i got into car accident.?
Update:
someone hit my car on the road it was his fault and gave me his info. after i called his insraunce (same company as me) theres really no major damage fender needds raplacement and bumper. then progressive tell me my car is total loss and they were gonna pay it off. i need that car its in really good shape and i have 1 month left to pay. what can i do to fight it? isnt insraunce required to fix my car like its not i don't care if it costs more to fix. its my car and it good shape with no payment
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Answers & Comments
No, insurance is only obligated to repair your vehicle if the cost of repairs is less than 70% of its value. It's not your decision to make whether to total or fix it.
If you have an older car with lots of miles, the cost of repairing accident damage can easily be close to or exceed the worth of the car. That's when an insurance company will declare the car a total loss and simply pay you the current market value of the car, a part of which you'll need to use to pay off your loan.
You can sometimes negotiate with the insurance company to let you keep the car for a reduced settlement, but all the costs of repairs will be on you. And those costs may be more than the car will be worth after the repairs.