How do I know if my car will be marked a total loss?

I was in a multiple vehicle accident and have a pretty large car loan due to negative equity. If my car is deemed a total loss, I'm hoping my gap insurance will cover the rest of my loan and I can start fresh. How can I know if my car will be marked a total loss by my insurance?

Answer
“You will need to wait for your car insurance company to find out if your vehicle will be marked a total loss. Every insurance company has an adjuster who evaluates the damage done to your vehicle and its actual cash value.
If the adjuster determines that your car is worth less than then the cost of repairs, they will most likely deem it a total loss. If the value exceeds the cost of repairs, they will pay for them. You can look at what the actual cash value of your vehicle is to get an idea of what your insurance company may decide.
You should also reach out to your gap insurance provider. Some companies have stipulations about negative equity. You will want to make sure that you will be covered in the event that your vehicle is marked a total loss. “
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Emily Maracle
Answered on May 03, 2021
Emily Maracle is a car insurance specialist living in New York. Originally from the Pacific Northwest, she has a degree in English Literature and a background in customer service. She enjoys cooking, gardening, and living sustainably. In the future, she can't wait to upgrade to a hybrid or electric car.
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