases, insurance companies are only required to pay up to the book value of your car. What this means is that if you owe $15,000 on a car loan and the car is only worth $12,000, you will still be held responsible for the remaining balance which in this case would be $Trio,000. This is also known as being upside down. If you purchase GAP, a.k.a a debt cancellation contract, then you would not be held liable for the remaining $Trio,000. This is why it pays to purchase a car that has good residual value meaning it shouldn’t depreciate much quicker than you are able to pay off your loan.
Your friend sold you his car take over paymentsHe took the car off his insurance you insured the car and then totaled it but you are not on the title Will your insurance company pay for it?
As long as you have the title that he signed off of it and you signed on and you have insurance on the vehicle it will be covered.
You total out your car and your insurance denies coverage will you still have to pay the notes?
Yes. Your auto loan must be paid whether or not the car is driveable, lost, stolen, whatever. The lender doesn’t know or care if the car was totaled and the insurance company only gave you the blue book value on it – in way too many instances the car is not worth what it costs overall. Review the terms of your loan.
Can you turn down a total by the insurance company and pay to have your car repaired by myself and still have car insurance?
Yeah, there should be no problem cancelling a claim on your insurance if it isn’t under way already.
Will numerous life insurances policies pay off when the policy holder dies?
Yes. Why not? Most insurance companies will check to see if any extra insurance policies exists for a policy holders. If so, they make sure that only one policy pays off. This is especially true (for example) if you are covered by two different life insurance policies one as part of your automobile insurance and another as a straight term insurance policy. In the event that one policy pays off in utter the other policy is prorated by the other so that the beneficiary doesn’t receive the total payout amount for the 2nd ploicy..
I’ve never heard of this in life insurance, I’d like to see some documentation on that. Sure, it happens in medical insurance, not life.
Will numerous life insurance policies pay off when the policy holder dies?
The policy holder is the “proprietor” of the policy and not necessarilythe person covered by the insurance or “the insured”. However, ifthe “insured” person passes away, any and all policies that arecurrently in force (paid to the current date) would pay out. If policy holder died, the nominee person will get the cover.otherwise you won’t get any money.if you want to know more aboutyour query, just visit the bankbazaar.com
My car was totaled. it already has a salvaged title. what will the insurance pay?
It depends on many aspects, however since it already has a salvaged total it will be significantly lessened than if it didn’t already have a salvaged title. Your insurance company should be able to give you specifics as to why they are suggesting what they do.
Will car insurance pay if totaled car?
If you have total coverage they might pay you the lowest market value fo your car. They will deduct your deductable.. Insurance companies are out to make money so they will find the cheapest way out
If your car is out for repo but has been totaled in a car accident are you still repsonsible for the payments or will the insurance company pay off?
Your insurance will only pay off what the blue book value of the car is, whether that’s enought to pay off the vehicle is unknown to me. If you owe $7k and insurance says the car is worth $5k you owe the $2k difference.
Your car is on finance and its been wrote off by a bus which was at fault will the insurance pay your finance off and wil you still be without a car?
You mean you owed more than the car was worth. An insurance company will only pay you for thevalueof the car – what it’s worth depending on age, condition, etc. If you owed more than that – were upside down on the loan as it’s known – you are still responsible for the payments, and are without a car. It’s unfortunate, but it happens fairly often..
Yes your car will be paid off since the accident wasn’t your fault albeit it very likely would have been paid for either way since most car lenders require you to have total coverage while going through the loan. Anyway, your the buses insurer will pay you the book value of your car minus what’s owed because lenders have to get paid very first. Why you ask? Lenders are the ones who lent you the money to buy the car and since they technically hold the title they have to be paid very first and it’s ALWAYS in an auto loan contract. Hopefully you have some equity in your car, meaning what it’s worth is more than what you owe. For example if you owe $14,000 on a car and at the time of incident it was worth $16,000, the insurance company would send you a check for $Two,000 which is the net difference. Now if it was the other way around and you owed $16,000 while the car’s only worth $14,000, you would have to end up paying $Two,000 out of pocket unless you had GAP from the dealer which nulls the contract in case the car is upside down in the loan and it gets totaled. It deep throats but that’s auto loans for you.
What if my car was totaled in an accident the insurance pay off the debt?
Only if you carried GAP insurance will it pay off what you owe to the Lienholder. If not then they will only pay what they valued your car to be worth which may or may not be enough to pay off the loan.
If you have utter coverage insurance and have a car accident will the insurance company pay off your car if you still owe on the car?
If you’re filing the claim through your own collision coverage, your car insurance will pay the actual cash value (ACV) minus your deductible at time of loss. This may not be enough to cover loan due to interest, negative equity, etc. You can look at buying gap coverage either through your finance company or your insurance company if this concerns you. The best available resource for determining your ACV is www.nada.com.
Should I proceed paying car insurance if the car is totaled and have it eliminated from my policy?
If you plan on continuing the coverage on your fresh car then the reaction is yes..
If you don’t get a fresh car then STOP!
If a car is considered a total loss after an accident and the insurance company pays you for what the car is worth do you still have coverage on that vehicle if you contnue to drive it?
Usually if the car is a total loss, the insurance company will pay you and take the car. They then sell it for parts/salvage. If they let you keep the car, all you have to do is check on the current status of your policy and see if it is listed.
If your car is totaled and inoperable do you proceed to pay your auto insurance?
Yes. Until the claim is closed. You may also substitute your vehicle and just be able to put the fresh vehicle in place of the old one. Your best bet is always to speak with your company about it and get their suggestion. NEVER just stop paying. Then you may get cancelled for non-payment making getting insurance when you want it down the road stiffer and much more expensive.
Do you still have to pay your car insurance if your car is off the road?
I have taken my caroff the road for the winter. Do I still need to pay insurance
Nancy has a 100 deductible on her comprehensive insurance policy If her car repairs total 750.50 how much would her insurance company pay on the repair of her car?
All other things being equal, if the loss comes under the comprehensive coverage of her policy, and is not otherwise excluded, the insurer would pay $650.50; she would be required to pay $100. Keep in mind that comprehensive deductibles and collision deductibles are sometimes different. Therefore, it is significant to be sure of which coverage is involved. Glass claims are usually covered under the comprehensive coverage. Many States have statutes that prohibit insurers from applying the policy deductible to the repair or replacement of a windshield if that is what is involved. Therefore, the law of the State should be consulted.
How long can an insurance co take to pay for your totaled car?
The general response, absent a contractual or statutory requirement is, “a reasonable time”. When a car is determined to be a total loss, it essentially means that the insurer has determined that the cost of repair exceeds (usually, some statutory) percentage of the actual cash value of the car. In that example, the law requires that the be proclaimed to be a total loss. The time consuming part of that process can be in determining the actual cash value of a car of like kind, quality, and other features. While there are commercial guides to help in that determination, often there is a period of negotiation with the possessor as to the final value. Many States provide that once a claim has been resolved by agreement as to the value, and all necessary documents have been signed (in this case, proof of claim, title certificate, and other documents that the State or the insurance company may reasonable require), payment must be made within 30 days. However, the period may be shorter or longer and State law will govern.
What if the car had two insurance policy will both insurance pay on the car?
Not likely. I would check your auto insurance policy form and I think you will find that there will be a clause there that covers that. if you do claim on both it could be deemed as fraud.
What happen when you pay off your monthly car insurance?
If you would like it to proceed then you should make the next monthly payment.
Can you take your dependent child off your car insurance policy?
If he lives with you then you may not be able to. If he has moved into his own residence, then you should be able to.
Car totaled insurance value car at 16000 and loan amt is 12400 can you use your gap insurance to pay off car loan?
If they gave you 16000 on the car, you would not need gap insurance since your loan amount is 12400.
What do you do if the insurance for a totaled car does not pay for my private injuries?
If you feel you haven’t been treated fairly, I would file a complaint with your state insurance company or have your lawyer do it.
Can you buy back your totaled financed car lets say my car is financed and I get into an accident that totals my car. I know the insurance will pay out the bank but can i still buy it back after?
Yes, you can usually but it back because it is then inbetween you and the insurance company. But keep in mind your insurance company normally pays the ACV (Actual Cash Value) which may not be what you actually owe on the vehicle unless you carry Gap insurance. Gap Insurance is an extra coverage that covers the balance of the loan inbetween the ACV and remaining Balance.
Do you have to have insurance utter coverage if you are not driving a car that you are still paying on?
Yes & No. You still have to have liability coverage, which is the lowest type of car insurance, if you plan on driving another person’s vehicle. Because, several years ago, I drove my friend’s vehicle and the brakes went out and I rear-ended another vehicle. My friend did not have insurance on his vehicle, so my license was suspended for three months for no insurance. I advised the DMV that the vehicle wasn’t mine! But, they told me that it doesn’t matter! I should have had liability insurance anyways, if I was planning on driving someone Else’s vehicle!
Do you need to still pay insurance when your car is totaled?
Assuming that you had collision coverage on your car, when it is totalled, the insurer pays the “actual cash value” of the car, less the collision deductible. This represents the market value of the car instantly before the collision. It takes into account make, model, mileage, condition, and other features. When the car is totalled, you will be given the option of keeping the salvage or letting the insurer keep it. If you keep it, the amount paid to you will be diminished by the value of the salvage. If you keep it the salvage and have the car repaired, sometimes you are permitted to obtain a “salvage title” from the motor vehicle authorities. If the vehicle, as rebuilt, is roadworthy, you will need to insure it as you would any other vehicle.
Will liability insurance pay off your vehicle if it is totaled?
Your own liability insurance will never pay for the harm to your property or for your medical expenses. Your collision insurance pays for harm to your property, if it is your fault. Your Uninsured Motorist Insurance or Underinsured Motorist Insurance pays for harm to your property if caused by someone else who is uninsured or under-insured. Your liability insurance will pay for the harm to someone else’s property or for someone else’s medical expenses, if it is your fault. Someone else’s liability insurance will pay for the harm to your property or for your medical expenses, if it is their fault.
Do I need to pay taxes of receipt of a life insurance policy pay off?
Proceeds from a life insurance policy are usually not taxable. This is in the case where a person dies and the company pays the benefits. If a policy is cashed or money is withdrawn from the cash value then this does not apply and you may have taxes in these cases but not from the death benefit.
When your car is totaled but you don’t have the title will the insurance pay you?
It depends on why you don’t have the title. If you don’t have it because it is financed then yes. The insurance company will do the work for you of getting the title released from the bank. If you don’t have it because you don’t own the vehicle then no the company will not pay you. Legally they cannot pay you for a vehicle that you don’t own just like you cannot insurance a vehicle you don’t own. They also cannot pay the true proprietor because that person does not have a legal contract of insurance with the company. No one gets paid.
Do you have to pay off the car loan if you total the car?
Yes. Hopefully the car is insured, and the insurance money recieved will cover the loan of the car.
When you still owe money on a car and it is totaled who does the insurance company pay the money to?
The language switches depending on where you live. If you borrowed directly to buy the car the Bank or Finance companywill Be registered with your insurance company and they will bepaid. If there is money left over you will get a check from the bank orthe insurance company depending on what lender and where you live. If you went to the local title loan place you may be paid directbut if you don’t pay the title loan guys they can both sue andcharge you with fraud.
What insurance covers pay off on car in case of death?
This is not auto insurance but life insurance. What you need iscredit life in conjunction with your auto loan.