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post #16 of 16 (permalink) Old 01-22-2017, 06:10 PM
DTO
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Re: Advice dealing with auto insurance....

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Originally Posted by highwood View Post
So somebody hit my vehicle...vehicle is undrivable and had to be towed...damage to front passenger side. I am just waiting now to see if it will be fixed or written off. Other person is at fault.

I am ticked that if it is written off..essentially if they give me book value it is not worth more than what I owe on it. It is only 2.5 years old, I bought it new so my fear is once I pay off the loan than I have to go out and start over again...looking for a vehicle, don't like the idea of buying used as not sure how the prior owners were wth maintenance, etc.

If I buy new I will have to incur a higher payment than what I currently have...

I am ticked off all around by this...at the person who hit me and at the insurance as I worry they will try and rip me off.

Any advice in regards to this?

Physically no injuries but now just stressed as I am in limbo. I do have a rental but still...
I guess my first thought is to wonder which car you bought? Even with no money down, unless you are putting tons of use on the car the loan should be paid down enough after 30 months to be less than the value of the car. I checked the numbers with my car (2016 Mazda 6) and I'd be right-side up in your scenario after 1 year.

As noted before, do your research to make sure you are getting a settlement that allows you to replace your car with a similar one in the market. Go to some used car dealers and see what a nice example costs. Also, it seems that any government fees should be part of the settlement. Here (in California, USA) when my car was stolen, the insurance settlement included the value of the car plus sales tax and the unused portion of the annual vehicle registration fees. So basically I got $13k on a car worth $12k, because going out and getting that car again would trigger those taxes again.

Lastly, and this is for the next car you buy, make sure you drive a good bargain and buy a car that does not depreciate quickly.

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