My #CAR Is Totaled And I Only Have Liability INSURANCE
If you total a vehicle that only has liability coverage on it, you can remove the vehicle from your car insurance policy without giving details of the incident. But, if you harmed another party, that person’s claim would alert the insurer to the accident. If you’re dealing with an insurance agency evaluating a totaled car, they’ll say the car is totaled based on the repair costs. For some, they’ll say a car is totaled if the cost to repair it exceeds its value. For example, if your car is worth $10,000 and the cost to fix it back to the way it was exceeds its value, it’s totaled.
If you are involved in an accident and you only have liability insurance, all is not lost. Each state has legal minimum liability requirements for automobile insurance coverage. Most likely you have met the minimum; otherwise, you would not have been able to register your vehicle. Liability car insurance is necessary to pay for injuries and damage that result from an at fault accident. Liability pays for the other driver's damages and injuries.
Liability insurance only covers your liability for damage to a vehicle that you hit, and/or for the other driver's medical expenses. It will NOT pay for any damage to YOUR car; and you can't get any money for your car, if all you have is liability coverage. If the insurer says that your car is a total loss, it will only pay you the fair market value of your car as of the day of the accident. Unfortunately, an insurer is only required to pay damages up to the fair market value of the destroyed property, even if you owe more than the car’s value on your car loan.
Your passenger's claim against you will be covered by your liability insurance. If you have Medical Payments or PIP coverage under your policy, that could pay for any medical bills you or your passenger sustained as a result of the incident. Your insurance company will not pay for your vehicle loss if you only have liability coverage.
I was rear-ended by an uninsured motorist. She presented a card to a canceled policy to avoid a ticket, and I'm now told that my car is totaled since the est. $5,000 repairs exceed the value. My Geico liability coverage has only paid for my Doctors visit but other than that I've had little help from insurance companies. If you caused the accident and you totaled your car and you only have liability insurance, your insurance company does not do anything to your car. The car was taken away by the tow truck driver.
When a car has been totaled the insurer must then compensate you for the determined value of the vehicle prior to the accident. They won't replace your car, or guarantee that the vehicle's pre-accident value will be enough to purchase a replacement. You cannot, in most situations, keep the wreck to sell or use for parts.
I only have liability and the other car and I have the same insurance company. I know that my insurance will pay for her car to get fixed even tho all that was wrong with her car was a little dent on the bummer, my car is totaled. So what am I to do with my car? It's not driveable and I know the insurance isn't going to pay.
If another driver is at fault in the accident, their insurance pays you the value of your totaled vehicle with the at-fault driver’s property damage liability coverage. If your vehicle is damaged in any way or you were hit by a driver without insurance, the coverages below can protect against a totaled vehicle on YOUR insurance policy:
If you have comprehensive coverage on your car insurance policy, it will likely reimburse you for the actual cash value of your vehicle (again, minus your deductible). If your car is totaled in an accident that is caused by another driver, your collision coverage may first come into play. However, your insurer may seek repayment from the other driver's insurer to cover the loss.
I was in a car accident where my car was totaled out. The person that hit me accepted full liability for the accident and now I am being told by the insurance company that they will only pay for my rental until Friday. I sustained a lumbar sprain from the impact and my job requires me to have a vehicle. If you still owe on your car and it’s totaled, your insurance agency will only pay for the fair market value of the car before the accident. Car insurance companies never pay above the vehicle’s value when it’s totaled. They will subtract your collision deductible from the cash value of your car when they pay you for it.
If your car gets stolen, insurance companies won’t cover you if you only have liability coverage. After you file a police report, call your insurance company and let them know that your car has been stolen. Your auto insurance provider will likely tell you to wait a certain number of days (determined by the individual insurance company).
Finding car insurance for a totaled vehicle. Ward says you may run into trouble when you seek auto insurance for a car that has been declared totaled. Your ability to buy collision and comprehensive coverage may be affected. "That is really up to each individual company,” he says. Before you decide to fix your car, check to see if that is an issue." Some insurers will not accept a car with "a branded title," he adds. "It basically puts a stamp on it that says it is a salvaged vehicle."
