Totaled Vehicle | Who Gets Paid? | You Or Lienholder?
HTML-код
- Опубликовано: 25 авг 2024
- Reddit Insurance questions answered! Watch as we answer your Reddit insurance questions LIVE!
- When can I take a totaled car off my insurance?
- Got in a car accident, not my fault, how do I get my car from tow yard?
- My vehicle was totaled, but they sent the money to my lienholder, do I get any money?
Ready to learn how to live frugally without the hassle? We've got you covered.
Get a free quote and see how much you can save on your insurance here: www.heritagead...
Subscribe to learn strategies to live a frugal life and save money while freeing your time: bit.ly/2P1GeEi
Let’s Connect...
Website: www.heritagead...
I had a similar situation except that I wanted to take my car out of the tow yard early but the tow yard would not let me do it. They said since it was brought in by the police after the accident, an insurance company needs to take it out. They stated they would not tow it to my house even if I paid. It stayed in tow yard until at fault determination was sent to other insurance company . They took the car out another week later. My car was in tow yard for almost 3 weeks and they charged me the fees which came out of their clients $25k policy which left me with a lower payout.
My vehicle got totaled due to hail storm and I don’t get anything out of the payout because I owe more than what the car was worth
So sorry this happened. Unfortunately, this is what happens when you total your vehicle and owe more on the loan that the car is worth.
What about gap?
Gap covers the difference
I was in an accident and I wasn’t at fault. I was under the impression that the insurance company would send the draft to me or the lienholder, they would endorse it and send it to me to endorse then the repair shop would receive the payment. The responsible parties insurance company paid the body shop directly. The financed amount on the vehicle is approximately $5k, the repair estimate came to a little over $6k. I was told two different responses. Because it wasn’t totaled, I would still have to pay the lien off. I was under the impression that the loan would be paid in full. The lien holder is telling me that I still have to pay the loan. Is this accurate?
Paid off Truck, got totaled not my fault. what right dose the insurance have to take my totaled car? they can mark it a Salvage title, but its Mine. Its like my if my house burns down. insurance pays fire insurance. totals my house. do they get the title for the property?
What about my vehicle was totaled I owe 9,000 to lean holder they estimated my vehicle for 12,000/ so -9000 plus -1000 fee. They told me I could buy my vehicle back for $2000. I was short 1000 to buy my truck back it never left my possession. They let me slide on being 1000 short. Lean holder sent my insurance company that title because they said whoever pays the vehicle off gets the title but that doesn't make sense because they didn't buy the vehicle I did they're supposed to send me the title but they didn't yet who keeps the title me or insurance company ?
Why did my title get sent to my insurance company first now they say it's lost in the mail
If you elected to keep the vehicle, then the title should have been sent to you. However, the title is most likely going to be a salvaged title though. That may be what's holding up everything. Have you tried calling MVD is your state?
What if my car value is $30000 and I still owe $20k will they still give me back the difference on the car?
What if I was not at fault
What happens then ?
Will I get a check? or will the other person insurance just pay off my vehicle and I get nothing
Meaning I won’t have nothing to put down on a vehicle
If you have lien, insurance carriers are required to pay that first. That's in the contract you sign when you borrow money to pay for your car.
@@heritageadvises then nothing else
And get a lawyer ?
is it possible that the person could've gotten a settlement check through the other party's insurance but keep paying the totaled car? @7:20
Legally, the lienholder has the right to collect payment. Of course the insured could try to hide the fact that they had a lienholder, but that probably wont work out. I hope that answers your question, let me know if I can further clarify!
Its a bunch of idiots out here that makes the laws for example. When a person dies( just like your car has basically died since it was totaled during an accident.), the insurance company pays whoever the beneficiary on the life insurance policy is. They don't ask for the dead body back it gets buried into the ground. So why if the insured car is totaled or irreparable does the insurance company want the car back and send the lien holder the insurance money? It makes no sense at all. If a person has a lien on the car that means there is an original contractual agreement stating that person has so many years to pay off the car. If it has only been 2 years and your contract is a 5 year lease you should still have 3 more years to pay your loan of. It is not the business of the insurance company to change that contract by paying your loan off early just because you totalled the car. You should still be responsible for that loan but the insurance money should go to you so that you can be made whole and get another vehicle. These are laws need to be changed by the American people lets work together so that we don't have to suffer such financial devastating losses
No car should ever be totaled IMO