I was in a accident how Long do I have to wait to get a new & what happened if the insurance doesn’t pay my car off.
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UPDATED: Jun 19, 2016
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Insurance Question from Madisonville, KY
Asked on 06/19/2016
I was in a accident how Long do I have to wait to get a new & what happened if the insurance doesn’t pay my car off. NULL
Answer given on June 19, 2016
Each state has its own regulations regarding settlement of a claim. The insurance company has to investigate, determine fault, get statements, etc. If you are responsible, then your insurance company will apply the deductible. If it is the other driver’s fault then you can work through them, or go through your company and have them then go after the other insurance company. You would then get your deductible back if they receive full reimbursement.The amount you get for the car is based on the current actual cash value of the car. This may not be enough to pay off the car. You can negotiate with the insurance company, but you will have to prove your claim through local values determined through the internet, local ads and dealers. The insurance company is not responsible for any difference between the actual cash value of the car and what you owe on it. Sometimes you can purchase “full car replacement” on a new car. This is something to consider if you purchase a new car in the future.
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