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Old 10-25-2012, 06:58 PM   #61
Craeshen
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Afaik any frame damage 1/2's your resale value so your 16k resale became 8k so your repair bill and reduced resale value = more than 1/2 the replacement cost = totaled.
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Old 10-25-2012, 06:59 PM   #62
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And whether it has frame damage or not, the deciding factor to total it or not is the value of the repair versus paying you out. I don't remember the number, but for sake of argument let's say 50% of book. If the car is worth $16000, and it takes $7500 to repair, they can repair it or if the repair is $8200, they can write you a check for the $16000.

What is your loan payoff? If your loan has a balance of $19000, and they total it and hand you $16000, you need to pay that $3000 unless you have gap insurance.
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Old 10-25-2012, 07:00 PM   #63
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Originally Posted by k1ngkev1n1 View Post
Yea my coverage doesnt cover rentals. I think may need an attorney to handle getting reimbursed for everything. this is just crazy. plus i have to go to therapy for the next two months according to my dr.
You should get an attorney, second thing to do after you make sure you are ok. Most will do a review to see if you need them or not.
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Old 10-25-2012, 07:11 PM   #64
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And whether it has frame damage or not, the deciding factor to total it or not is the value of the repair versus paying you out. I don't remember the number, but for sake of argument let's say 50% of book. If the car is worth $16000, and it takes $7500 to repair, they can repair it or if the repair is $8200, they can write you a check for the $16000.

What is your loan payoff? If your loan has a balance of $19000, and they total it and hand you $16000, you need to pay that $3000 unless you have gap insurance.
No loan paid cash after tax and fees I paid 20900.
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Old 10-25-2012, 07:41 PM   #65
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Don't forget with all this insurance confusion that the at-fault driver is responsible for any loss you have, whether his/her insurance pays a dime or not.

Do you have under-insured motorist insurance? If so, your insurance company may settle with you (for all damages, including medical) then go after the at-fault driver. If not, your insurance company may take care of your car damages only then go after the at-fault driver. If this is the case, you need to get a lawyer to file a lawsuit against the at-fault driver to attempt to get compensation for your losses.
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Old 10-25-2012, 07:49 PM   #66
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Unlike the "No Fault" states, CA requires motorists to carry policies which secure compensation for the injuries to other parties and/or damages to the property of others. It does not require residents to have coverage for their injuries or protection covering their vehicle. The main goal behind the financial responsibility law is to ensure that operators have a means to pay for any damages that they may cause others while driving their automobile and to keep uninsured motorists off of the roadways.

The California auto insurance laws state that all motorists must carry the minimum liability limits at all times. These limits are as follows; $15,000 for bodily injury to one person, $30,000 for bodily injury to two or more people and $5,000 for property damage. Once the proper policy is purchased, the provider is required to notify the state's Department of Motor Vehicles (DMV). In addition, insurers are required to notify the DMV in the event that a person has had a cancellation and upon notification, the department will suspend the vehicle's registration until coverage is reinstated and they have received proof.

The state's minimum liability limits are rather low compared to the cost of medical care and the price of vehicle repair or replacement. For example, if an insured were to cause a collision with a vehicle that had a value of $20,000 and was considered a total loss, the insurer would pay the $5,000 stated on the policy and the policyholder would be held liable for the remaining balance due to the other party. It is strongly recommended that consumers consider raising their limits and purchasing more extensive protection when choosing coverage in order to protect them from incurring financial hardship in the event that an incident like this occurs.

(taken from http://www.onlineautoinsurance.com/c...a/no-fault-ca/ )
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Old 10-25-2012, 09:15 PM   #67
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Quote:
Originally Posted by Woggy64 View Post
And whether it has frame damage or not, the deciding factor to total it or not is the value of the repair versus paying you out. I don't remember the number, but for sake of argument let's say 50% of book. If the car is worth $16000, and it takes $7500 to repair, they can repair it or if the repair is $8200, they can write you a check for the $16000.

What is your loan payoff? If your loan has a balance of $19000, and they total it and hand you $16000, you need to pay that $3000 unless you have gap insurance.
wait how can they write me a check for 16000? my repair is 9150 and value KBB is 16500 i believe. how does it work>?
I would technically loose out on the 4500 more i paid for the car only 2 months ago?
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Old 10-25-2012, 09:34 PM   #68
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Quote:
Originally Posted by Woggy64 View Post
Unlike the "No Fault" states, CA requires motorists to carry policies which secure compensation for the injuries to other parties and/or damages to the property of others. It does not require residents to have coverage for their injuries or protection covering their vehicle. The main goal behind the financial responsibility law is to ensure that operators have a means to pay for any damages that they may cause others while driving their automobile and to keep uninsured motorists off of the roadways.

The California auto insurance laws state that all motorists must carry the minimum liability limits at all times. These limits are as follows; $15,000 for bodily injury to one person, $30,000 for bodily injury to two or more people and $5,000 for property damage. Once the proper policy is purchased, the provider is required to notify the state's Department of Motor Vehicles (DMV). In addition, insurers are required to notify the DMV in the event that a person has had a cancellation and upon notification, the department will suspend the vehicle's registration until coverage is reinstated and they have received proof.

The state's minimum liability limits are rather low compared to the cost of medical care and the price of vehicle repair or replacement. For example, if an insured were to cause a collision with a vehicle that had a value of $20,000 and was considered a total loss, the insurer would pay the $5,000 stated on the policy and the policyholder would be held liable for the remaining balance due to the other party. It is strongly recommended that consumers consider raising their limits and purchasing more extensive protection when choosing coverage in order to protect them from incurring financial hardship in the event that an incident like this occurs.

(taken from http://www.onlineautoinsurance.com/c...a/no-fault-ca/ )
Wow! That is totally ! Those values wouldn't cover even a very MINOR injury. I know in our jurisdiction, the normal liability amount we carry for motor vehicle insurance is normally $1,000,000.00 , by law, (in my province, and most provinces in Canada anyway), the minimum you are required to carry is $500,000 liability coverage. I wouldn't feel safe carrying anything less than that.... lawsuits, especially if you kill someone can easily go well over those amounts...
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Old 10-25-2012, 09:36 PM   #69
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in our area insurance companies pay to repair up to 80% of the value. They also only pay for what the car is worth. That's also where the saying that it drops half it's value the day you drive it off the lot. It sucks.
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Old 10-25-2012, 09:49 PM   #70
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Quote:
Originally Posted by k1ngkev1n1 View Post
wait how can they write me a check for 16000? my repair is 9150 and value KBB is 16500 i believe. how does it work>?
I would technically loose out on the 4500 more i paid for the car only 2 months ago?
If they total it, they give you KBB/Edmunds (actually Black Book - their dealer book for prices).

If they do total it, they would give you that book value. If they total it, they keep the car and give you the money. You don't get both :)
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