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Filing a claim for vehicle with a lot of issues
I have a 2005 Nissan Frontier. My truck has been having transmission problems for almost a year or so. Recently, I've been doing some research and I found out that there are A LOT of people who have been having the exact same problem with their truck. They, as well as I, have been dumping large amounts of money into repairs for an issue Nissan knew about but is not taking care of.
One person stated, that since they could no longer afford the repairs, they claim the truck on their insurance and had it totaled. Can you explain how this works? Will this change my insurance in anyway? Will this insurance pay off the remainder of my loan?
Answer to Filing a claim for vehicle with a lot of issues
We do not know how that would work. Insurance companies exclude mechanical breakdown so damages or issues with a vehicle are typically not covered at all. Insurance companies only declare a total loss when there is a collision or a covered loss that would render the repair of the vehicle to be more than the fair market value of the car.
Any insurance claim affects your rates, even if the claim is not covered. In addition, insurance companies will only pay the loan if the fair market value is more than the balance of the loan. If the fair market value were less, then you would have to pay the remainder of the loan out of pocket.
Sounds like you have an issue with Nissan and their vehicles. That is not an insurance issue, but a consumer protection dispute. Contact a consumer lawyer in your area to see if you a cause of action there.
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