I am in Michigan, and just making sure I am not missing anything here after someone ran a red light and totaled my car.
I have no physical injuries, I did not go to the hospital but my car is totaled. My insurance is paying out about 4k less than what I owe on the vehicle, do I have any recourse to get that extra money back? I do not have gap coverage, so I assume I am on the hook for the rest of my car loan, and that I can only get my deductible back from the other driver, just wanted to see if anyone had any other advice.
In an accident a couple weeks ago, unsure about a couple things
byu/travis11997 inInsurance
Posted by travis11997
1 Comment
that is correct. michigan is weird, but the concept still applies
your insurer owes you the value of your vehicle, not the balance of your loan. if the value of your vehicle is lower than the balance of your loan, it’s on you to handle
you can review the settlement number to make sure they’re not missing any features or have any errors on it