Brand New Car Totaled Not At Fault – A car accident can be emotionally and financially devastating. But once your car breaks down, the consequences can be devastating. If your car is totaled, meaning your insurance has made a loss, the car has not been replaced or may require more repairs than the value of the car.
Jump into the driver’s seat and listen in as we explain what it means when your car is totaled, if your insurance has enough car coverage and more.
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Standard car insurance does not cover repairs to your car if it is totaled. When your car is totaled, the insurance company has decided that the repairs will cost more than the value of the car, or that the car is just being repaired. So if a proper repair costs $15,000, but the car is worth $13,000, the insurance can claim it as a loss. In some countries, the insurance may require you to value your car if the repair costs exceed a percentage of the car’s value.
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When the car is totaled, your insurer may be responsible for the true value of your car, depending on what your car insurance policy says. Your insurer will determine the true total value of your vehicle by considering the following factors about the vehicle:
Real cash value refers to the selling price the car would fetch on the open market before it is scrapped. It’s different from another term you may encounter about auto insurance: replacement cost. Instead, the price refers to what it would cost to buy a new car that is the same as the one included. Not all car insurance companies offer replacement cost as an option.
Keep in mind that your car insurance will go up significantly if you go with a quote instead of an actual price.
If your car is comprehensively insured, it usually has two components to your policy: comprehensive and collision coverage. When you get a loan or car loan, these two steps are often required. It is not a legal requirement for the vehicle you paid for, however, the decision to carry anything or an accident is yours. Without coverage beyond the required insurance in almost every state, you may have to pay out-of-pocket to replace your entire vehicle (especially if you are at fault in the accident).
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Comprehensive insurance covers non-accident related damages or accidents. At the same time, accident insurance is there when your vehicle is damaged in an accident with another vehicle, object or property.
In some cases, the insurance may cover the claim when your car is a total loss. Here are five reasons why your application was rejected:
Note that each insurance company uses different methods to declare a car a total loss. However, a vehicle that is insured by another person can be reported by another person.
Insurance experts recommend continuing to pay the loan or loan until the insurance company sends the money to the driver, even if they can’t drive the car.
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After paying off the loan, what if you owe money on the car? If you don’t have what’s called gap insurance, you’re responsible for making up the difference between the loan repayments and the total amount owed on the loan or lease. So, let’s say the insurance company paid the full price of the car $25,000, but you have to pay $27,500 on the loan off the car. In this case, you are responsible for the remaining $2,500.
Following this example, the insurance you buy on top of what you’ve been making can fill the gap between a $25,000 salary and a loan or debt of $27,500. That means you don’t have to find the $2,500 difference yourself. Remember, however, that gap insurance is only activated when you have sufficient information and accident coverage. Gap insurance typically costs about 5% of your annual auto insurance premium, according to AAA.
Car accidents, even those involving a car loan, will not directly affect your credit scores. Credit scores are based solely on your credit report and do not include things like your driving record or previous insurance claims.
To make sure your loan is still in effect, work with your insurer and lender to make sure the car loan is paid off and closed properly. Your financial responsibility for your car payment is not over until the loan is down to $0, either because your insurance has paid off the lender, or that you have subsequently paid the balance.
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Even if an accident doesn’t hurt your credit scores, it can affect the cost of your car insurance, even if your car is totaled after the accident. You can avoid this if you qualify for accident waiver benefits, but that benefit is not available in all states or with all insurers. The insurance companies that offer it are Allstate, American Family, Geico, Liberty Mutual, Nationwide, Progressive, The Hartford, Travelers and USAA.
A car insurance claim resulting from an accident that totals your car can affect your insurance premiums. But it shouldn’t affect your credit, as long as your car loan is paid off in some way. Work closely with your insurer and lender, and stay on top of your credit. Get a free report on your credit report from all three credit bureaus at AnnualCreditReport.com. You can also review your credit report for free through , and sign up for a free review while you’re at it. If you want to get financing for another car to replace the one you lost, good credit can help you get a good loan.
If you are looking for ways to reduce your monthly payments, it might be a good idea to see if you can save on your car insurance.
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The accident happened on June 9, in the afternoon, in New York, on Cathedral Avenue in Garden City,
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