wreck not my fault how will the message belo work out

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PostPosted: Thu Nov 06, 2008 2:06 am   Post subject: wreck not my fault how will the message belo work out  

I was involved in a wreck today, the other person was at fault. I still owe 4600.00 on the car, kelly book has it valued around 5600.00 if its totalled how will i come out? How much will I get after paying off the loan? Im hoping it can be repaired

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PostPosted: Thu Nov 06, 2008 5:11 am   Post subject:   

You may have to wait for the claim adjuster to have a look at the condition of the car. If the repair cost of the car exceeds the actual value of its, then the insurance company might deem it as totaled.

However, the insurance company's estimation of the totaled value may differ from the value that you have obtained from the Kelly book. Most of the insurance companies use third party software to determine the totaled value and non uses the Kelly book anymore.


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PostPosted: Thu Nov 06, 2008 5:12 am   Post subject:   

When you have lien on the vehicle, you might also have the gap insurance on it. If the claim check falls short of the amount that you still owe on the car the gap insurance will pay the rest. I may ask the lien holder to check whether or nor there is a gap insurance in place.

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PostPosted: Thu Nov 06, 2008 5:13 am   Post subject:   

You will get the difference between what you owe and the market value of the vehicle (what the insurance company offers). If that is $500... you will get $500.

There are other amounts added into the offer, such as sales tax, title fees, etc. It depends on the state.

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