Ask Me Help Desk - Insurance full cover

Insurance full cover

So I was driving down the street when someone cut me off by going in my lane from the right side and he got a stop sign so. I was going 50 mph and he got in my lane he was going like 10mph so I switched to the right lane ( it's a 4 lane street 2 going 2 comming) so I had to go on the right side going that fast I ended losing control of the car and hitting a phone poll from the side then my car is totaled no it can't be fixed I went to the hospetal and the other person just drove off so the qestion is I got full cover insurance and I didn't pay my car off I got like 5k left to pay what will the insurance do now? Pay it?

I think the insurance company will give you the value of the car if it wasn't damaged. Like, if you had sold it the day before the accident, how much would you have gotten for it.

Quote:

Originally Posted by simoneaugie

I think the insurance company will give you the value of the car if it wasn't damaged. Like, if you had sold it the day before the accident, how much would you have gotten for it.

Well the car was in excellent shape no scartes on it either so they will pay a lot?

Quote:

Originally Posted by jahnplay

so i was driving down the street when someone cut me off by going in my lane from the right side and he got a stop sign so. i was going 50 mph and he got in my lane he was going like 10mph so i switched to the right lane ( its a 4 lane street 2 going 2 comming) so i had to go on the right side going that fast i ended losing control of the car and hitting a phone poll from the side then my car is totaled no it can't be fixed i went to the hospetal and the other person just drove off so the qestion is i got full cover insurance and i didn't pay my car off i got like 5k left to pay what will the insurance do now? pay it?

Your insurance company will pay book value on your car - depending on how long a loan you had that amount may or may not pay the car off. Excellent condition adds nothing but a few pennies. You can always attempt to negotiate with your insurance company but, by law, they pay book value. And, yes, you will be responsible for paying the car off with that money. With luck, there will be enough money there to pay the loan totally. If not, the balance is your responsibility.

Now that banks are giving lengthy loans for cars you very often owe more in the 4th and 5th years than your car's book value, particularly if you had no trade or a small down payment.