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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?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“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.
“View full answer
- Gregory R.
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