Drowning car

Total Loss pays only 70% of the insurance...But we haven't done all the installments yet?

Calm down and listen to me carefully...Are you mistaken or "being tricked"?

In the insurance industry, the numbers "70%" and "100%" are different if the claims say they will only pay you 70% of the policy schedule...Illegal, sir!

Here's the truth and the "pitfalls" of returning the financing wreck that you need to know now:

1. Solve the misunderstanding: "70%" is the threshold...But "100%" is the must-have money!

The Threshold: The law stipulates that if a car is damaged so heavily that the cost of repairs is estimated to exceed 70% of the insurance capital - > the insurer is entitled to "total loss."

The Payout: Once hit as Total Loss, the insurance "must pay back 100% of the insurance capital" (as specified on the policy table page).

It's not just 70%!

Trap: If the employee says, "Brother, in this case, we can only help 70% of the capital" - > Reply: "I would like to talk to the security department" (he will immediately change his words)

2. Broken world problem: "insurance capital" is not enough to pay "financing debt" (The Debt Gap)

This is the most painful "dark corner" of the car installer.

Fact: The insurance capital is normally made at about 80% of the car price (e.g., buy a car 1 million, insurance capital 8 lakh).

Situation:

Mid Drowning Car - > Full Capital Paid Insurance 800,000 Baht

Finance Balance (including interest) - > 950,000 Baht

Result: The check will be paid to a total of $8 million in "financing."..The other 150,000 dollars, the financing will turn to "you!"

Conclusion: The car doesn't drive, and it's a big debt!

3. Survival: The "closing" technique hurts as little as possible.

If you encounter a "debt flood" situation, follow this professional procedure:

Step 1: Net Payoff, not installment.

The 950,000 debt balance you see in the app is the interest advance sum.

Law: If we close a single lump, financing must "reduce interest" on the rest (mostly reducing 50-100% of interest that is not yet due).

What to do: Call Finance. Call Early Payoff Amount. This amount will be below the normal total debt.

Step 2: Negotiate "Haircut" (Request for reduction of margin debt)

Once the insurance has paid a large sum of money to finance, the finance will almost have the principal back.

Technical: To negotiate with the Finance Credit Division that:

"I don't have a car, and I have a flood, and the insurance money has been transferred to you, and the rest of the difference, can I have a discount to close the account? If I don't reduce it, I don't really have to pay, I may have to sue."

Often, finance will reduce a lot of debt or cancel a lot of debt to close the case.

Step 3: Don't forget "Refund Premium" (Refund)

When the policy ends (because of the return of the remains), you are entitled to a "return premium" for the rest of the period (even a few hundred and a few thousand is your money).

🚨 Final warning (death point)

"Do not stop instalments" while waiting for insurance to pay! The process of returning the remains can take 1-3 months if you stop.

Financing will figure out "late adjustment allowances" and "asking fees."

Your name will be attached to the "Blacklist" and then apply for excess money at the close of the account.

CR. Lawyer outside court.# Drowning car # Insurance claim # Car flooded