Insurance question

[LED Crazy]

We are possibly getting some large hail here in Tulsa, Oklahoma today.. Now since my garage is filled with crap and I have to go to work at 3 (no covered parking at the mall), I am worried about my Camaro. If it were to be totaled due to massive amounts of hail damage how does the insurance company (I am with StateFarm) deal with that situation?

-Do I get exactly how much I paid for my car or is it a depreciated sum?
- Once they write me a check for my car is it their's or do I still get to keep my car and sell it?

Reason I ask is I believe this would set me up perfectly for a convertible purchase if all goes well. I would hate to have my Camaro destroyed because I want to keep it forever, but I always consider what could possibly happen.

[SlingShot]

What ever blue book is ... That's why there is GAP insurance to pay the difference.

[kr juice 1]

well the point of insurance is indemnity which means to restore you to the point you were at before the loss.....they will not over compensate or undercompensate.....so with that said it will be market value minus depreciation.........so hope you were not upsidedown already when you bought it...i am an agent in texas with farmers every state is different....but hope you bought the gap insurance at the dealer....this way whatever your insurance co doesn't cover the gap insurance will.....also depends when you bought it.....if its within the year in MOST cases they will replace it....meaning they send you a check, you pay off your balance if any and then you go get yourself a new car

[=Stephens=]

Depends on your policy, If you have the "new car replacement" or "Gap" and the damages exceed the value of the car. They should buy you a new car. If you keep the car if its totalled, the write you a check for a lesser amount. example, new car 30,000. You get a check for 30K, they take the car. You keep the car, value 12,000; you get a check for 18,000. But if the paint and body is damaged really bad. I'd take the new car.

Call your agent and make sure you have the new car replacement, if not. Add it immediately, its like 40 bucks a year.

[daveagogo1]

You will only get depreciated value oh and insurance value is not retail value for the record.

[=Stephens=]

Depreciated value depends on your policy. Every insurance company is a bit different. My 2008 was totalled and they bought me the value of a 2011 Charger and paid my taxes to license it too. Farm Bureau wrote me a check for $25,000. and thats how I got my Camaro. And they took the totalled Charger. I kept any aftermarket mods that I put on it too.

[the Kolektor]

That would be one hell of a hail storm to total the car out. How much/size hail are you expecting?

[20Camaro11]

I wouldn't worry about hail totalling out the Camaro...too new.

[67 Convertible]

I doubt your car would be totaled for hail damage.

You might want to run to Home Depot and buy 3 or 4 padded moving blankets and cover the car. The padding in the blankets will take the brunt of the hail and protect your car.

[GaryTucker]

Originally Posted by the Kolektor

That would be one hell of a hail storm to total the car out. How much/size hail are you expecting?

My family (parents and grandmother) all had cars that were on the verge-they made the choice not to total-from hail this past year. We get it bad in Oklahoma at times!

[1BADLS3]

Originally Posted by 67 Convertible

I doubt your car would be totaled for hail damage.

You might want to run to Home Depot and buy 3 or 4 padded moving blankets and cover the car. The padding in the blankets will take the brunt of the hail and protect your car.

This.

[Rogue Leader]

This depends on a couple of factors. I am a former agent licensed in over 30 states.

1. How old is your car (as in when did you buy it?) If you "just" got it they may be likely to give you back what you paid, out of customer relations. If its more than a couple months old then forget it.

2. Do you have GAP insurance. This is sold by your dealer if you finance the car with a lower down payment to cover the difference between what you owe and what its worth. This is only to prevent you from being upside down in the car if you put down a low down payment. Ex: because I put over $15k down on my SS if I am paying my payments on time based on depreciation there is no point where I will owe more than the car is worth, my dealer wouldn't even sell me GAP because of that.

So what happens? Well first off it would have to be some crazy hail to total it, but it could happen, not very likely though. However if it did happen the insurance company will cut a check first to your lienholder for the amount you owe, then to you for the difference. The amount for most insurance companies is paid in Actual Cash Value (ACV), I know for sure State Farm does this. Basically they research what it would cost to replace your car with an identical one based on mileage, options, etc.

If they do total your car in SOME cases they will allow you to buy it back for 10% of the total loss, however it depends on the situation. Because the insurance companies offset their loss by selling the salvage for as much as they can, and the fact its such a new car, they may tell you sorry its gone.

My Advice... park it in the garage, somehow.

[Xmicro_SS]

Originally Posted by 67 Convertible

I doubt your car would be totaled for hail damage.

You might want to run to Home Depot and buy 3 or 4 padded moving blankets and cover the car. The padding in the blankets will take the brunt of the hail and protect your car.

Good Sound advice. Instead of worrying about the worst case, prep for the situation!!

Sometimes we fail to see the simple solutions before us.

[myold88]

Originally Posted by the Kolektor

That would be one hell of a hail storm to total the car out. How much/size hail are you expecting?

Agreed-