Question

I need advice please.  I have a truck that was in a accident.I need advice please. I have a truck that was in a accident. (No one was hurt) with bodily damage. The other driver admitted fault and his insurance is going to cover the cost. However, damages are more then what the car is worth. & I still owe $5, 000. What are my options?  

Answer 1

If I am correct, they will send you a settlement check and the truck will be “totaled”. What is it worth? I believe you will have to pay the difference of what you owe, less the value UNLESS you have GAP Insurance? You can fight to be compensated for the difference since it was not your fault, but I’m unsure what they would say. Hopefully someone on here can give you advice from a similar situation. I’m glad no one was hurt and sorry you have to deal with this mess!  

Answer 2

We had this issue a few years ago with my sons car. Other drivers insurance totaled the car and wanted to give us 2700$, which they felt was the value; we owed 2800$. They were not budging on the amount, even though I provided them comps for our area (on the same car) and provided all the receipts for work we had done. After talking with our insurance, we submmited the claim to them. They valued the car at 4600$. It did not raise our premium or go against us in any way. They went after the other insurance company to recoup the payout.  

Comments

@aeolus ours is State Farm  

Answer 3

This is reason for cheap gap insurance. Tell the other insurance co you will have to file a Warrant in Debt for the difference and they typically want to avoid sending it to their attorneys