My Leaf was (likely) totaled in an accident. What can I expect?

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dgalvan

Well-known member
Joined
Apr 28, 2014
Messages
82
Location
Woodland Hills, CA (Los Angeles)
I was in an accident in which my 2014 Leaf was hit from behind (while stopped in freeway traffic) and pushed into the car in front of it. 5 cars were involved on the freeway. Anyway, I was not at fault, and I expect that my insurance company will declare the car "totaled".

I'm wondering if others who have gone through this can tell me what to expect?

We purchased with 0% financing, and we still owe $13.9k on it. But Kelley Blue Book says the value of the car is ~$9.5k. (Darn accelerated Leaf depreciation!)

I expect this means my insurance company will pay NMAC $9.5k, and then I'm responsible to still pay off the remaining $4.4k.

If this is true. . . it totally sucks! By no fault of my own, my car gets taken away, AND I still have to pay $4.4k?

Anyone had something similar happen to them?

Since another party is at fault, should I expect my insurance company to go after that party's insurance to pay for the difference (the $4.4k) ?

Also, if my car is declared a total loss, would it be worth my while to salvage the battery back? If so, how could I go about doing that?

(My Leaf's airbags did not deploy, but the front and back are fairly crunched. I'm fine, by the way.)
 
dgalvan said:
I was in an accident in which my 2014 Leaf was hit from behind (while stopped in freeway traffic) and pushed into the car in front of it. 5 cars were involved on the freeway. Anyway, I was not at fault, and I expect that my insurance company will declare the car "totaled".

I'm wondering if others who have gone through this can tell me what to expect?

We purchased with 0% financing, and we still owe $13.9k on it. But Kelley Blue Book says the value of the car is ~$9.5k. (Darn accelerated Leaf depreciation!)

I expect this means my insurance company will pay NMAC $9.5k, and then I'm responsible to still pay off the remaining $4.4k.

If this is true. . . it totally sucks! By no fault of my own, my car gets taken away, AND I still have to pay $4.4k?

Anyone had something similar happen to them?

Since another party is at fault, should I expect my insurance company to go after that party's insurance to pay for the difference (the $4.4k) ?

Also, if my car is declared a total loss, would it be worth my while to salvage the battery back? If so, how could I go about doing that?

(My Leaf's airbags did not deploy, but the front and back are fairly crunched. I'm fine, by the way.)
Click to expand...
Do you have gap insurance? I believe that would cover the difference. I also think the insurance company can't just settle with the finance company they must deal with you, so you will be able to negotiate. But ultimately you are responsible for the loan, so if they don't pay out enough to cover, you will be liable. Good luck!
 
Firetruck41 said:
Do you have gap insurance? I believe that would cover the difference. I also think the insurance company can't just settle with the finance company they must deal with you, so you will be able to negotiate. But ultimately you are responsible for the loan, so if they don't pay out enough to cover, you will be liable. Good luck!
Click to expand...

I don't think I have Gap insurance. Didn't know it existed until after the accident.
 
Another advantage of leasing/lease-to-own. GAP insurance is automatically included in all leases.

For future reference, if you are going to continue to owe higher amounts on a potentially faster depreciating asset, it always pays to have GAP insurance on it.

If the insurance company "totals" it, they will not let you salvage the battery pack..it will become their car..and they will try to recover some of their losses by salvaging the car.
 
If the insurance company "totals" it, they will not let you salvage the battery pack..it will become their car..and they will try to recover some of their losses by salvaging the car.
Click to expand...

If the car is driveable, you can negotiate to get the car back, with slightly less cash.
 
Consult an attorney who specializes in this segment of the law and do not leave the outcome just in the hands of your own insurance carrier. They will usually only be looking out to recover their own losses and not toward getting you restitution for your loss.

While its great that you are feeling no ill effects now, once the shock wears off you may find in the long term that injuries may start to evidence themselves that were not immediately apparent at the time of the accident. You really should get examined for neck and back injury, etc while the evidence is still fresh and before it becomes too late to claim it. Too many times the long term effects won't be noticed until its way to late to get compensated.

I found out years later that my collar bone had been broken in an accident and had overlapped and fused. By then it was too late to claim anything and I just don't have the desire to have it sawn/chiseled apart and put back the way its supposed to be along with deal with the recovery/rehab.
 
Thanks for the replies, everyone.

Unfortunately I just have to eat the $2200 of out-of-pocket costs for paying off my car loan to Nissan, since my insurance calculated the actual market value (AMV) of my 2014 Leaf (S trim, with charger package and floor mats) at $11,700 including sales tax.

I have replaced the vehicle with a new 2016 Leaf SV, which I rationalized as being worth it due to the higher battery capacity (30 kWh vs. 24 kWh). Basically net cost to us, after all sales tax, state rebates, federal tax credits, and $6k worth of Nissan NMAC cash discounts, is ~$20,500. I figure that buying a used 2014 Leaf S with the charger package (basically a direct replacement of the one I lost) probably would have cost me $14k-$15k (including sales tax and non-zero interest financing on a used vehicle), and I wouldn't have a warranty or the larger battery. Anyway, that's how we rationalize paying the extra $5k for the new 2016 Leaf SV.

And, yes, this time we sprung for the gap insurance.

Note that, in retrospect, gap insurance at the time of purchase of my 2014 Leaf would have cost about $900. So if we had done that, we would have saved a net of ($2200 - $900 = ) $1300.
 
Check with your insurance provider on GAP coverage. They likely offer GAP coverage as an option as part of your auto insurance. In my case, it was considerably cheaper than Nissan - so I cancelled the GAP policy that the Nissan dealer was selling. Read the fine print on the policy so you follow their hoops to get it cancelled.
 
I got GAP coverage for $399 through the Credit Union where I got the loan for the car. It was added about 18 months after I purchased it. I got a letter in the mail telling me about the offer, and figured it would be a good idea due to the drop in value.
 
If the car is really worth $9K and the insurance company will give you $9K for it being totaled, then in theory, you could replace it for $9K and break even. So I don't see the gap as a big deal.

I have a different way of thinking of insurance. Insurance companies are out to make money. They are playing a gambling game with you and they make sure that the odds are in their favor. Sometimes, they will pay off, but on average, you'll pay more for insurance than you get out of it. Insurance gives you peace-of-mind and a cushion in case of a catastrophe, but it isn't a good way to break even or win.

With that thought process, for me, the only reason for gap insurance would be if I can't afford to repay the gap. Otherwise, I'm better off self-insuring for that difference.

But that's just my way of thinking of it.

Bob
 

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