Insurance is Statefarm, full coverage. I just got this vehicle Feb 2023. Kid was going full speed when he rear ended me, so my car was totaled. Didn’t take long for insurance to determine my car was a total loss.
My loan was higher than the cash value of the car; vehicle ~14.5k and my loans for 22k. I have gap insurance so I am hoping that helps with the remainder.
I was also taken to the ER via ambulance due to some minor injuries.
I don’t know what to ask, I guess I’m looking for reassurance or any opinions regarding how to proceed with my situation. I currently have a rental but I was only approved for another week. Originally I was to have the rental until October 18th but my claim adjuster stated now I have to return it on Oct 3rd leaving me without a vehicle…
Got rear ended and vehicle is totaled.
byu/s0largoldfish inInsurance
Posted by s0largoldfish
4 Comments
What’s the question? Most insurance will only pay 3-5 days after total loss offer for rental so that’s why they’re cutting it off.
Not sure what you’re asking, but you need to be looking for another car asap.
You should get out your GAP contract and read it. Most have a cap on what they will pay. You owed a lot more than the vehicle was worth. It’s probably not going to cover the whole amount. Be prepared to owe your lienholder after the claim is settled.
What kind of vehicle was it?
Only ask, bought a vehicle in Feb 2023, totaled it aug 4.
Still owed 19k on it, got 16k for it.
Seems weird to me that in the same time frame you’d be underwater so much more, I had a pretty shitty apr.
You go shopping for a new vehicle. Once insurance paid my lein holder they pushed my due date back to November to give me time to work gap.
I knew I was underwater so I went out and purchased a car the day after someone said totaled. I do 0 down after accidents (though this time I did manage to pull $500 out of thin air for a down payment. I kid, it was the monthly payment for the totaled car . 🤣)
So look at your due date for your totaled car and maybe you can use your payment for a down payment.
I did still have to pay that payment, because my insurance payment took a minute to come thru and I wasn’t taking the hit to my credit