My SUV is totaled... Insurance company says its worth less than what NADA and Kelley Blue Book says?
Now for the right answer......... Insurance companies do not go off KBB or NADA or anything similar. These are guides for buying and selling cars and should not to be confused for insurance purposes. You are legally entitled to recover the actual cash value of your vehicle. Nothing more, nothing less. Someone wrote on here you pay insurance and you get a replacement car--only true if you have "replacement value" endorsed on your policy and your current vehicle would have to be brand new and Safeco doesn't offer this option. What can you do? Either decline the offer and prove the value of your vehicle is more than what has been offered thus dragging your claim out longer than what is necessary or accept. Those are the only options you have.
Cheap car insurance for a 17yr old with a sports car?
There's no such thing as cheap insurance for a 17 year old, especially with a sports car. The #1 cause of death in 16-18 year old teens is car accident. They also have the most non-fatal accidents and the most traffic violations. Insurance companies charge high rates because of the statistics. Teens are high risk. FACT. If you want cheap insurance, start riding a one person motorcycle under 500cc. The truth is, even in the cheapest car to insure (something like a 10 year old Honda Accord) you'll pay $250 or so per month. Between now and the time you are 25, you will pay at least $20,000 in insurance premiums. Add the other costs of ownership and it's enough to make anyone think twice about owning a car if they don't desperately need one.
Has an insurance company ever paid out more than what your car was actually worth?
One of the key principle of insurance is “Principle of indemnity” which asserts that on the happening of a loss, the insured shall be put back into the same financial position as he/she used to occupy immediately before the loss. In case of a car, there would be a insured declared value which is basically depreciated asset value of the car which would be paid to the customer in case of loss. Nothing more than your Insured Declared Value will be paid.
Is it worth paying over $100+ car insurance?
I'm currently a college commuter and I drive a 1997 Toyota Corolla DX sedan with over 180k miles on it. My insurance company is GEICO and they put me on a 6 month payment plan where my premium is $839. Now the thing is that I pay about $140 a month for 6 months until that total is paid off, but is it worth paying $140 car insurance for a car that was manufactured in 1997 with over 180k miles and doesn't run or look to good at all. Should i try to finance a preowned or used car? If so how should i do it? I know there are many options in paying for a new car, but I'm 19, in college, working at Walmart part-time, and own a online business. Tips are appreciated.
I totaled my truck and my insurance wants to pay the lien holder, which will leave me with no car or money. Is there anything I can do?
An insurance company directly paying off a bank is common and legitimate practice. In fact it is an obligation of your loan agreement and that of the insurance company to a lien holder.Once the lien is paid off, any excess value the car may have over the loan payoff amount will be disbursed to you. If the value of the loan is greater than that of the vehicle, the borrower will have to work out terms with the bank.Is there anything you can do? Sure there is:Contact the insurance adjuster and see if the value offered for your car was the best that could be provided.Compare what the insurance company offered for your vehicle to that demonstrated on other sites such as NADA , New Cars, Used Cars, Car Reviews and Pricing | Edmunds .Ask to see a written copy of the insurance company’s valuation report and compare it to the above. You may find that the company uses a CCC Report which will show comparable vehicles for sale in and around your area.If there is a discrepancy, ask the insurance appraiser/adjuster to explain why. If they are not providing information or values to your satisfaction ask to speak to their supervisor. Be prepared and present facts and avoid feelings.Contact the bank to see how the loan payoff compares to the insurance settlement.If the loan payoff is greater than the vehicle value, ask what options you have regarding the purchase of another vehicle. Some banks will allow a loan balance be rolled over to the purchase of another vehicle.If the loan payoff is less than the vehicle value, ask when and how you will receive the difference.Essentially what you can do is take action and engage the parties involved (insurance company and bank). Then, start the process of shopping for a new vehicle.
Total loss per auto insurance company.?
I was recently involved in an accident where the guy behind me didn't stop and crashed into the back of my car, causing moderate damage to the bumper and the body of my car. I was somewhat relieved that the other guy had insurance and thought everything would be taken care of by his insurance company. Took my car to a shop the company suggested and received a preliminary estimate for the repairs. At this point I was still feeling comfortable that everything would be all right and my car would get repaired without any problems. But a couple of days ago I received a phone call from the body shop representative telling me that the estimate was being re-evaluated by the insurance company and there was a chance my car would be deemed a total loss. I own a 14 year old car that has 135,000 miles and runs great even after the accident. Unfortunately my trunk doesn't open and one of the rear tires comes in contact with the fender when I make certain turns. Even though it's an old car, it's very reliable and I'm sure would last me another 10 years. The car's value on Kelly Blue Book is approx $1,200 to $1,400. My question is: if it is in fact deemed a total loss, would I get a check for the above amount and have to relinquish my car? It would probably be impossible to find a reliable car for that amount of money, so I feel like I'd be getting screwed over. What are my options if they do call it a total loss and only want to give me $1,200? Has anybody had a similar experience?