Boston Public Library Collection - Leslie Jones
We recently came across an excellent photo collection of vintage car wrecks Boston area 1930 a part of greater Boston Library collection, photographs were taken by Leslie Jones, a news photographer well known at the time. Despite the large solid appearance of the cars, the damage is impressive. There was not a lot of safety features built in these old giants. Most wrecks like the vehicles sustained a total loss.
In general, a car is "totaled" when it will cost more to repair the car real value of the car (LCA) is a value. Of course there is a little more complicated than that, as explained in Gary Wickert claims Journal :? When a vehicle is considered a total loss
The criteria for deciding when a car is a total loss and when it can be repaired vary from one insurance company to the insurance company and could even be dictated and controlled by law or state regulation. Further complicating the problem is that insurance companies do not all use the same sources to determine the value of a vehicle. The threshold used by your insurance company to make this decision can be found by calling your insurance agent. insurance professionals, on the other hand, should be familiar with the rules, criteria and thresholds in all 50 states.
If your car is totaled, you will be paid for the car hovercraft after deductibles are met. If you own the car outright, the check will be sent. But if your car is financed, payment will go to the bank or finance company.
What if you have more on the car than the car is worth?
With low payments today and the long-term financing arrangements, it can be easy to end up under water in a situation where you have more than one vehicle is a value - in the automotive sector called being upside down on a loan - and today "... it applies to about half of all new car buyers" Except. if you guaranteed replacement cost coverage or guaranteed Auto protection (Gap insurance) , you might be out of luck.
Would you still pay you have the wrecked car Absolutely: Nolo people explain: My car was totaled But I still have money on it
But what happens if your loan amount is greater than ? the amount of the check from the insurance company the short answer to that question is you are still legally obliged to make your monthly loan payments to the bank or financial lender until the loan is repaid. The fact that your car is a total loss does not change your loan repayment terms. Your legal obligation to repay the loan continues. The bank or lender always has the right of full repayment of the loan, even if you can not have your car.
Nobody expects to be in a car accident, but when buying a new car, Gap insurance could be an interesting option if you are going to put little or nothing down for a deposit or if you plan on financing the car for a long period of time. Here's what the Insurance Information Institute says about times when Gap insurance could be a worthwhile investment. If you: ...
- Done least pay 20 percent down
- Financed for 60 months or more
- Leased vehicle
- Bought a vehicle that depreciates faster than the average.
- Rolled negative equity on an old car loan into the new loan.
III said that car dealers often offer a type of gap coverage, but it might be cheaper to buy from your regular insurance company. Why not check with your local insurance agent to learn about your coverage options before buying a new car?
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