So i was recently hit,my front end of my 2003 chevy impala which is currently financed and i owe 2000 dollars on the car. The adjuster will be coming out tomorrow 12/28/15 to check it out. I went through the at fault drivers insurance which is Progressive.
The book value or ACV of the car according to multiple websites is right around $2100
I went and got an estimate on my own and before the mechanic look under the car, based on body damage and my tire alone, the estimate was for $1900. So there is a strong possibility he will consider it a total loss.
The way i see it is i have two options:
1. Car is repairable, get it repaired
2. Car is totaled, insurance pays my remaining loan for me which almost exactly the book value.
If number 2 is the case, will the insurance company pay out my loan and leave me without a car? Or will they pay my loan, take my car, and give me a little extra money to at least put a down payment on something else?
I just dont know how that would be fair that they pay my book value and leave me without a car.
Any advice or answers would be greatly appreciated
The book value or ACV of the car according to multiple websites is right around $2100
I went and got an estimate on my own and before the mechanic look under the car, based on body damage and my tire alone, the estimate was for $1900. So there is a strong possibility he will consider it a total loss.
The way i see it is i have two options:
1. Car is repairable, get it repaired
2. Car is totaled, insurance pays my remaining loan for me which almost exactly the book value.
If number 2 is the case, will the insurance company pay out my loan and leave me without a car? Or will they pay my loan, take my car, and give me a little extra money to at least put a down payment on something else?
I just dont know how that would be fair that they pay my book value and leave me without a car.
Any advice or answers would be greatly appreciated