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Old 05-07-2015, 01:07 AM   #1
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2003 GT

Hey guys
So i got into a 6 car, car accident. Im not at fault, i got rear ended about 4 times and slid into the car infront of me causing front an rear damage to my mustang.. well they think my car MIGHT be totalled.. problem is.. i still owe money on my car.. how does this work? How do i go about this? Do i go to a shop through my insurance or find my own shop? How will i get my money worth if they total my car i dont want it to happen but i also know Salvage title lowers value if i decide to sell in the long run. Ive never been in a car accident.. i dont know what to do.. any advice, help is appreciated. Thanks for taking the time to read my story!
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Old 05-07-2015, 07:57 AM   #2
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I had the same thing happen to once. The insurance companies will "determine" the value of the car now, and give you that amount regardless of mods or parts. The difference you owe to the bank will be handled by you. I had to pay on my truck for a year even though it was totaled. Sorry to hear about the accident at least your alright. You can see a lawyer to make the person at fault pay your difference.

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Old 05-07-2015, 09:37 AM   #3
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Do you have full coverage insurance? If you do then, they will give you what they deem the vehicle is worth, if it is totaled. Usually if the insurance company is paying for repairs to be made and isn't totalling it then you can pick where to take it shop wise, at least That's how mine works.

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Old 05-07-2015, 08:26 PM   #4
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If the airbags were deployed yes. I literally was just in an accident recently and I have full coverage. The repair for the front bumper would be around 1000 but the airbags and interior work all to gather was over 4000. So they just totaled it out.


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Old 05-07-2015, 08:51 PM   #5
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And to add, insurance companies will total it out if the repairs cost over 60% of the value of the car usually. For instance, if your car is deemed worth 7000, and the cost of repair is only 3000, they will just repair it.

Now determining value of car is tricky, my 2003 V6 was valued at just under 6000, but it had 130000 and was super clean (had a new paint job, mint condition interior, and had power seats, pony package, and cruise control) the downside is it had over 2000 in it (ran high 13s)

I went ahead and got the NADA value of a 2003 mustang Gt with all the options (Mach audio, leather seats, and power seats) and the clean retail value was at 7000. If your paint is bad, or don't have any of those options, I still think the insurance company should give you at least 6500. IF they total it out.

And just to add, yeah, just like he said, they don't care about mods, however they do care about how clean it is. Typically when the agent goes to get the estimate, if the headlights look new and clean, and the paint is nice and shiny, along with a clean interior (all can be done by you) they typically will give you a better price.


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Old 05-07-2015, 09:01 PM   #6
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Insurance company will give you what its worth. The protection to avoid having to pay the difference with your bank is called "GAP Insurance". Most car loans have it but some require you to actually tell them you want it.


Call your bank right away and make sure you have GAP insurance on the car loan. Also get on the phone with your insurance company like... well you already should have. You'll need the police report and everything. Prepare for your rates to go up even if you were not at fault depending on your state.
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Old 05-07-2015, 10:35 PM   #7
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@Vinnie02 thanks for the input. I was afraid of whats left to pay the bank would be in my hands. Thank you for your words.
@Steve96 Yes i do have full coverage. Repairs are at 2500 and thats at visual, i can only imagine damage underneath.. reinforcement bar, my exhaust pipes were pushed in as well. @Robbymyman No weirdly my airbags did not deploy.. and the impact was pretty hard, we were hit 4 times. I have full coverage, just havent gotten a word from the insurance cause there were so many of us involved. My 03 is in beautiful condition, i couldnt brag about it anymore. My interior looked brand new, my engine was very clean. Paint job was also beautiful. I just hit 100k too. I wanna cry just talking about it haha. Retail value is at $7k. Which sucks cause i pulled it out for $9,800. I had no mods done, just put brand new tires an wheels an lowered it, caster camber plates were next until this. Thanks for your words. I appreciate it!
@Scottydsntknow I heard about the GAP Insurance, not sure if i got it tho.. its definitely something i will be looking into. Police didnt want to make a police report because we had no witnesses, so he said hes not there to determine whos at fault. I was pretty pissed about it. But thanks for your words as well, all input is helpful.. thanks again guys!
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Old 05-08-2015, 12:30 AM   #8
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This is what her car looked like before the accident :/

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Old 05-08-2015, 12:30 AM   #9
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No police report at all? That's odd. They should give you something I would think to validate it all with your insurance company. I got a police report from a hit and run in a parking lot with no witnesses. Also with some companies if you have broadform insurance and the accident wasn't your fault they wave the deductible, at least my does anyway. Well I hope it all works out and Maybe they won't total it, you never know?! Good luck to you and let us know what happens.

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Old 05-08-2015, 02:28 AM   #10
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Quote:
Originally Posted by Steve96 View Post
No police report at all? That's odd. They should give you something I would think to validate it all with your insurance company. I got a police report from a hit and run in a parking lot with no witnesses. Also with some companies if you have broadform insurance and the accident wasn't your fault they wave the deductible, at least my does anyway. Well I hope it all works out and Maybe they won't total it, you never know?! Good luck to you and let us know what happens.

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When my car got crashed I didn't get a police report either. I had to go to the police station in person and pay out of pocket for it


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Old 05-08-2015, 07:09 PM   #11
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Quote:
Originally Posted by Judge_dredd View Post
When my car got crashed I didn't get a police report either. I had to go to the police station in person and pay out of pocket for it


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Wow! Sucks!

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Old 05-08-2015, 09:27 PM   #12
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That has been one of my biggest fears, Having my Mustang hit unexpectedly. Sorry to hear about your stang. Glad to know you're alright.


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