Auto Insurance Claims: totalled my new car, 2008 toyota corolla, toyota corolla

Question
my girlfriend and i just bought a brand new 2008 Toyota corolla. We had the car for 6 months and had only six thousand miles on it when my girlfriend was driving it on the highway lost control and flipped it. Luckily she was not hurt but the car is wrecked. My question is, assuming the car will be totaled will the insurance company give me enough money to pay off my loan and enough to put down on a new car

Answer
Hi John,

Not necessarily. The insurance company is responsible for paying you the value of your vehicle on the day it was damaged. Since the vehicle is 6 months old and has 6000 miles on it, you will receive the depreciated value of the car. You should expect to lose approximately 15% of the base purchase price of the vehicle. Once the value is calculated they will then add sales tax.

I hope this helps
Richard Hixenbaugh