How much can I get from my totattled vehicle

[alisklixer]

How much can I get from my totaled vehicle

I live in Richmond, Virginia.

I was involved in an accident last week. The other driver failed to yield and hit me head on. Nobody was injured in the accident. My vehicle was declared a total loss by my insurance company. The other driver's insurance company has given me a rental car for now. When I called them, they told me that their evaluator would decide the value of the car and settle the claim. Its already a week and I haven't received any response from them. I tried calling them and they said that they would call back. I had taken a loan for the car from a bank, and I haven't yet told them about the accident. I am worried that if the insurance pays me less than the amount I owe my bank, then I would end up paying money from my pocket to payoff the loan and still be left without a car. My question is how do they calculate the value of my car and how much of that value do they give me. I had a 1998 Lexus ES 300 4 door sedan with a mileage of 100k. Please also advice where else can I get more resources for this type of situation.

 

[JETX]

I had a 1998 Lexus ES 300 4 door sedan with a mileage of 100k.

According to the NADA book, your vehicle (depending on other CONDITIONS, like paint, cigarette holes in seats, dents in door, etc.) 'books' at about $12,000 average retail.
If you owe more than that, hope you have 'gap insurance'.

 

[nanaII]

Additional information..

In addition to the advice JETX has offered, attached is a link to the State of Virginia's Insurance Department that offers information regarding your rights:
http://www.scc.virginia.gov/division/boi/webpages/boivaautoinsurance2b2.htm

 

[alisklixer]

Thanks

Thank you all for the instant replies. I wanted to also ask you if the insurance follows NADA or KBB prices. KBB is usually giving lesser value for the car. I would also want to find out if they would give us the total retail value or some percentage of the retail. Please let me know. Thanks Again.