what format does nationwide use in it,s full coverage to determine total loss auto pay off
Total Comments: 4
Posted: Mon Oct 08, 2007 10:27 am Post Subject:
Good morning Richard and welcome to the community,
determine total loss auto pay off
, Not sure if I total understand your question the way it is worded. I don't nor have I worked for Nationwide, but all carriers opperate under the same general principle. After it has been determined your vehicle is a total loss. They will then determine the value. Some companies use N.A.D.A. some other computer programns, CCC, etc. After they have determined your vehicles 'gross value'. They will scope the vehicle for 'PED or UPD (Pre-exsisting damage/ Unrepaired Prior Damage), anything that is glarring that would detract from it's value, (ie, prior unrepaired hail damage, a banged up panel that was not repaired, interior cig.burns, seats ripped,you get the picture) PRIOR now, before you got into this accident. They will write an estimate on this damage and a percentage of this damage will come off the value, (another thing that reduces the value is a 'salvage title' anywhere from 15-40%). Now they'll subtract a percent of this from the Gross ACV (actual cash value). Now that's the true ACV of your vehicle this is the amount they will pay for the claim.
If you have a lein holder that is where the money will go upto your payoff any left you will receive. Not enough to pay it off? The entire amount (less your deductible), will go to your lein holder and you will be left to deal with the balance. If you have GAP insurance then that is the company that will kick in and pick up this difference or 'gap' between what the vehicle is worth and what you owe.
Clear as mud huh? Let us know if you need more information, please provide more specifics........
lori
Posted: Wed Apr 06, 2011 05:35 pm Post Subject: Total Loss Evaluation
Understand your previous reply for general procedure, however, my 19889 CAMRY with 139K miles is selling for 3500 - 5000$ wuithin 200 miles of my home address (greter LA). Seems it is in demand because it gets 35mpg and is a breeze too own. It was in excellent shape and I am now waiting for Nationwide to get back to me. The NADA?KBB is about $2100 which clearly is not going to replace the vehicle... SO what are my options? My plan is to hold out for the average of the 5 vehicles on EBAY + 10% for reducedmileage, or about $4k. Can this strategy be sucessful?
frank.j.bellino@ navy.mil
Posted: Tue Nov 27, 2012 05:24 pm Post Subject: what to do when you are not at fault.
what if, the accident wasnt your fault. who pays the lien holder. what if i dont have enough moneyto finance another car.
Posted: Wed Nov 28, 2012 05:04 pm Post Subject:
what if
I think you already know the answer to both of your questions.
YOU and you alone (unless you have a co-signer) are responsible for the debt you incurred.
If you don't have money to buy another vehicle, ask Obama. He likes giving things to people for free.
Or walk or ride the bus. You can also buy a bicycle, rollerskates/blades, or a skateboard or scooter. And you can always beg your friends who apparently have enough money to drive a car to give you a ride.
Posted: Mon Oct 08, 2007 10:27 am Post Subject:
Good morning Richard and welcome to the community,
determine total loss auto pay off
, Not sure if I total understand your question the way it is worded. I don't nor have I worked for Nationwide, but all carriers opperate under the same general principle. After it has been determined your vehicle is a total loss. They will then determine the value. Some companies use N.A.D.A. some other computer programns, CCC, etc. After they have determined your vehicles 'gross value'. They will scope the vehicle for 'PED or UPD (Pre-exsisting damage/ Unrepaired Prior Damage), anything that is glarring that would detract from it's value, (ie, prior unrepaired hail damage, a banged up panel that was not repaired, interior cig.burns, seats ripped,you get the picture) PRIOR now, before you got into this accident. They will write an estimate on this damage and a percentage of this damage will come off the value, (another thing that reduces the value is a 'salvage title' anywhere from 15-40%). Now they'll subtract a percent of this from the Gross ACV (actual cash value). Now that's the true ACV of your vehicle this is the amount they will pay for the claim.If you have a lein holder that is where the money will go upto your payoff any left you will receive. Not enough to pay it off? The entire amount (less your deductible), will go to your lein holder and you will be left to deal with the balance. If you have GAP insurance then that is the company that will kick in and pick up this difference or 'gap' between what the vehicle is worth and what you owe.
Clear as mud huh? Let us know if you need more information, please provide more specifics........
lori
Posted: Wed Apr 06, 2011 05:35 pm Post Subject: Total Loss Evaluation
Understand your previous reply for general procedure, however, my 19889 CAMRY with 139K miles is selling for 3500 - 5000$ wuithin 200 miles of my home address (greter LA). Seems it is in demand because it gets 35mpg and is a breeze too own. It was in excellent shape and I am now waiting for Nationwide to get back to me. The NADA?KBB is about $2100 which clearly is not going to replace the vehicle... SO what are my options? My plan is to hold out for the average of the 5 vehicles on EBAY + 10% for reducedmileage, or about $4k. Can this strategy be sucessful?
frank.j.bellino@ navy.mil
Posted: Tue Nov 27, 2012 05:24 pm Post Subject: what to do when you are not at fault.
what if, the accident wasnt your fault. who pays the lien holder. what if i dont have enough moneyto finance another car.
Posted: Wed Nov 28, 2012 05:04 pm Post Subject:
what if
I think you already know the answer to both of your questions.
YOU and you alone (unless you have a co-signer) are responsible for the debt you incurred.
If you don't have money to buy another vehicle, ask Obama. He likes giving things to people for free.
Or walk or ride the bus. You can also buy a bicycle, rollerskates/blades, or a skateboard or scooter. And you can always beg your friends who apparently have enough money to drive a car to give you a ride.
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