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How long will it take for my insurance to pay off my totaled car? I do have Gap insurance as well.?

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I had a 2006 Chevrolet Monte Carlo that was totaled when a guy was coming out of a McDonald's onto a highway and didn't see me coming and i hit the back of him. His insurance said it was my fault and my insurance will fight it and pay off my car. This whole thing is extremely stressful and I would not wish this on my worst enemy.

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  1. based upon your condition,I think you should find something useful here.http://car-insurance.online-tips.info/ca...


  2. they will complete the evaluation and come up with a value.  They will also call the lienholder and get the current payoff amount.  IF there is money left then the remaining would come to you.  you will generally be sent forms to complete and send back.  if all goes well shouldn't  take more than a few weeks.  I wouldn't suspect it would take longer than 30 days for sure.

    Excellent you have GAP insurance.  you should NEVER buy a vehicle for which it is financed without this, no matter how good of a deal you THINK you may have gotten.  I am an adjuster and can't tell you how  many times someone thought they got a great deal on their vehicle and then they owe the lienholder  $2500 after the insurance pays.


  3. Under normal circumstances (and a good adjuster) it usually takes about 7-14 working days.  You need to gather all maintenance receipts to show that you kept the engine in good working order.  You'd be surprised how much this can affect the value.

    GAP insurance is a god send...the only thing it doesn't cover is late fees and missed payments.

    Good Luck!!

  4. Your insurance will only pay you what the car was WORTH at the time of the loss. If you owe more that the value of the car then I hope you do have gap insurance -- this coverage bridges the amount you owe the bank vs what the value is. A decent insurer will evaluate your car and settle with you within three to four working days.

  5. Shouldn't take very long.  A week or two ?
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