by LOVEBUGTG » Fri Mar 15, 2013 09:29 pm
my car was hit while parked the driver has liablilty I have Gap Insurane and FULL COVERAGE MY VEHICLE HAS BEEN TOTALED AND I STILL OWE 31,000 ON THE VEHICLE AND ME AND THE DRIVER HAS THE SAME INSURANCE COMPANY WHO PAYS WHAT AND WILL I WALK AWAY WITH ANY CASH TO GET A NEW VEHICLE
Posted: Fri Mar 15, 2013 11:55 pm Post Subject:
His carrier will pay the actual cash value (market value) of your vehicle up to the other person's policy limits. If the person's limits are not enough, the claim will be paid under your policy (and should be coded as a not at-fault accident so it won't affect your rates). The amount paid will be up to the market value of your vehicle. Any amount over what you owe will be paid to you. If the amount is not enough to pay off the vehicle then your GAP will address the difference only and you won't be left with anything.
Posted: Sun Mar 17, 2013 03:23 am Post Subject:
WILL I WALK AWAY WITH ANY CASH TO GET A NEW VEHICLE
No. You are in debt as far as the vehicle is concerned. Your GAP coverage only promises to erase the debt. With no debt, you should be able to finance a new car purchase. But you won't have any insurance company money for a down payment. You would be in worse shape without the GAP coverage, because you could be left with no vehicle and a loan balance to pay.Add your comment