how much money do you get back from insurance for a flood damaged car? is it the full price?
Depends on your policy and whether natural disasters/flood damage is included. But if the cost to fix the damage is greater than the vehicle's assessed value, they'll deem it a total loss and cut you a check for the assessed value of the car. You have to provide them the car and title so they can scrap it though; it's not like you can take their money and just keep your damaged car.how much money do you get back from insurance for a flood damaged car? is it the full price?
Depends on your policy and whether natural disasters/flood damage is included. But if the cost to fix the damage is greater than the vehicle's assessed value, they'll deem it a total loss and cut you a check for the assessed value of the car. You have to provide them the car and title so they can scrap it though; it's not like you can take their money and just keep your damaged car.
That's always the risk of being underwater on your car loan.Probably going to be lots of people that just roll the remainder of their loan into a new one, if they can't pay it off with the insurance payout...