I got into a car accident…the accident was deemed the other driver at fault, but he had no insurance…I have uninsured coverage $25k property damage $25k for bodily injuries…the accident was bad my air bag came out, the driver who was at fault was driving straight into oncoming traffic and when his car impacted it flipped…insurance company and highway patrol deemed him at fault…with the uninsured property damage will my insurance company pay off the remaining amount on my auto loan or only market value as many people I am upside down on my car loan
Posted by TCC927
2 Comments
They owe you ACV. You needed Gap insurance for the upside down loan.
An insurance company is only going to pay the value of your vehicle based on its condition at the time of the accident. If you have bald tires or ripped up seats, that will lower the value of your vehicle. If your seats, carpets, and dashboard were kept spotless prior to the accident, that increases the value of your vehicle.
Your insurance company is not responsible for paying the balance of your loan, especially if the other driver had no insurance. You would have to have GAP, which is connected to your auto lender or your bank.