What happens if my car was totaled the week after I bought it?
What happens to my car? Will the insurer pay for a new one? I just bought a car and one week later, it's totaled. I have comprehensive and collision insurance as required by my lender.
“Your car insurance company will determine the actual cash value of your car and cut you a check for that amount minus any deductibles.
Typically, you’d use this money to pay off your loan balance. You can pocket any leftover money to do with as you wish.
If you have new car replacement insurance, the car insurance company will buy you a new car or give you a certain amount over the fair value of your vehicle for you to buy a new one.”
MORE: Gap insurance
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