What will the auto insurance pay if your car is deemed as a total loss?
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Answer:
They pay what the market value is for the vehicle at the time of loss. (replacement cost) Books are used as a guide to market prices. You can negotiate the value, if you have good reason to think they are low. If you can find a car similar to yours that is for sale, that will help you.
After you and the insurance company agree on the figure, then and only then, tell them that they have to add the sales tax and title fees to the price. Do not mention these things during the price negotiation, or they will try to say that they are included. The insurance company is liable for these fees, but they try very hard to avoid paying them. If you do not ask, they will not offer!
What ever the BlueBook value of the car is at the time of impact. (in my mother's case, that was only 2,000 dollars).
i was leasing my car, so the other driver's insurance company paid off the entire amount that I owed the finance company.
They just pay off the blue book value of the car, not the entire remaining balance. Which is where Gap Ins. Comes in handy because they will pay off the remaining balance. If you aren't upside down though, when they pay off the balance, you will get the remainder.
Hope You Have Gap Ins.
It depends on what coverage you have. If you do have the coverage that will pay your losses they look at the value of the car and give you the amount to replace it .
The least amount they can possibly get away with...Robbin B'stards!
Blue book value---Strange situation, here. The Blue Book value of my little 98 Nissan has actually increased in the last 7 months. Price of gas, maybe? You can go to Kelly Blue Book's website to check and see if your insurance company is offering full value.
They usually go by the blue book of the year. They also deduct some other stuff you can always try to get what you want out of it.
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