Does an insurance company have to pay your taxes when your car is a total loss?

Does an insurance company have to pay your taxes when your car is a total loss?

Does an insurance company have to pay your taxes when your car is a total loss?No. That would still be your responsibility.

If you owe more than the value of a car that was proclaimed a total loss how much does the insurance company pay?

Typically the insurance companie will pay the cost of the vehicle at the time of loss, they will not pay anything more. If you purchase a vehicle that is higher than blue book, then consider gap coverage to help with this type of situation.

Do you have to keep making your car payments when the car is totaled and you are in the process of suing your insurance company to pay for the car?

Yes. Unluckily yes. Even if you lose your lawsuit and are left with a uselss car you still have to pay off the loan or default on it and let the dealership reposess it. Even then the dealership will ruin your credit and charge you for the remainder of the loan minus whatever they sell the car for, which won’t be close to it’s value. Bottom line, pay it or file bankruptcy or find a good lawyer that know a debt dispute loophole .

If your insurance company says your car is a total loss but you want to have it motionless can they charge you a salvage fee to keep your own car?

Any vehicle, whether a total loss or not, has a value. A totaled vehicle, of course, has a significantly lesser value (assuming the actual total loss has already been lodged with the vehicle holder). This value can be anywhere from Five – 25% of the pre-loss value of the vehicle. If you determine to keep a totaled vehicle after lodging with an insurance carrier, they can legally eliminate the salvage value from your settlement. It shouldn’t be much, and you can request that they actually get a salvage quote from a salvage yard. The idea behind this is that you can’t legally profit from a loss. In your case, if your totaled vehicle has a salvage value, and you’re keeping the vehicle, the insurance carrier must deduct that salvage value. Otherwise, you will get a total settlement, and still retain a vehicle with some value. But…attempt working with the carrier on what that salvage amount is going to be. Sometimes they’ll adjust it to get the loss lodged, since you never “truly” know what the salvage value is going to be until the vehicle is sold at a salvage yard auction.

If the finance company thought your insurance was cancelled and put an add on policy to your loan and the car was totaled while both policies were in effect will both policies pay for the loss?

No, the finance company would simply refund any monies they charged you for compelled placed insurance and your primary insurance company would be responsible for footing the bill.

Does an insurance company have ownership of the vehicle after they pay for your total loss?

If you lodge a total loss with an insurance company & choose not to keep the car, you have to send them your signed title and release possession of your vehicle to them in order to be paid for the claim. You do have the option of retaining it for less settlement money (due to salvage value and, in certain states, license & fees, taxes, etc…If you choose to retain, you will still not be paid for the repair of your vehicle, it is still totalled. Depending on the state, you also must get a salvage title on the vehicle until you have had it repaired & investigated by the state to be deemed roadworthy before applying for a rebuilt title.

If your car is proclaimed a total loss how much will the insurance company pay back to you if the car was purchased below book value?

Regardless of what you paid for the vehicle, in most cases,if your vehicle is deemed a total loss, you will be paid the local market value of your vehicle. If you happened to purchase your vehicle for less than that, you lucked out:)

Will insurance cover a total loss to a total coverage auto when the car is covered by a individual policy yet the car is titled to the proprietor’s company?

Not sure I totally understand your question. Are you both the possessor of the company (and the car), the car is titled to the company, but have the car insured as a private/non-business auto? What were the questions on the application? They ask about business use, if those weren’t answered honestly there could be a problem. Or are you telling the company ou work for possesses the car, but you have to carry insurance on it? Same question about the application would apply. Please be more specific and I’m sure I could be of more assistance.

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Is it legal for your insurance company to deny a loss for a car that was totaled?

It would depend on why the car was totaled and who’s fault the accident was and what time of insurance do you have PLPD or Utter Coverage

If you are not at fault but the other insurance company finds out your car wasn’t investigated do they still have to pay for your loss?

I wouldn’t think that would have any barring on it. Subject of course to the laws in your state. Not having an inspection shouldn’t effect the liablity out come, unless of course your vehicle had a defect that contributed to the accident that would’ve been found in an inspection.

In what states do insurance companies pay sales tax on replacement cars?

states vary, kansas for example, in a total loss incident, will pay the holder direct the sales tax….missouri issues a sales tax affidavit that is good for six months….and the amount is NOT for the replacement car but the acv (actual cash value) of the totaled vehicle…..

If you total your car in an accident can a insurance company pay below low blue book?

Response .
Each situation is different and there is no definite response to this because there is no stardard but Yes there is a possibility.

If the insurance company totals your car can they take it from you?

After they give you a check for the value of the car (less your deductible), it is their car. If you want to keep it and repair it yourself, you can buy it back for the “residual value”. You can negotiate this value with the adjustor. One caution: If you keep the car you may also have to pay some storage charges to the repair shop that is holding it, especially if you do not have them make the repairs.

Does an insurance company have to pay your taxes when your car is a total loss?

What should you do when your insurance company deems your car a total loss but they are taking too much time to send the settlement check to your finance company?

Reaction .
First of all you should talk to the claims representative and if that doesn’t get results then ask for a supervisor. If you have an insurance agent to contact you can also get them involved. If that fails to get results ask your state’s insurance commissioner for help in the matter.

Do you have to pay taxes on car accident settlement from the at fault insurance company?

Response .
I am a resident of Fresh York State and was involved in a private injury accident. The settlement that I received is considered wages. You will have to check with your state and local tax laws. I am sure that a phone call to Jackson & Hewwitt or H & R Block in your state will work as well.

Is it possible to get more than the blue book value of a totaled car if the insurance company suggested 6k but you need 10000 to pay Ten percent in taxes plus finance costs for a fresh car?

Response .
You should expect to get the amount necessary to purchase a similar car in similar condition inclusive of taxes and registration fees. If you owe more on your totalled car than what it is worth you are still obligated to the finance company for the balance of the loan.

What does the insurance company have to pay if you total your car with total coverage?

Response .
They pay whatever the value is of your vehicle less the deductible..
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The value they pay, in most cases, will be the trade-in value or average private sale value. Not enough to substitute the car even when you add the deductible..
Reaction .
anything you do with the car or any one else but beware when claiming on insurance they will charge you more next time

Does your insurance company have to cover your car after they said it was a total loss in California?

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Response .
Time to break out the policy and have a look. Most the time they will not give you enough to pay off your current loan. Even tho’ your car is no longer salvageable, you still are responsible to pay for the remainder of your loan.

What do you do when an at-fault driver has insufficient insurance to pay for your total loss?

Insurance DelimmaDepending on what state you live in check your insurance policy for Under or UN insured motorist coverage. In some states it is an elective coverage and in others you are required to carry the minimum boundaries.If you do not have that type of coverage your best bet is to contact an attorney. Again depending on what state you live in, some insurance carriers can go after other members of the households insurance to recoup damages. In other words, if Grandma or Uncle Bob is the one that hit you and they live with son or daughter, it may be possible to file against son or daughters policy. sue emSue them. You may not see any money for awhile, but at least you will be given a judgment and promise – which is more then you have now.

Can carriers raise your premiums for a serious accident where your car is totaled and the insurance company pays for your car but the insurance investigator ruled that the accident was not your fault?

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Reaction .
yes if your ins.co. pays for your car..
They CanEven if they don’t pay for your car. My agent warned me that my homeowners premiums could be raised just for filing claims! They used to send an adjustor out automatically if there was a hailstorm or windstorm, but not any more. I just wished an ajustor to estimate the harm last spring and let me know if it would exceed my deductible.

What do you do when you total a car and still owe the finance company more than the retail value that insurance will pay and you have no gap insurance?

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Reaction 1 .
I hate to have to be the one to tell you this, but there is not too much you can do. If you feel the insurance company’s valuation is wrong, and the settlement is unfair, you could discusss your situation with one or more ATTORNEYS [“usually,” a very first visit is free]. Don’t go to any attorney that doesn’t suggest free very first consultations, as there are many who do..
Otherwise, you’re just going to have to make the best of a bad situation. In order to do that, I sugguest:.
1. Discuss your situation with your finance company and, with a entire lot of luck, they MAY forgive PART of your note..
2. UNLESS there is a PREPAYMENT PENALTY clause in your loan note, take the ENTIRE settlement money and pay it ALL to the finance company. This gets your balance as low as possible..
3. TO PREVENT Harm TO YOUR CREDIT RATING, AND a lot of continuing collection pressures, proceed to make your payments until your loan is fully paid off. Not only will this protect your credit record, and prevent a lot of harassment, it is the right thing to do.

Do insurance companies pay for the totaled car causing a collision in a DUI case?

Reaction .
yes if you have collision coverage barring any exclusions in your policy to the contrary.

How do you determine the insurance companies determine the pay out in the event of a total loss?

The “total loss” threshold is determined by multiplying the credible retail value of the vehicle (usu. the “Blue Book” value) by some percentage, usually 80%. If the actual dollar cost to repair the vehicle would exceed this threshold figure, the vehicle is then announced a total loss. I don’t believe that sales tax or other “fees” are included in the initial determination. So, for example, if your vehicle has a “Blue Book” value of $Ten,000 and the cost to repair it is greater than $8,000, it will be “substituted” rather than repaired. You should receive a check for $Ten,000 minus any deductibles plus the sales tax in your state of residence .

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If my car is totaled and not paid for will your insurance pay for it?

Car Loans .
In most cases, insurance companies are only required to pay up to the book value of your car. What this means is that if you owe $15,000 on a car loan and the car is only worth $12,000, you will still be held responsible for the remaining balance which in this case would be $Three,000. This is also known as being upside down. If you purchase GAP, a.k.a a debt cancellation contract, then you would not be held liable for the remaining $Trio,000. This is why it pays to purchase a car that has good residual value meaning it shouldn’t depreciate much swifter than you are able to pay off your loan.

Your friend sold you his car take over paymentsHe took the car off his insurance you insured the car and then totaled it but you are not on the title Will your insurance company pay for it?

Response .
As long as you have the title that he signed off of it and you signed on and you have insurance on the vehicle it will be covered.

Can you turn down a total by the insurance company and pay to have your car repaired by myself and still have car insurance?

Yeah, there should be no problem cancelling a claim on your insurance if it isn’t under way already.

Does an insurance company have to pay your taxes when your car is a total loss?

Does the insurance company own the car after it is totaled?

You can put in an suggest to buy the written off vehicle from the Insurers if you want to repair it yourself. A write off is beyond economical repair, meaning it costs more than the car is worth to fix it. It doesn’t mean it cannot be repaired..
There are different categories of scrapped vehicles, D, C etc. The Insurers sell the written off cars on to scrap merchants or motor traders to recoup their losses. You are ideally entitled to buy the car back yourself for a nominal price. If the Insurers are lodging your claim and providing you a settlement to get a replacement car, the damged vehicle does in effect belong to the Insurers..
Hope this helps, I worked in insurance for Ten years.

How do you negotiate with an insurance company for your totaled car?

Very first off, if your vehicle is totalled, the insurance company must give you a rental vehicle. Check the NADA current value of your vehicle , as well as several other resources such as Edmonds.com, Kelly Blue Book, etc. Be sure to look up the options that you had on your car an assure that the insurance company includes them when they are figuring the price out. Also, if you have things like brand fresh tires, mention it, as it could make the value go higher. Wait for them to tell you what they are going to suggest you before you say anything about the price. It could make a difference if you are dealing with your insurance company or if you are dealing with the company of the person who hit you. If the insurance company thinks they will be avoiding a possible lawsuit before they may give you a fairer value. However, don’t come out gun blazing talking about lawsuits, etc. Wait to see what they want to suggest you. See if you think that number is fair. If so, you are fine. If not, come back with a counter suggest (having done the research.) Good Luck! Response Provided by KeepItSimpleCoaching.com (This response isn’t finish, as I was just hit and am going through this process right now…)

Your car got totaled will the insurance company pay for it if however the inspection sticker is expired?

Yes. The reason being is insurance covers the car not the person. So whether that person chooses to drive around with an expired license or an expired plate sticker is on them..
You will still get a ticket for those violations, but you will have insurance and the insurance company will abide by everything in the insurance contract.

Does your insurance company pay for your car?

If you carry utter collision and replacement of your vehicle, depending on your insurance company, they will pay the blue book value of the car if it is totaled. That is why it is significant not to ever owe more than the car is worth, which is referred to as “being upsidedown.”

Will car insurance pay if totaled car?

If you have total coverage they might pay you the lowest market value fo your car. They will deduct your deductable.. Insurance companies are out to make money so they will find the cheapest way out

When you wreck a car does the insurance company pay for tax and title also?

If your vehicle it considered a total loss, your Total Settlement Value will include Taxes, Transfer Fees, Deductible and your Loan/Lien..
This is with State Farm Insurance, I am not sure about other companies.

Who possesses the house after insurance company pays off mortgage following a total fire loss?

my mortgage balance is less than the total loss insurance claim check, how do i get the money difference to rebuild? I would like to keep the loan in place and have the money to substitute the home that burned, the check is made out to both of us, mortgage company and us. Will they refund the money or pay off the loan? I need the balance to make improvements on the home that we are substituting. Which would be valued more.

If your car is a total loss will the insurance company help you fix it if you both pay?

If your car is deemed a total loss, the insurance company will only pay up the value of the vehicle. They will have nothing to do with the repairs. If the vehicle is worth $Five,000 and the harm is $8,000, you are going to pay $Three,000 out of your own pocket. Once the insurance company pays you that $Five,000, they are out of the picture. Just be ready for a ‘salvage’ fee to be deducted from your settlement by the insurance company. That is what they would have gotten for your vehicle if you had surrendered it to them.

Who keeps the car if it is totaled you or the insurance company?

You can keep the car if you like, albeit I’m not sure why you’d want to keep a wrecked car. If you determine to release it to the company, they’ll eventually send it to the junkyard.

If another driver hit your parked car and their insurance company total lost the car and your car is only one year oldthey pay for the car to the company with the lean and where does that leave me.?

Unluckily, it most likely leaves you looking for another car. The insurance company is only obligated to pay the actual cash value of the car, so once they paid your loan they most likely don’t owe you any more money (unless you put down a big downpayment and owe less on the car than it’s value after the year you’ve had it.)

If a car is considered a total loss after an accident and the insurance company pays you for what the car is worth do you still have coverage on that vehicle if you contnue to drive it?

Usually if the car is a total loss, the insurance company will pay you and take the car. They then sell it for parts/salvage. If they let you keep the car, all you have to do is check on the current status of your policy and see if it is listed.

Your car was totaled no other car involved you had total coverage insurance and GAP insurance will you be reimbursed for your loss or will it all go to the finance company?

the very first priority of the insurance company is to pay of the loan holder (so the value of your car is determined and out of that) whatever is left over will be sent to you. If the value of the car is less than what you owe you are stuck with the balance as far as gap coverage goes you will have to check with your insurance company they’re all different

Does an insurance company have to pay your taxes when your car is a total loss?

Do insurance companies pay income taxes?

Yes, and a entire lot of it..
The way there income is determined is a specialized field of tax and not like most other Cos that have a tangible product.

If someone borrows your car and total loss it will the insurance company pay for damages?

Yes. Collision coverage pays for harm to your vehicle, minus the deductible, regardless of who is driving it. Also, if you loan your vehicle to someone they are considered a permissive driver and you are liable for harm they cause in your vehicle even if they have their own insurance. Insurance always applies to the car not the driver.

What if one insurance company mine not at fault said the car is a total loss but the other insurance company the at fault said they can fix it?

As far as i know the not at fault Insurance decision will prevail over the the one at fault. Besides there are certain “rules” that all insurance companies goes by when they take a determination whether or not a car is totaled. If by any chance the insurance companies can’t agree they go to an arbitrary service provided by state for insurance companies and they can come to a decision.

Is it legal for the insurance company not to pay the loan company on a totaled car?

Yes. The insurance policy is a contract. All it requires the insurance company to do is to pay the fair market value of the vehicle. You would need to get what is called gap insurance to pay the difference inbetween the market value and the loan value.

You own your car it was totaled Should you let the insurance company have it after they pay you?

This depends on what the settlement covers I have required the insurance company to permit me to retain ownership, this reduces the settlement. Or the if you do not specify that this is what you want the insurance company gets the car.

What type of insurance will pay for harm to your car if it is announced to be a total loss?

Physical harm coverage pays for harm done to your vehicle. This is divided into two policy provisions, comprehensive and collision. Collision is if you hit something or turn the vehicle over. Comprehensive is about everything else, including theft, vandalism, animal collisions, fire, glass breakage, etc. So the main thing you will need to determine is what caused the harm. If you hit a deer then it will be a comprehensive claim. If you hit a telephone pole or another vehicle then it is a collision claim.

Does your insurance company have to pay the policy limit for a total loss if you have replacement?

No, If you have a replacement valuation Home Insurance Policy then the company will pay the “replacement cost” The cost of replacement may or may not reach your policy boundaries depending on the loss.

Where to go if your Insurance company is not paying for the loss of a car accident?

Attorney General,s office where you live. Also attempt the Better Business BureauAdded: Contact the State Insurance Commission of your state and file a complaint.

What if their insurance determines your car is total loss?

Then their insurance cuts you a check for the Bluebook value of your car. Also, some of them also suggest rental coverage until the car is substituted (but obviously not for several weeks)

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When a vehicle is totaled what are the insurance companies required to reimburse your loss?

depending on a few things. was it your fault? if yes if you have total coverage they must reimburse you and theres a good chance that your premium will go upif the other fellow is at fault and has total coverage or liability then the other insurance company will pay outwas there a police report? if yes get a copy and see what the officer wroteis it in your favor? then get a copy from the local pct. submit it to the ins co and you will have your check in days after they have it probed by an adjustercall the pct for hours and ask how much the money order must be in order to get a copy of the police report

Do insurance companies pay for wrecked cars?

It can be said that insurance companies pay for cars after a wreckas long as you are fully insured. But when a person does get money from the insurance company it doesn’t mean that they are buying it from you. The car will have to be taken to a car junk yard and you can sell it to them.

When an insurance company proclaims an individuals car a total loss what is the method to calculate the insureds payment for his or hers loss?

Insurance policies state that the insurance company has the optionof repair, replacement, or paying actual cash value of the vehicle.A company will total a vehicle when the cost to repair is above70-80% of the ACV due to the fact that there are usually additionalcosts when they embark repairs. Different companies use differentmethods of determining ACV and it is always lithe. I wouldsuggest that you go ahead and research it yourself by lookingonline at bluebook, autotrader, and anything else you can find withsimilar vehicles with similar equipment and mileage as yours sothat you will know what ballpark value your vehicle has before youspeak with the adjuster. Find others for sale in your area.Condition of your vehicle like fresh tires, extra equipment, etc.will make your value higher so make sure the adjuster knows aboutthese facts and it will pay off. Furthermore, the statutes of most States require that an insurerdeclare a vehicle to be a “total loss” when the cost of repairexceeds some percentage of the actual cash value of the vehicle.

When you still owe money on a car and it is totaled who does the insurance company pay the money to?

The language switches depending on where you live. If you borrowed directly to buy the car the Bank or Finance companywill Be registered with your insurance company and they will bepaid. If there is money left over you will get a check from the bank orthe insurance company depending on what lender and where you live. If you went to the local title loan place you may be paid directbut if you don’t pay the title loan guys they can both sue andcharge you with fraud.

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