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Auto Insurance Question from Mission, Arizona
Answer given on December 12, 2018
Your vehicle, being a 2010, is not going to have an actual cash value of $50k or above with any insurance company, even if you have some special equipment. You need to check with car dealers and the Kelly Blue Book to determine what the current value of your car is. Then figure the cost of your repairs and see if you are close to it being considered a total loss. I'm surprised you were even able to find a lender for this amount on such an old car.
You can probably withdraw the claim on your car if the insurance company still considers it a total loss, but they will most likely refuse to continue to insure it for collision coverage. Since you have a loan, you will then have to find other insurance on the car as the bank will require this. Maybe they can find insurance for collision, but it will be expensive and will most likely only protect their investment.
NOTE: The IMPORTANT NOTICE below is a part of this answer!
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