Yaris Accident: How Much To Fix?

[CTScott]

Originally Posted by bronsin

I have a question.

I owe $2000 on the car. If the insurance company totals it, do they cover what I owe?

In other words, I have a $2000 deductible. I owe $2000 on the loan. Its worth $11,000.

So if its totaled, do I get $7000.

That would suck! I would have to just drive it probably.

Unless you have gap insurance (which covers the difference between what you paid for the car and what it is currently worth), you will only get current value minus deductible.

[bronsin]

Originally Posted by CTScott

Unless you have gap insurance (which covers the difference between what you paid for the car and what it is currently worth), you will only get current value minus deductible.

Current valve - deductible = $11,000 - $2000 =$9000.

New Yaris = ~$16,500 bottom line. (and I have 0% interest for another 20 months on the current one. No way Im getting that on a loan tomorrow)

So it would cost me $7500 to get a new one.

I guess I could go used $11,000-$9000 = $2000 OUT OF POCKET.

Makes sense to drive the old one as is!

[edmscan]

The damage on your car is very minor in nature .. so depends if you want to fix it or pocket the money the insurance company will give you as some people do.