Will insurance do this?

[Ieatfordsforlunch]

My car was recently t-boned and I was wondering since the other guy was at fault and if the damages total my car will they give me the value of what I paid for it or the value of the car after miles/wear and tear? I don't want to lose out because the insurance wants to be cheap and pay as little as they can( he has state farm). The dealer said value of the car is only 35000 in perfect condition with 6000 miles and I paid 45000 for it new. I've only had it for 2 months and owe 33000. As you can see I would have a 10000 loss and that would kill me financially when I go to buy a new car. Not to mention I have 5000 in parts that I would half to sell if I can't get another ss.

[jd10013]

Originally Posted by Ieatfordsforlunch

My car was recently t-boned and I was wondering since the other guy was at fault and if the damages total my car will they give me the value of what I paid for it or the value of the car after miles/wear and tear? I don't want to lose out because the insurance wants to be cheap and pay as little as they can( he has state farm). The dealer said value of the car is only 35000 in perfect condition with 6000 miles and I paid 45000 for it new. I've only had it for 2 months and owe 33000. As you can see I would have a 10000 loss and that would kill me financially when I go to buy a new car. Not to mention I have 5000 in parts that I would half to sell if I can't get another ss.

they are only going to give you what it's worth, not what a new one cost. why did you pay 10k over what it was worth? it doesn't depreciate 25% in just 2 months

[Ieatfordsforlunch]

Originally Posted by jd10013

they are only going to give you what it's worth, not what a new one cost. why did you pay 10k over what it was worth? it doesn't depreciate 25% in just 2 months

I didnt pay over i paid under bluebook new but the dealer said its only worth 35. now that may be say a trade in value to them but that is what they said. you know how dealers are they want you to pay more for something but when you take it to them its worthless.

[SM0KE]

This is why gap insurance is offered.

[big papa]

What does your insurance say??

[Ieatfordsforlunch]

Gap insurance is only for if you owe more than the car is worth

[Ieatfordsforlunch]

Originally Posted by big papa

What does your insurance say??

I can't even get it to a shop till monday so at the moment I'm unsure. State farm however did say when I was telling them my part I asked them if the accident will devalue my car if repaired, there answer was it can be and I will be paid back the difference in value

[Candy_Camaro]

If you have gap and you owe on your car, they should cut you a check to pay off the entire loan.

[Candy_Camaro]

Based on the pics, why do you think they will total it? I was tboned and it was $2300 to fix. Yours doesn't look like they will total it out. Yours was worse than mine, but I wouldn't think it would be a total loss.

[big papa]

If it's repaired, you will get dinged at time of resale or trade in, because of the carfax report. If its repaired, get the diminished value check from SF if you can. My parents had a small fender bender on their minivan's carfax when they traded it in. The dealership told them flat out, it was reducing trade in by $1200. Not sure how they determine reduction of value.

[Kahdir]

Pics? What pics?

[Mr_Draco]

I have State Farm and went down this road before with a different vehicle so I can comment on how they will handle it.

State farm does not offer a new car replacement. They will only give you what the car is valued at the time before the accident if it is totaled. Don't listen to what a dealer tells you the car is worth, insurance companies have their own adjusters which most of the time is a little more then what a dealer will tell you. If you have a loan, they will pay the loaner first and you will get what is left over.

As for diminished value after an accident, what they didn't tell you is the car is only devalued if you try to sale it not if you choose to keep it and as such State Farm will only pay this IF you sale the car within 90 days of getting the car back and only IF you provide documentation that you sold it with the amount you sold it for.

[67RS2010SS]

Gap insurance should cover the depreciation value of your car

[kbob]

I checked ebay and found a few 2012 ss for 35000.