Assuming you have full coverage (which I'm guessing you must, if you're still making payments on it) they will do one of two things:
1) Pay to have the car repaired. This happens if their initial repair estimate is below ~80% of the car's NADA value.
2) Write you a check for the NADA value of the car (which is generally lower than trade-in value).

For an '01, I'm guessing you're looking at an NADA value of 12-14K. That looks like more than 12-14K in damage to me, so you'll probably just get a check from your insurance company and they'll sell the car to a salvage yard (or offer to let you buy it back from them at the salvage price, which is probably around 2-5K).

 

and if i lose my car i still have to do payments on my car dont i?

 

No, the money you owe just magically vanishes.



Most likely scenario:
They give you ~$12,000; you take that, and you buy another car at or below that cost. Then, yes, you still have the same car payment you had before. Why would an accident get you out of your car payment and a new car?

 

dude im sorry about your loss, but that thing is gone. Did you have GAP insurance?

 

Generally, if you're planning to get a new car, you take the money that your insurance company gives you and use it to pay off your existing loan. Then you go buy a new car (with a new loan).

If the amount that the insurance company gives you is less than your current loan, then you're kinda screwed. You still have to pay off the rest of the loan for a car which is no longer yours (since the ins company will keep it if they total it).

And the worst case scenario would be the case where you don't have insurance and you still owe money on the car. Now, you have to pay back the full value of the loan with your own money, even though the car is scrap metal. But, that's why most leinholders require you to provide proof of insurance on the car before they'll give you a loan.

 

Assuming it is a total loss...
Insurance will try to give you KBB value for it. Hopefully, your outstanding loan balance is <= KBB. If this be the case, you "sell" your dead car to the insurance company and go get something else.

If you owe more than KBB, you have to settle with the bank for the difference or if you have GAP coverage you settle with the insurance company for the difference.

It looks like a total loss, but KBB lists your car at about $19K in it's best listing category. So, you maybe around 10-12K easily in damage, which gets right up there at 50%.

 

Yeah, what do you owe on the car? Hopefully you put enough down to not be upside down, or you have GAP coverage.

 

good luck dude hope it works out for you

 

 

If you don't want to make payments on 2 cars, the best solution is just to tell the insurance company to tow the wreck to your house and forget about it. That way you can sell the pieces on ebay and make a ton of money. Otherwise, you might have to make 3 payments. one for the wrecked car, one for the new car and one for the the insurance company.