What happens when ur insurance claims ur car is a total loss after an accident?

Question

I WAS INVOLVED IN AN ACIDENT BOUT A WEEK AGO ,THANK GOD IM OK..BUT NOT MA CAR . AN INSURANCE SPACIALIST CAME BY TO CHECK HOW THE CAR WAS , she STATED THAT IT WILL B CLAIMED A total LOSS...IM STILL MAKING PAYMENTS ON IT AND NOW I DONT KNOW WHATS GOING TO HAPPEN..CAn ANYONE HELP?

Answer 1

The answers vary by person.It would be a good idea to hear several of them and see the differences.Here is a good one.http://carinsurance.expertsupport.info/a...

Answer 2

You will receive "fair market value" for your car and then may be able to buy it back from the insurance company if you want to.  What you still owe on the vehicle will be your responsibility if what you receive is not enough to pay it off

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Answer 3

Most the time they will take your car and depending on your insurance give you bluebook for the car or pay off the loan.

Answer 4

ok, first of all, what kind of insurance do you have?

1 way (liability) or do you have full coverage?

if you have full coverage, the insurance company should cut you a check for the whole car; what usually happens is, depending on the year and mileage, the insurance will make an estimation of the cost of the total car, so if there were extras; laptop, upgraded system, etc, and if you have receipt of those they will be accounted for in the total price. you could also buy the car back if you want i believe.

when a car is of total loss, it means that more than 50% of the car was damaged, and it would costs more than it would to repair in the eye of the insurance company.

if you have liability only..............you pretty much have to keep making payments on it.