i was in an accident last night (not my fault) and my car is totaled. i had a loan out on my car and have $15,000 left owed on it. i looked up the KBB value of my car and its worth $18,000. when the insurance company writes me the check for the $18,000, what do i do? do i need to give $15,000 to the dealership that i bought my car from to pay it off and use the remaining $3,000 to put down on a new car, or is the totaled car written off and i get the whole $18,000 to put towards a new car?
i've never been in this situation before so any help would be greatTotaled car/insurance question?
a) don't assume you wil get $18k, the ins co will make their' own valuation
b) you dont pay the dealership, you pay the lien holder/bank
c) yes, use any balance to get a new loan/car.Totaled car/insurance question?
The insurance company will pay you the actual cash value of your vehicle. It may be $18,000, but will probably be less. If you have a loan on your vehicle, the insurance company pays the loss payee (lender) first. If that pays off your loan, then great. If not, you will either need to use your gap insurance (if you have it) or pay out of your pocket. Any money left after paying the lender is yours to spend.
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