I think they're probably going to total it (see pics on my profile)
But if they decide to fix it (the adjuster thinks AT LEAST 6-7,000 just from the pictures but he's going to look at it tomorrow) can I pay the lender off with the payout, scrap the car, and keep the rest?
I love my car, she's been good to me the last 5 years but if they decide to fix THAT, (there's an entire deer inside the engine bay) I just don't know if it'll ever be the same afterwards. I'm kinda just at peace with letting her go and moving on to something else.
If insurance wants to fix my car instead of total, can I use some of the payout to pay off the loan and scrap it instead?
byu/Jimpetey inInsurance
Posted by Jimpetey
4 Comments
if you have a loan chances are the insurance is never giving you the check, its going directly to the lien holder.
Ask your lienholder. They may cut you the difference. They may keep it all. It just depends.
They may only let you repair it.
Depending on the state and the amount, they might have to send the payment directly to a repair shop since the vehicle has a lienholder. Or you might get a 2 step check with your name and the lienholder on it.
If you only owe 4k, I would just fix the car if they don’t end up totaling it and trade it in. You’ll get more for it then just scrapping it.
If they total it they will pay off the loan, you get the balance, and the insurance company would retain the salvage to offset their losses. It may be possible for you to retain the salvage but it will reduce your payout. I don’t recall anyone retaining salvage but it has been a long time since I worked in auto insurance. Regardless, the total value remains the same.