Your vehicle is a Total Loss, now what?
Sometimes it costs more to repair your vehicle than its actual value. The insurer may use many sources such as Kelly Blue Book, NADA, local Auto Auctions and private companies such as CCC Information Services to determine the value.
The biggest fear that initially goes through most people’s mind is, “Will I get paid a fair amount for my car?” There are many factors that determine what is “fair.”
– Current Mileage
– Overall Condition
– Prices of similar vehicles being sold in your local market
– Also your Deductible (if it applies) will be subtracted from the offer
The majority of insurers want to quickly pay you what your vehicle is worth so you can get back to a normal life. However, sometimes you may feel the vehicle is worth more than they are offering. That is always an area of concern but one that can usually be resolved through communication with the insurer. For example, maybe you just spent a lot of money on recent repairs. Let the insurer know about any major repairs such as a new transmission, engine or tires. Just provide them with all the receipts and ask them to consider this investment when they are determining the value of your vehicle.
What happens when I owe more than they are offering? First check with your finance company to see if your have “Gap Insurance.” Gap Insurance fills “the gap” between what you owe and what the insurance company is offering. If you don’t have Gap Insurance and you are what is termed “Upside Down” on the loan, work with one of our exclusive “VIP” Total Loss Assistance Program dealers from the list below. Let the dealer know your situation and see if they can help, many times they can. But remember, if you owe $10,000 and the actual cash value is only $8000, you are still responsible for the difference. The insurer will pay the $8000 to the finance company and the balance will become due immediately. Again, work with one of our “VIP” program dealerships on getting the best deal!
Please clickfor a list of Seidner’s dealerships that can help you find your next vehicle. These dealers have agreed to offer you their best price without all the hassles of negotiating. Just tell them you are our customer and ask for the “VIP” contact person listed for that individual dealer. They will be your personal buying assistant and promises to make it a great buying experience.