Budget buster dh hit tree with minivan!?

[heartsy77]

So my DH hits a tree, on icy roads, driving home from work. So here's my question: how much damage will it take for insurance company to total it? It is 2003 Old Silloutte not it great shape but it gets DH back and forth to work. It has 130,000 miles on it; we still owe just over $ 5000.00 on it still! BUT WE HAVE GAP INSUANCE too; although I know nothing about GAP either. As much as I would like to be rid of this payment; it is the only vehicle we own that fits all or kids plus us! And I really wouldn't want to replace the payment.

 

[Darcy03231]

If the cost to repair the damage is at or over book value of the van they will total it.

 

[deerhart]

when my 2002 Taurus was totaled in 07, they didn't total it until we had almost 8k in damage calculated. At the time it had about 105k on it and we had 6 more payments to make.

 

[happily single]

I just went to NADA.com and without knowing what features your van has I put in the basis model. The clean retail is $5,270. So, that is what your insurance company will pay you. Of course if you had any prior damage or the van was in bad condition they will deduct for that.

Normally if the cost of the repairs is 75% of the value of the vehicle it is declared a total; ie: if the van is valued at $5,270 and the repairs cost $3,689 or more it will be declared a total loss.

Since you owe on the van the money (or enough to cover the pay-off) will go directly to the lien holder (Whomever name the title is in)

I'm not sure how gap insurance will work in this situtation. Normally I it my understand that gap coverage would only pay the balance if you were "upside down" ie" owed more than the van was worth.

Good luck PS thank g*d for colision coverage

 

[kimisabella]

So my DH hits a tree, on icy roads, driving home from work. So here's my question: how much damage will it take for insurance company to total it? It is 2003 Old Silloutte not it great shape but it gets DH back and forth to work. It has 130,000 miles on it; we still owe just over $ 5000.00 on it still! BUT WE HAVE GAP INSUANCE too; although I know nothing about GAP either. As much as I would like to be rid of this payment; it is the only vehicle we own that fits all or kids plus us! And I really wouldn't want to replace the payment.

Usually, if the damage is 80% or more of the value of the vehicle, it will be considered a total loss.

 

[MammaNicholas]

In 01 when DH wrecked his car checking the mail, just days before our wedding, it was bbvalued at 3500. It was a late 90's model and had it for about 5 years, I think. While they were doing the estimate for the repairs, they announced they were discontinuing his car, bbvalue dropped to 2500. He had over 8k in damage, and they fixed the darn thing. Everyone was shocked, he only paid like 13k for it. When we traded it in a year later, he got 2500 for it.

 

[PatMcDuck]

My insurance was 75% of the current book value as others have posted. Once with my son's car, it was close, and could have gone either way. I stressed to them that my son needed the car, and they agreed to go ahead and have the repairs done. For that one, I think they were originally leaning to totalling it. (DS hit a huge raccoon and the damage was all under the car.

Edited to add that IF they total it, you have some option to buy it back. I forget the details, but might work for people that are able to do repairs themselves, or have friends/family assist with the repairs.

 

[heartsy77]

I just went to NADA.com and without knowing what features your van has I put in the basis model. The clean retail is $5,270. So, that is what your insurance company will pay you. Of course if you had any prior damage or the van was in bad condition they will deduct for that.

Normally if the cost of the repairs is 75% of the value of the vehicle it is declared a total; ie: if the van is valued at $5,270 and the repairs cost $3,689 or more it will be declared a total loss.

Since you owe on the van the money (or enough to cover the pay-off) will go directly to the lien holder (Whomever name the title is in)

I'm not sure how gap insurance will work in this situtation. Normally I it my understand that gap coverage would only pay the balance if you were "upside down" ie" owed more than the van was worth.

Good luck PS thank g*d for colision coverage

See this is what I am not sure of. I would say it is in poor shape but not rough; it has a large dent on automatic door, (which doesn't work 95% of the time) prior to this accident. The interior has a lot of were and tear etc. They take this all in to consideration correct?

They did ask if we had any other insurance and my husband told them gap. I wounder if they will be more likely totoal it because of that? I think being it is not in the greatest shape we made indeed owe more than it is worth! This is confusing!

 

[msmayor]

You may want to find out how your insurance company will handle a "total" of the vehicle.

Years ago, my car was totaled in an accident and I had three payments left on the car. The Finance Company held the title, and the Insurance Company required me to turn over the title in order to get the payment for the car. Makes sense, since they are "buying" the car.

I had to contact the finance company and close out the car loan first...I had to pay off the remaining balance of the car all at once...so they would release the title to me which I could then release to the insurance company.

Bear in mind to that you will still be subjected to your insurance deductible, so if they total the car their payout will be reduced by your deductible amount. Make sure, if you have the gap coverage, that it will cover that part of the difference in value as well.

 

[heartsy77]

You may want to find out how your insurance company will handle a "total" of the vehicle.

Years ago, my car was totaled in an accident and I had three payments left on the car. The Finance Company held the title, and the Insurance Company required me to turn over the title in order to get the payment for the car. Makes sense, since they are "buying" the car.

I had to contact the finance company and close out the car loan first...I had to pay off the remaining balance of the car all at once...so they would release the title to me which I could then release to the insurance company.

Bear in mind to that you will still be subjected to your insurance deductible, so if they total the car their payout will be reduced by your deductible amount. Make sure, if you have the gap coverage, that it will cover that part of the difference in value as well.

From what I understand, and at this point it isnt much, our gap covers everything detectable, payoff, etc. I am just so nervous about this!

 

[msmayor]

At this point, sitting around worrying isn't going to accomplish much.

When is the insurance company going to have someone check the vehicle and make a determination? See if you can get a timeline on that.

Get out your GAP insurance paperwork and start reading what is covered, and what is necessary to file a claim just in case the vehicle is totaled. This way you are prepared right away to make the claim. Do NOT just depend on someone else to tell you what is covered...read the policy yourself so you understand what needs to happen and what you are entitled to.

 

[heartsy77]

At this point, sitting around worrying isn't going to accomplish much.

When is the insurance company going to have someone check the vehicle and make a determination? See if you can get a timeline on that.

Get out your GAP insurance paperwork and start reading what is covered, and what is necessary to file a claim just in case the vehicle is totaled. This way you are prepared right away to make the claim. Do NOT just depend on someone else to tell you what is covered...read the policy yourself so you understand what needs to happen and what you are entitled to.

Friday is the day they are coming to see the vehicle. According to the gap paperwork they cover anything insurance including deductible. So if they total it won't cost us anything! But I still will be out a large vehicle!

 

[BellePrincessBelle]

Ours was with in $500 of the NADA and they fixed the stupid car.

 

[dis-happy]

When my dd was rear ended at college I had to go have the car towed for her and talked to the repair shop at length. It was a repair shop that my insurance recommended and was also an authorized place for the other driver's insurance. Anyway, I knew we were going to be on the line as to whether or not the car would be totaled...an older Accord with a lot of miles that we purchased new and kept in immaculate condition over the years. I told the shop owner I wanted to do everything possible to get it fixed, not totaled, as it was worth way more to us as a vehicle my dd could drive. She agreed and did her best to make it all work, including adding extra value in consideration of the car's excellent overall condition.

So, talk to the repair people who will figure the repair costs and might be able to make it all work for you too. With the economy the way it is they may want to get the business for fixing it at the amount your insurance company would be willing to pay before it's officially totaled. Good luck!!!