Auto and Car Insurance

insurance company claimed my vehicle as a total loss. how does this affect my credit?

i was involved in a one vehicle rollover accident. no body else involved, thankfully. the insurance company deemed my vehicle a total loss. will this hurt my credit? also, how long should i wait to purchase another car?

Public Comments

1. This shouldnt do anything to your credit. If anything your insurance rates would go up. AM
2. it should not hurt your credit, but if it was your fault your insurance premiums will go up. You can buy a car as soon as the insurance company pays you out.
3. when i totaled my car after my accident, it did nothing to my credit except improved it honestly, as they cut a check for th value of my car, which was about as much as i owed on the car itself; which meant that it showed i payed a car off, a full year before i was suppose to...and i had a new car by the end of the week
4. Its going to increase your credit score check your credit reports after they pay it off.
5. Unless you have a remaining balance on the vehicle after the car was totaled you don't have anything to worry about. You should be researching your next vehicle as we speak.