Car Insurance Insurance Editor Steve Glass is a retired insurance professional with over 34 years of experience in the Property & Casualty insurance industry. Over the course of his career he led teams that handled Homeowners and Commercial property and casualty claims, Auto Medical claims, Auto ...
If you opt for a cash payment and still owe money on a car loan, the insurance company will generally make the check out to both you and your lender. After your loan has been paid off, any remaining money is yours to keep. However, if the insurance company's payment is less than yo...
If you owe any money on the vehicle’s financing, you will still be held responsible for paying it. You will have to pay off your auto loan out of the settlement you receive for the totaled car. If you financed a new car purchase with no down payment, you may owe more than your ca...
Here’s an example of how gap insurance works. Suppose you still owe $10,000 on your car, but its actual cash value is now just $4,000 after being totaled. If you have a $500 insurance deductible and your insurance carrier pays the remaining $3,500, you would owe $6,000 if you ...
In fact, it is a debt incurred through no fault of your own (unless you were at fault for the accident). But sometimes these car loan deficiencies can make a barely manageable situation with high credit card balances, unmanageable. What You Can Do If a car repo (or insurance) deficien...
If you have a total car loss with title loan, it's important to understand that you still owe your lender the money outstanding on your loan. It is important to have good insurance because it should cover some or even all of the value of the vehicle, whi
Most car accidents are minor and the resultant damage can be easily fixed. With the help of your insurance provider, you can get your car road-ready again in no time. Occasionally, though, the damage from an accident is so severe that you can’t salvage your car. In a situation like ...