2007-03-28 03:25:03 · 4 answers · asked by Ana 1 in Cars & Transportation ➔ Insurance & Registration
This happens quite a lot with autos these days, when the vehicle is totalled by the insurance company they will pay you fair market value for it, however the amount you have financed is more than the car is worth.
Unfortunately you the consumer have to pay the difference, between what the insurance company gave you and what you owe.
The cure for this is gap insurance, it covers your vehicle in these cases where the vehicle is totalled and they pay you either less than it's worth or less than what you owe to the bank.
If you are refering to your insurance not covering your car bumper to bumper then the only thing I would suggest upgrading your coverage.
2007-03-28 04:10:25 · answer #1 · answered by Anonymous · 0⤊ 0⤋
what do you mean did not cover your total car? insurance are suppose to insure you at a fair market value of your car? if not, change your insurance company.
2007-03-28 10:30:36 · answer #2 · answered by everything_matters 2 · 0⤊ 2⤋
You can get a second job to earn some money for repairs, and next time, don't be upside down on your loan, owing more than the car is worth, is a poor use of credit.
2007-03-28 13:20:39 · answer #3 · answered by fisherwoman 6 · 0⤊ 1⤋
You will need to make up the additional cost of repair. Try not to be under-insured.
2007-03-28 10:30:07 · answer #4 · answered by Anonymous · 1⤊ 0⤋