My car was totaled in an accident that happened a few months ago. I still haven’t finished paying for the damages. Do I have any
(asked 142 months, 15 days ago in , CO)
I’ve already paid off the market value of the car, but I still owe quite a bit to cover the cost of the debt that I still owe on it. Is there any way to avoid paying this?
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Totaling your car is an unfortunate circumstance, especially when it comes to unfinished payments. There aren’t a lot of viable options in cases of this nature, but with the help of a car accident lawyer you may still be able to find a solution that works for you. One of the options available to you in this situation is to work with an attorney to have your insurance company raise its assessment of your car’s worth, thereby requiring them to pay you the balance that is owed. However, this stands little chance of working if your car is worth less than the amount you owe on it. Other options available to you include trying to negotiate with your lender, paying off the balance of your personal assets yourself if you are financially able to, or best of all, using gap insurance if it is available to you.
Gap insurance is specifically designed to kick in when a person totals a car that money is still owed on. If the vehicle’s value after being totaled is not enough to pay off the loan that you have obtained, gap insurance is your best option. If you purchased gap insurance then your policy will pay the difference between what you currently owe and what your vehicle is now worth. If you don’t know whether or not you have gap insurance, it would be wise to check with your insurance policy. It is standard for most policies to require you to purchase this kind of coverage, so you may be insured in this way without even knowing it.
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