I bought a new-ish car about 6 months ago.
Yesterday morning some fucking dumbass made a left turn straight into me instead of yielding like he was supposed to. The state police gave him a ticket and insurance said I wouldn't be at fault, which is good.
When I bought the car, I put 20% down and financed the rest. I also got that 'GAP' insurance to cover any remaining balance not covered in case of a total loss.
My question now is: am I going to get that down payment back somehow, or do I need to save up that money all over again? Is it reasonable to expect to get another car for around the same price or would I be better off spending a little less money?
>not buying an old drop-top Miata and keeping the rest of the money
You brought this on yourself.
>>17093698
Nice meme
>>>/o/
>>17093673
No
You will get a lump sum of money unless your insurance company forces you to repair the car at their expense.
This lump sum can be used to pay off the rest of your loan or outright buy a new one.
You will not win anything from this, sorry
>>17093801
>You will not win anything from this, sorry
Yep. You'll get a check for the remainder of what's owed on the car if it's deemed a total loss. Whatever you put down and whatever payments you've made is money lost at this point.
Get whatever car you think you can afford if your car does end up being a total loss. Only you can make this decision. I actually just bought a new car last night using the money I got from my accident. Was it the car I needed? No, but it was the car I wanted that I could still afford.
A last note, make sure to claim it on his insurance. If you claim it on yours their is a chance your premium could increase even if you weren't at fault. To the insurance company you look more risk adverse/they had to pay out money and they want it back.
>>17093801
Shit.
Well, thanks. That's what I needed to know.
>>17093864
>
A last note, make sure to claim it on his insurance. If you claim it on yours their is a chance your premium could increase even if you weren't at fault. To the insurance company you look more risk adverse/they had to pay out money and they want it back.
Yikes, I guess that figures. Thanks for the heads up. Yeah they were getting all squirrely with me when I told them I was 50 miles from home. Had to explain that I was taking a leisure drive, but wasn't working for something like Uber.
