My car is worth 4000.00 trade in value. I owe 9,000 but I have gap insurance which would pay the car off. The insurance company is going to pay $5000.00 to fix the car but they won't just total it because of some "Market survey Guidlines" they are required to use. Is this true? Is there anything I can do?
Ins. comp. wont total my car because of "guidlines" that they would have to pay more. Is that true?
trade in value is not what they use the use fari market value if the fair market value is higher than the cost to fix it they will go with the cheaper alternative and you gap ins is offerd by your bank it is not a factor in your ins co desision
Reply:A vehicle is only totaled by an insurance company when the repairs are higher then the care value. Trade in value is only waht a dealer will pay u. that is why full coverage is only worth having if your car has value to it. Full coverage on a car valued at a 1000 dollars is a waste, but one valued at 5000 can be useful. Higher yet can be important.
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