Auto Insurance Claims: Auto Accident with new car, finance contract, diminished value

Question
Hello, I was involved in an accident with my 2007 car, the other insurance company has claimed 100% liability.  I live in the state of RI am I entitled to a contract substitution if the car is not considered a total or atleast diminished value?

Answer
Hi Sue,

If the vehicle is declared a total loss, the insurance compamy is responsable to pay the actual cash value of the vehicle plus tax and title fees.

If you are referring to a collateral swap or exchange where you get another vehicle on the same finance contract, that would be an issue between you and your finance company. It is there decision whether or not to allow you to do a collateral swap.

I hope this helps
Richard Hixenbaugh