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I got into a accident 3 weeks ago with my 2010 IS350. I reared ended a civic pretty bad. Repair was estimated at a large repair shop for 12k and my insurer decided to go with repairs. Just yesterday, the insurance calls to tell me they're going to write it off as total loss. So I immediately checked kbb to get a estimate on my car with 84k miles, which came out to 14-16k. What can I do at this point? I still owe 16k to the lender. I figure they would probably offer the lowest possible as pay out. What options do I have?
My car is a 2010 is350 w/ luxury package in very good condition. I've had the car for about 2yrs with good clean title.
You can take the money, buy another car within that budget and then continue paying off the loan.
OP..sorry to see this accident, hopefully no one was seriously hurt.
Wouldn't the money go to the lien holder first? This is when GAP insurance would come in handy. Another possible option to buy the car back and fix it and drive it, if you don't mind the rebuilt title.
Be sure to consider the condition your car was in before the accident. It shouldn't be hard for you to get the 16k payout since that's what KBB, NADA, and a few others are saying for an "average" price in NC.
No, meaning you would buy another one with the cash insurance is giving you. Your actual payments will continue being the same (if the lien holder wants, of course. I don't really know how it works in USA.)
Did you ask how much they will be giving you since it's totaled? I mean, they were willing to give 12k for damage repairs, they will certainly give you more than that for the whole car?
No, meaning you would buy another one with the cash insurance is giving you. Your actual payments will continue being the same (if the lien holder wants, of course. I don't really know how it works in USA.)
Did you ask how much they will be giving you since it's totaled? I mean, they were willing to give 12k for damage repairs, they will certainly give you more than that for the whole car?
I don't think it works that way is the US. If insurance were to payout for the total loss, they would require the title from the bank. The bank will not give up the title with out the loan being paid in full.
I don't think it works that way is the US. If insurance were to payout for the total loss, they would require the title from the bank. The bank will not give up the title with out the loan being paid in full.
That would make sense. I would say the next option depends on your financial circumstances.
Being that insurance will basically pay off your lien, you can finance/lease a car that fits for your current circumstances. I went through this a few years back. Crashed the is, still owed, used insurance money to pay it off, and leased a temp car for the moment until I was ready to buy again.
This was being that I needed a car for daily commute.
Sorry to see insurance claiming this as a total loss
The Money is going to go to your lien holder, not you. In terms of what they'll offer you, if it was $12k worth of damage and they were still going to repair it, that would imply they valued the car at at least $16k. Typically, an insurer won't write off a car unless damage exceeds 75% of a car's value. So, 12/0.75 = 16. If they try to lowball you, I'd use that as a negotiating point.
Not speaking from my own personal experience, but from a friend, he totaled his car and the insurance company tried to low ball him. They're suppose to give you the value of what the same car would cost in thesame condition your car was in prior to the collision. If you were to go out and buy the exact same car with at least the same number of miles, they're suppose to compensate you for that. Most times they do not and try to low ball you. Of course, insurance is a business like everything else. Fight it, at least get the money to pay of your loan. I guarantee you if you were to go out and buy that same car today it would cost you more than $16K because the stealerships try to rip us.
Not speaking from my own personal experience, but from a friend, he totaled his car and the insurance company tried to low ball him. They're suppose to give you the value of what the same car would cost in thesame condition your car was in prior to the collision. If you were to go out and buy the exact same car with at least the same number of miles, they're suppose to compensate you for that. Most times they do not and try to low ball you. Of course, insurance is a business like everything else. Fight it, at least get the money to pay of your loan. I guarantee you if you were to go out and buy that same car today it would cost you more than $16K because the stealerships try to rip us.
Looks like my insurance is giving me a pay out of $25k. At least that's what my adjuster told me and then he asked if that seemed like a fair value... I replied with a huge smile on my face. 😊
Sorry for your loss. As long as your safe and now you can save for a BMW and become a better driver. I have the same car as you and rims but mine is 2009. Thats alot of damage for a civic
Looks like my insurance is giving me a pay out of $25k. At least that's what my adjuster told me and then he asked if that seemed like a fair value... I replied with a huge smile on my face. 😊
Total Loss
