Hello,
I apologize in advance if I did not submit this thread correctly or if this is a repost. But I have been looking all day for some sort of answer for the "total loss" situation I am in, and I have not found any.
Scenario-
My (parked) car was hit by a Pizza driver in an apartment parking lot, along with 3 other cars. I received a call to come move my car because the pizza driver had managed to push my car into the street and the Police Officers considered it a hit and run, being that he did not report it and went back to work. (Crazy, I know, but I am glad that they found him later and documented that he was liable).
The issue is, after several months (approximately a month ago) all 4 cars (including myself) received a pro quota settlement, if/when we signed a release of liability form. The limbo is, my car received the most damage (my damages valued at $11,000 while the other cars valued at no less than $2,000.) The Pizza driver had a minimum policy of $10,000, in the state of Arizona. Not to mention that my car was considered a total loss, being it was valued at $9,500.
I've already signed the release form and cashed the check that I settled for, for $7,500, a month ago. But I just received a call, today, from the insurance adjuster, informing me that my car is a total loss and asked if I wanted to keep it or salvage it. First off, I had no idea that was option. I just thought I was suppose to sign the release form and be done.
I am up in the air with the question, rather to keep it or salvage it. Bc I owe $6,5000 on it, but I did purchase Gap Insurance when I financed/bought my car. So with that said, what are some logical suggestions?
Please forgive me if I was unclear, Im 23, first time in an accident and first time EVER dealing with insurance. Thanks in advance.
I apologize in advance if I did not submit this thread correctly or if this is a repost. But I have been looking all day for some sort of answer for the "total loss" situation I am in, and I have not found any.
Scenario-
My (parked) car was hit by a Pizza driver in an apartment parking lot, along with 3 other cars. I received a call to come move my car because the pizza driver had managed to push my car into the street and the Police Officers considered it a hit and run, being that he did not report it and went back to work. (Crazy, I know, but I am glad that they found him later and documented that he was liable).
The issue is, after several months (approximately a month ago) all 4 cars (including myself) received a pro quota settlement, if/when we signed a release of liability form. The limbo is, my car received the most damage (my damages valued at $11,000 while the other cars valued at no less than $2,000.) The Pizza driver had a minimum policy of $10,000, in the state of Arizona. Not to mention that my car was considered a total loss, being it was valued at $9,500.
I've already signed the release form and cashed the check that I settled for, for $7,500, a month ago. But I just received a call, today, from the insurance adjuster, informing me that my car is a total loss and asked if I wanted to keep it or salvage it. First off, I had no idea that was option. I just thought I was suppose to sign the release form and be done.
I am up in the air with the question, rather to keep it or salvage it. Bc I owe $6,5000 on it, but I did purchase Gap Insurance when I financed/bought my car. So with that said, what are some logical suggestions?
Please forgive me if I was unclear, Im 23, first time in an accident and first time EVER dealing with insurance. Thanks in advance.