Anonymous
Anonymous asked in Cars & TransportationInsurance & Registration · 5 months ago

Any help on my question?

Hi so I had a car accident a week ago a driver hit me from the side and the driver insurance company has declared my car as a total loss, what does that mean? What will they have to do next?

12 Answers

Relevance
  • zipper
    Lv 6
    5 months ago

    They will pay you the book value of your car, and take it. Or you can refuse that offer, get a check for less and try to get the car fixed for that amount. Or trade it in with the leaser check amount as a down payment.  Good Luck!

    • Log in to reply to the answers
  • Anonymous
    5 months ago

    What the other party's insurance determines is immaterial. It's your insurance company's decision.

    If YOUR company totals your car you will get blue book value minus your deductible. Your company (if the other party was at fault) will then ask the other company to reimburse them AND will ask for them to pay your deductible which will be forwarded to you.

    • Log in to reply to the answers
  • Edna
    Lv 7
    5 months ago

    If the other driver s insurance has declared your car to be a total loss, that insurance company will pay you the fair market value of your car, whatever the fair market value of your car was as the time you had the accident.

    I HOPE you reported this accident to YOUR insurance company and got them involved, and that you re not relying on the other guy s insurance company, by yourself, to decide "what s what" and what isn t.

    • Log in to reply to the answers
  • 5 months ago

    It means that the damage is more than they are allowed to fix, so they will give you what the car was worth before the accident and you will give them the car. (In some states, they can also let you keep the wrecked car if you accept slightly less money. However, this is a bad idea, because fixing the car will cost you more than it will be worth after you fix it.)

    • Log in to reply to the answers
  • What do you think of the answers? You can sign in to give your opinion on the answer.
  • g
    Lv 7
    5 months ago

    It means the insurance provider determined the cost to repair the accident damage is higher than the current market value of your car.

    The insurer will now offer you the that fair current market value, whatever that might be for the year, make and model of your automobile.  

    • Log in to reply to the answers
  • 5 months ago

    That means there is too much damage for the car to be repairable at reasonable cost. Your settlement should be to pay you for the loss you incurred- the fair value of your vehicle, and any pain and suffering the accident caused. Contact the insurance company of the party at fault. If they are slow to respond, sic your insurance company on them.

    • Log in to reply to the answers
  • 5 months ago

    Means your cars a right off, probs get like half of what the cars worth. Basically you've lost your car and your compo is shite

    • Log in to reply to the answers
  • May
    Lv 5
    5 months ago

    You or your lien holder, if the car is financed, will receive "fair market value" for your car.

    • Log in to reply to the answers
  • 5 months ago

    They will pay off your lien holder and whatever medical bills you happen to have. if you have no lienholder they will issue you a check for the Kelley blue book value of your automobile. Check the Kelley blue book carefully don't allow your insurance company to give you less money than what the Kelley blue book says your car is worth insurance companies will often try to do that. Hopefully if they pay off your lien holder you'll be able to refinance a new vehicle. And hopefully you have gap insurance. Getting a car totaled often leaves you without a car if there's a lien holder. If you owe $5,000 to the lienholder. And the value of your car is $7,000. They're going to give your lienholder $5,000 and they're going to give you $2,000 and keep the vehicle.

    • Log in to reply to the answers
  • Bill B
    Lv 6
    5 months ago

    First question to answer: Did that insurance company accept liability for the accident? If yes, they will pay for your damages.

    If your car is not drivable, they should pay for a replacement/rental vehicle unitl the claim is resolved.

    The general practice currently is for them to search out recent sales of the same make & model of your car in your area. They will determine what the "average" value is and, assuming your vehicle had no pre-existing damage, will pay you that amount. They may ask you to sign a release.

    If you are claiming injuries, ask for a PD only release.

    • Log in to reply to the answers
Still have questions? Get answers by asking now.