Car Wreck-What are my options?

Question

Okay guys. Last Monday, someone ran a red light and hit me. My car was just declared a total loss. What can I do? I know his insurance will pay off the loan for my car, but I need a new car so I'm not sure where to go from here. I don't have the money for a down payment on a new car and I won't anytime soon. 😐

Answer

Does your insurance offer a rental or reimburse for one for a temp solution

Start looking for used cars to get a price range

Answer

The insurance doesn't pay off your loan. They give you the value of your vehicle at the time of loss. The amount could be more or less than what you owe. Look up the blue book value based on mileage and condition. Also find about 5 current private party ads, like in craigslist, the recycler, etc that are for the same year/model/mileage/condition and average the asking prices. This way you will be prepared to counter their settlement offer for the vehicle if they try to lowball you.

Answer

Your situation happened to me and my husband 2 weeks ago. We just purchased a 2014 Nissan Altima without making a down payment. We went to CarMax, which I highly recommend.

Car Wreck-What are my options?

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