Expert: Bennie719 - 3/31/2008

Question
My car was stolen out of my drive way late at night.  I did leave the keys in the floor board.  The car was recovered the next day but it has extensive damage both to body and transmission.  I am worried that they will total the car out but owe almost 15000 thousand to the bank.  It is a 2003 kia sorento.  Will the insurance pay off the car or only what they think it is worth.  And it they total it is their a way to stop that claim and just fix the car myself?

Answer
Hi John,
You should work very close with your company to get them to save the car even if it means repairing it with used parts.
If the insurance company totals the car, they MUST make the check payable to the bank or finance company.  They will only pay the 'fair market value' if the car is totaled.
I have checked several sources and your car appears to be worth several thousands of dollars LESS then the amount owed.  If totaled, you will still owe the difference to your lender.

I hope this information is of help.
Your feedback by rating my answer will be appreciated.
Sincerely,
Bennie
San Francisco Bay Area