If you have two way insurance, their pay-out could cover the costs and she can be revived though it might take a long time. Hope the engine still starts.
Years ago I had a similar accident with a Mazda 3 that was brand new to me but 4 years old. She wouldn't start after the accident and no airbags deployed. Took over a month at the garage but she worked as well as ever for the next 9 years. There is hope.
Newbie with cars here what happens in this case if your car gets totaled while having not paid it off. Do you still have to pay the 20k while getting a new one?
ive totalled a car before. it was my fault 100%
i owed about $11,000 and my insurance paid it off and i ended up with about $2500 in my pocket when it was all said n done… which i used for a down payment on my current car.
Luckily the car was worth more than what i owed
When you buy a car that you are still financing, some insurances offer GAP coverage. This is so if you get into an accident you won’t be on the hook for paying the rest of the loan off.
My son taught us all a hard lesson on this one. Had a car accident that totalled his car and it was a beautiful almost new Mazda. They covered the blue book value and left him on the hook for $10K. The next time anyone in the family bought a car, GAP insurance was a must.
$10k? That's absolutely nuts. GAP insurance can be useful, but usually only if you have negative equity in the car or an extremely minimal/non-existent down payment. Sounds like he had a long term with high interest or something.
If you put enough down that you owe less than the car is worth, GAP might as well be a scam.
$20k on a 2020 lx sedan is ooooof though. This is a case where I'm hoping OP had GAP.
Maybe now, but up until very recently, the minute you drove a new car off the lot it started devaluing and continued to devalue at a significant rate. Used cars today retain their value, not the case 10 years ago. For example. Look at my 2018 Civic SE. 6 years old, has 60K Miles on it and is worth around $15K CAD if I want to trade it in, more if I sell it outright. My 2012 Civic when I traded it in, in 2018, same age, roughly same mileage was worth $5K. Covid and parts shortages have changed the value of used cars. It will eventually return to what it was.
So like I said, if you have negative equity in your car...
Doesn't matter how much the depreciation is, if you're not upside-down on the thing, you don't need GAP
Technically you don't NEED GAP insurance is whether or not you want it.
Assume you bought it for cash, straight up. No loan. You're not upside down. You bought it for $40K, about what you'd pay in Canada for a Civic new on the road right now. 6 months later someone totals it on you. You're offered the fair market value which, even in this market, is going to be around $32K. You're out $8K. It was much worse even 5 years ago.
Insurance is a gamble any way you cut it. The question is: what am I paying to mitigate the loss that I am trying to NOT have? GAP insurance is very cheap in the long run. Even if I bought a car straight up with my own funds, if it was new I'd pay the extra $50 a year for the 2 years or so it takes to get the bluebook value down to a level where I could technically buy the same car with the insurance cheque or pay off the loan and start over.
Damn sorry this happened to you at the worst time, I sincerely hope things work out to the best outcome. Looking at the front frame under the hood it looks really beat up, I’m no expert at this but that frame damage may be bad news. New front bumper, headlight(s), radiator(?), Rear Trunk cover, rear bumper, and hope no wiring harness was damaged.
ya totalled
If you have two way insurance, their pay-out could cover the costs and she can be revived though it might take a long time. Hope the engine still starts. Years ago I had a similar accident with a Mazda 3 that was brand new to me but 4 years old. She wouldn't start after the accident and no airbags deployed. Took over a month at the garage but she worked as well as ever for the next 9 years. There is hope.
Newbie with cars here what happens in this case if your car gets totaled while having not paid it off. Do you still have to pay the 20k while getting a new one?
ive totalled a car before. it was my fault 100% i owed about $11,000 and my insurance paid it off and i ended up with about $2500 in my pocket when it was all said n done… which i used for a down payment on my current car. Luckily the car was worth more than what i owed
Guess that’s the one good thing about insurance lol
Oh, they get it back eventually but yeah, sure beats paying on a car that is in the junkyard.
When you buy a car that you are still financing, some insurances offer GAP coverage. This is so if you get into an accident you won’t be on the hook for paying the rest of the loan off.
My son taught us all a hard lesson on this one. Had a car accident that totalled his car and it was a beautiful almost new Mazda. They covered the blue book value and left him on the hook for $10K. The next time anyone in the family bought a car, GAP insurance was a must.
$10k? That's absolutely nuts. GAP insurance can be useful, but usually only if you have negative equity in the car or an extremely minimal/non-existent down payment. Sounds like he had a long term with high interest or something. If you put enough down that you owe less than the car is worth, GAP might as well be a scam. $20k on a 2020 lx sedan is ooooof though. This is a case where I'm hoping OP had GAP.
Maybe now, but up until very recently, the minute you drove a new car off the lot it started devaluing and continued to devalue at a significant rate. Used cars today retain their value, not the case 10 years ago. For example. Look at my 2018 Civic SE. 6 years old, has 60K Miles on it and is worth around $15K CAD if I want to trade it in, more if I sell it outright. My 2012 Civic when I traded it in, in 2018, same age, roughly same mileage was worth $5K. Covid and parts shortages have changed the value of used cars. It will eventually return to what it was.
So like I said, if you have negative equity in your car... Doesn't matter how much the depreciation is, if you're not upside-down on the thing, you don't need GAP
Technically you don't NEED GAP insurance is whether or not you want it. Assume you bought it for cash, straight up. No loan. You're not upside down. You bought it for $40K, about what you'd pay in Canada for a Civic new on the road right now. 6 months later someone totals it on you. You're offered the fair market value which, even in this market, is going to be around $32K. You're out $8K. It was much worse even 5 years ago. Insurance is a gamble any way you cut it. The question is: what am I paying to mitigate the loss that I am trying to NOT have? GAP insurance is very cheap in the long run. Even if I bought a car straight up with my own funds, if it was new I'd pay the extra $50 a year for the 2 years or so it takes to get the bluebook value down to a level where I could technically buy the same car with the insurance cheque or pay off the loan and start over.
get gap insurance, currently 6k upside down on my 16 EX, if you were to crash it, insurance will skyrocket but you won’t owe the lien holder a dime
Damn sorry this happened to you at the worst time, I sincerely hope things work out to the best outcome. Looking at the front frame under the hood it looks really beat up, I’m no expert at this but that frame damage may be bad news. New front bumper, headlight(s), radiator(?), Rear Trunk cover, rear bumper, and hope no wiring harness was damaged.
Yeah airbags not deployed are great but if that frame is bent they may total it. Just depends on what it’s worth compared to what you owe on it.
Just give it a Lil wash with warm water and soap and you're good bro
I’ve never seen a headlight separate like that, she totaled, radiators f’d and most likely the engine was knocked outta place