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Smart Shopper Questions About Auto Insurance & Accidents
4422 messages, Last post on Dec 04, 2009 at 6:46 PM
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Replying to: sunnyb1 (Aug 10, 2009 12:41 pm) Look up on auto trader or E-bay and search for your particular type of vehicle. For Example, if your wrecked vehicle was a 1997 Honda Accord EX, look up 1997 (or close by years) Honda Accords with the EX options package in your area and see what they are going for. Look for similar mileage and condition that yours was in pre-crash. The amounts that you find would indicative of what it would take to replace your wrecked car with one that is similar to yours in similar condition. This is the amount you should ask for and expect. Don't expect to be compensated for sentimental value that you think you have in it. You'll probably get a low-ball offer at first, but you can fight it by showing what other like vehicles in your area are selling for and what it would take to get a vehicle similar to what you lost. |
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misconceptions is that the amount you owe is even remotely related to the amount the insurance will pay when your car is totaled...if you owe $10,000 on a $5,000 car, the insurance will simply pay $5,000 to the lender who holds the lien on your car...you still owe another $5,000...whether your car depreciated faster then the loan balance was amortized (paid down) OR you rolled negative equity from your previous trade-in is immaterial...the loan value is, literally, independent of the vehicle value...so, if you still owe the remaining $5,000, you will continue to make payments until the car is paid off, even tho the car is sitting in Euphonium's Salvage Yard (... ...) somewhere... Your options are: 1. continue making payments on the balance until it is paid off, 2. roll the negative equity into the next car loan, 3. coulda, woulda, shoulda had GAP insurance, 4. let them sue you for the balance and get your paycheck garnished, 5. Chapter 7 bankruptcy, 6. Move to France outside US jurisdiction (of course, with your luck, they won't extradite a mass murderer, but when they find out you owe money to Capital One Auto Finance, you WILL be the one extradited on the next plane out of Paris...   ), 7. Suicide...I only recommend using this one once, rarely 2 or 3 times...
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Replying to: marsha7 (Aug 11, 2009 7:43 am)
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Replying to: Mr_Shiftright (Aug 11, 2009 8:46 am) 
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Replying to: euphonium (Aug 07, 2009 9:21 am) A guy at work hit my car and was insured by Progressive. I got an estimate from my local body shop for about $1600. Later I was contacted by Progressive's appraiser and they looked at the car and said it would cost $1700+. They also offered me a free loaner. Using the companies preferred shop doesn't always save them money. |
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Replying to: marsha7 (Aug 11, 2009 7:43 am) What about suing the party that hit you for the balance of your loss?
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Replying to: oldfarmer50 (Aug 12, 2009 3:22 am)
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Replying to: marsha7 (Aug 12, 2009 4:35 am) Also, if you had already been paid a "fair market value" for your vehicle, where is your loss? |
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Replying to: houdini1 (Aug 12, 2009 4:48 am) |
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Replying to: houdini1 (Aug 12, 2009 4:48 am) I've always wondered about that. It hardly seems fair. To use an extreme example, let's say the driver who hit you has minimal property damage coverage (say 10K). He does 20K damage to your car. can the insurance co. give you the 10K and you are not able to go after the insured for the rest? Another example that actually happened. A woman got hit in her door. The appraiser agreed that the damage would cost $1000 to fix. He then told her that he was only going to offer $900 and to "take it or leave it". Are you saying that if she actually had to spend the full $1000 she could not sue the other driver for the remaining $100? |
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