I'm bummed ... Way off topic... Car issue .

[merrybaker]

Gees does it ever end ??? My hubby rolled our car about 8 weeks ago . He almost hit a deer ... Anyhow We got a new (used) car . Well while I was out of town he crashed it . into a big post ! ,. Its a total !!! I've made two payments !!! The isurance guy just left . So anyone out there know how the insurance works ?? I'm so worried I'm gonna take a loss here !! I told the guy to put all my options on paper so I can decide what to do ... Ok now what to do with my hubby .... LOL

 

[martijean1]

I think hubby needs someone to drive him around! LOL!

I'm sorry you're going through this...Haven't been in the same situation, so not sure of insurance...Good Luck!

MJ

 

[luvtorun]

I'm so sorry you are going through this Mary. Your DH sounds like our DD, the body shop we use kept her paint on standby for her dings and bangs. She finally totalled the thing last December. She hasn't had anything else since then (knock wood!!)

 

[lrhollid]

Sorry to hear this! I had a friend last year who was hit while sitting a red light one week, and the next week, while in a loaner car, was hit again at the same intersection! Both times while doing nothing


L

 

[andtckrtoo]

My understanding from having a father in the insurance business, is if the car is proclaimed totaled, you should receive trade-in blue book value for it. So, hopefully, you got a good deal, and will not take too much of a hit. Good thing you bought used. A new car is a much bigger hit.

The issue will be your insurance. Hopefully they will not cancel. But they will raise your rates. Good luck. If they do, shop around - you may find much better rates.

I'm glad DH was not hurt. You can kill him now. *grins*

 

[ldy_solana]

i am so sorry mary. been there done that, it can only go up from here right?

kassia

When they discover the center of the universe, a lot of people will be
disappointed to discover they are not it -- Bernard Bailey

 

[ivorygorgon]

I work for a PI attny so I pretty much see this every day.

The insurance adjuster will run the numbers to determine if the car is a total loss. Basically if it would cost more to fix the car than pay market value (not blue book) then they will "total" the car. If you have a deductible, they will deduct that from the total.

Here is the scary part. If you owe more than market value, and I see this every day, you will still owe the remainder on the loan. So if you bought from a dealership, a car that has a market value of say $6,000.00 (like in AutoTrader) and you paid $8,000.00, then you will still owe the remaining $2,000.00.

We actually had a girl recently who owed $8,000 after her car was totalled, that is after the insurance payment. Now, you should check to see if you bought "gap" insurance, which will kick in and pay the difference, but it takes a long time.

I say hubby takes the bus from now on.

 

[merrybaker]

Hi Ladies ,Thanks for your responses . I knew I could learn something from all of you . I will let you know how is goes . I'm thinking I will be left with a balance on the loan x( x( . Will know more later ..Thanks again