The general reaction, 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 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 puny 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. ResponseUltimately 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 tho’ 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.
How long will an insurance company provide a rental car and will they pay blue book or retail value on a totaled vehicle?
Insurance carriers vary on how long they will provide you with a rental during a total loss settlement. A good rule of thumb is three days after they make an suggest to you — whether you agree with the suggest or not. So, if you know your car is a total, and haven’t embarked looking for a fresh vehicle, now’s the time so that you avoid any problems. As for the value of your vehicle, the insurance company owes you the fair market value. This is essentially what a regular person would pay for the vehicle. It does NOT include the inflated costs and charges of a dealer. Even if you’re planning on buying your replacement car from a dealer, keep in mind that few of us walk onto a dealer lot and pay the dealer the sticker price. Some companies use valuation vendors — which come up with vehicle values — and others use the NADA book or Kelley Blue Book. Sometimes the vendor’s valuation will be the same amount as the retail value from the Blue Book; sometimes it won’t. If you don’t agree with the insurance carrier’s valuation of your car, you need to review — in detail –the condition of your car, its mileage, any refurbishments (like a fresh engine or transmission), etc with your claim representative. Those items can make a significant difference in the value of a car. You may also want to do your own research on the value of your car. It’s not enough to contact a dealer, who will simply look it up in a book. You should look at local newspaper ads or internet sites which list vehicles from your zip code. Keep in mind, too, that the insurance carrier will not pay what you owe on your loan, if your vehicle is worth less than your loan. Again, they owe the market value. If you’re upside down on your loan, contact your lienholder to discuss rolling over the remaining amount once your total loss is lodged. You may have to take out a private loan, or the lienholder may just add the remaining amount to your fresh car loan. If you shop wisely, you should end up about where you were prior to the loss.
If you totaled your car and were arrested for DUI will insurance pay for your car in Texas?
Most likely not. You bruised it during the commission of an illegal act (DUI). If you hadn’t totalled it, the state would have most likely confiscated it anyway.
If the insurance company totals your car can they take it from you?
After they give you a check for the value of the car (less your deductible), it is their car. If you want to keep it and repair it yourself, you can buy it back for the “residual value”. You can negotiate this value with the adjustor. One caution: If you keep the car you may also have to pay some storage charges to the repair shop that is holding it, especially if you do not have them make the repairs.
If im making payments on your carand you have a co-signer when you pay the car off can the co-signer take the car?
No. A cosigner is basically a “lender of money.” The cosigner is actually taking out the loan and is responsible for paying that debt off should the person the loan is for defaults. If you haven’t missed any payments (more than two) and have paid the debt off then the car is yours to do as you want with it..
How long does it take for your insurance company to make a deal with you for your totaled car?
Normally as soon as the car is determined to be a total loss there should be an suggest made within a day or two at the most.
What happens to a totaled car after the insurance co pays you for it?
Some insurance companies will sell the car back to the holder. Others sell the totaled car to a salvage yard.
In Florida If you were in an accident and was excluded from driving the car and it was not your fault can the insurance co make the proprietor of the car pay for the damages on the other car?
The insurance company is not going to force anyone to pay for damages to a car. The person that was driving the car and or the possessor of that car that caused the accident is liable for the damages to the other vehicles involved in the accident. If there is insurance coverage for that harm then the insurance company will pay. However if the driver of the at fault vehicle is excluded from the insurance policy then the insurance company may be loosened from it’s responsibility to pay on behalf of the proprietor of the 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 buzzed 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 tipsy 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. “Trio. 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. ReactionNo. 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. ReactionIn 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 demonstrate 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 should you do if a co-signer on a car loan totaled car with no insurance now you are paying the loan?
You should sue the co-signer. Even however you may be the primary person obligated to pay the loan, he is responsible to you for totalling your car. You still have to pay the loan company because you took out the loan; but the co-signer caused the loss. You won’t be able to force the loan company to take payments from him however. Getting him to reimburse you will be your problem.
Will your insurance pay for your car you totaled and it was your fault you have total coverage on your leased car?
This is sort of an educated guess, but I believe the insurance would pay the dealer and not you. I simply say this because when leasing, you never own the car, you simply “rent” it for a definite amount of time.
Why do insurance companies take so long to pay when their insured driver is at fault?
Insurance companies are in the business of doing what’s best for THEM. They don’t care that you are having trouble because of the loss that their client caused..
A lawyer can help you, or contact your own insurance company to see if they can expedite the process. If those options don’t work for you, contact your state insurance commission for advice and possibly assistance..
Actually, one thing that CAN hold up a claim, is the fact that the claims representatives may have to investigate whom is to be held at fault. When the insured and the claimant have conflicting stories do you not deem it fair to look into both parties allegations? Or should the insurance always just pay out whatever to whomever and then have to raise premiums for many policyholders?
How do you get the most money from your insurance co after your car is announced a total loss from a flood harm?
I concur “100%” with Insurance Plus, you are owed the ACV (actual cash value) of your vehicle prior to the loss. The ‘most’ money is that amount, and no more. you are to be put back in the position you were in, prior to the loss no less and no better..
The “Most” Money you can get is what is considered “Fair” compensation for your loss.
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 $Three,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 $Three,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.
What is a health insurance co pay?
Generally, a co-pay is a immobilized amount that you’re responsible for before the insurance coverage starts for a particular medical service.
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
Can the co-buyer insure a car?
Yes the co-buyer can insure the car because basically its sayingthat the co-buyer has ownership in the automobile as well as thebuyer.
How long does it take for an insurance company to pay for an accidental death?
After filing a claim it should not take more than 30 days. They just need time to find out if it were an accicdent.
Why do insurance companies take so long to pay?
Not all insurance companies take so long. One thing that it could be is the majority of the carriers send out a letter to the insureds asking if they have any other coverage. Most people just overlook these … I use to. So the claim is just put in a “holding” spot until they find out if you have other coverage or if they are your only coverage. Usually from that point things should stir quickly unless the doctor has not coded it decently – it’s done with CPT codes. Even the carriers overlook things. If your insurance company has any online services – sign up for that so you be can go online and update the majority of your information before anything or claim ever has to be paid.
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.
Should I proceed paying car insurance if the car is totaled and have it liquidated from my policy?
If you plan on continuing the coverage on your fresh car then the response is yes..
If you don’t get a fresh car then STOP!
Single car accident no injuries but car totaled will insurance pay?
Evidently if you have collision that should look after the harm to the car. Now the collision comes in many shades of grey. The insurance company will pay cash value after taking into account the mileage, year, and type of vehicle. Plus the cost of dealing with the harm vehicle cost would be subtracted from the settlement of the cash settlement too in some cases. If you have no collision then you have no gam to stand on, your are left holding the bag.
How long does it take for life insurance to pay?
Once you decently file your claim it only take a few brief weeks to get your settlement. Contact the agent that sold the policy and enlist his help. If not available just call the claims department at the life company and file the claim.
Can an auto insurance co deny to pay for my car and injury when their insured was at fault just because my registered car was insured under my friends name and not mine in the state of California?
Yes here the car insurance rock hard can turn down your insurance claim as the car is registered in your friends name and not yours.
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 tighter and much more expensive.
How long can a car insurance claim take?
1 week to 45 days….depending on invesigation involveDepending on the claim itself and severity: it may take as little as an hour to resolve the investigation and only a few days for repairs. At most, an attorney may intentionally wait until just before statute runs for a claim to file suit and then postpone/delay the trial for as long as the court will permit (which can be fairly long). The verdict may be appealed by either plaintiff or defendant. No resolution for as much as ten yrs in such cases. A non-injury claim very likely averages out to around Two wks. Claims are very specific things and there are many variations possible within two “same” situations.
When you win a civil suit from a car accident does the defendant’s insurance co pay their part very first and then the defendant pays the rest if they can or what happens?
If the liability boundaries have been exausted, then the defendant has to pay the remainder of the judgement.
What if your car was hit and it has a salvaged title dose the insurance co have to pay you the value of your car?
Insurance is meant to get you back relatively close to where you were before the accident occurs. The states view of your title should have no bearing.
If your car is totaled do you still have to pay off the insurance policy?
No, simply because there is nothing to be insured any more, your car is gone.
Can your co-signer take your car if you have been paying the loan?
Your co-signer may or may not be able to take your car. It depends on how the title reads. It does not depend on who made the loan payments. However, if you had a spoken agreement, that is a legal contract in this state enforceable by a court of law. You may wish to inform your co-signer of that fact. That is especially true if you kept a paper trail of your car payments.
Where is the cheapest car insurance co?
Finding the cheapest car insurance company has never been lighter. It is online and at everyinsurancequote site. Not the prettiest site but it will undoubtedly save you money. I compared Four quotes and saved about $245 on my premium with Geico.
How much should the insurance co pay you for a totaled 2005 Chevy Malibu with 140000?
They usually pay out based on market value, so I would research what a similar vehicle goes for in your area.
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 individual 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.
Will at fault insurance buy you a fresh car after paying your car totaled?
No. They will give you the money for the value of the vehicle and then you are on your own. However, check with your state’s Department of Insurance. You might have recourse against the insurance company if you are incapable to find a comparable vehicle with the amount they gave you.
How long does gi insurance take to pay to family after death?
i wish i could response, but my father passed away august 31st 2012, and we still have not been paid.
Do you pay insurance on a insurance co provided rental car?
In the case of Enterprise, yes. If your auto insurance covers the cost of a car rental while your own is being repaired, that coverage typically only covers the base cost of the rental itself, and not any extra fees such as accident insurance on the rental car, extra authorized drivers, etc. Be aware that the amount that insurance policies provide for rental cars is typically much lower than the rental car would normally go for. Many agencies, Enterprise included, have special rates for insurance claim customers (which is why you are required to present a claim number from your insurance company for rental purposes), and the rental agencies are habitual to dealing with insurance companies. Insurance rentals make up a substantial portion of rental business.
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.
How long does it take a bankrupt insurance co to do a runoff?
Depends on the type and length of the policies (yearly car policy vs. mortgage insurance vs. entire life).
Can a co signer take over ownership of car loan and get insurance?
A co signer is for the loan, they do not have any ownership in the car unless they are on the front of the title. If they just co signed for the loan, that lmeans they will pay for it if the proprietor does not. Even if they paid the entire loan, they still would not own the car. To transfer the car, they would have to either pay the loan off or get a loan in their name and you sell the car to them.
Will the insurance co. pay for a brake job for a car 9 years old?
never heard of an insurance company that pays for car repairs, period! if you find one please let us know!!
Why would a co signer of a car loan take life insurance?
If the person the co signer was signing for died they would not be liable for the remaining amount due. Also the other way around if the cosigner dies then the car would be paid for after death, but there would very likely be two different plans for that.
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 holder because that person does not have a legal contract of insurance with the company. No one gets paid.
Who governs car insurance cos?
In the United States each State normally has a Department of Insurance or other agency that is given the power to regulate the insurance industry. These departments control rates, policies, and most factors of the insurance industry within the state. They also generally audit the companies to make sure that they are financially strong enough to pay their obligations to clients and claimants. Many state departments depend on other multistate organizations to standardize insurance policy forms inbetween states.
How long does an insurance co have to pay a loss after receiving proof of the loss?
Five to Ten days. Have you heard of diminished value. You must get adiminished value appraisal but basically. When in a car accidentyour car goes down in value by thousands, DV permits you to recoverloss in car value. diminishedvaluereport.org
What is co-pay in health insurance?
In health insurance a copay (copayment) is a immovable amount you payfor covered services, typically when you get the service. e.g So ifyour policy says, 10% Copay and your claim amount is Rs.1,000/- youwill have to pay Rs. 100 and the balance Rs. 900 will be paid bythe Insurance Company. Generally, The co pay clause is found in health insurance plan.Each plan treats copays differently, so it’s significant tounderstand if your plan offers copays, what services they offerthem for, and how many of one service you can get at that copay perpolicy period.
Categories: multi car insurance