I was in this accident and my car was total,but i'am still making payments on it, i wanna know if the?

Scott H

Only if the value of the car is equal to the amount of the loan. In many case, you owe more than the value of the car, so you would either need GAP insurance to make up the difference or pay it out of your pocket.

mbrcatz

Only if you bought "gap" coverage when you bought the insurance. Otherwise, it only pays "actual cash value" of the car, and you have to keep making loan payments until you've made up the difference.

Lapband Man

The Insurance company will pay off what the car is worth on the day of the accident. It is possible that your loan is more than the car is worth. If this is the situation, you will still owe on the loan, unless you purchased GAP insurance when you purchased the car. If you did, the Insurance company will pay what the car is worth, and the GAP insurance will pay the remainder. You will still have to pay the deductible though.

I hope you have lots of money, because you are going to need it.

frank

if you have full coverage, or the other person was at fault, the insurance company will pay actual cash value of the car.

if you owe more than the acv, you will still have to pay off the difference.

if the loan is less than the acv, you will get the difference.

in theorey, you should be able to buy an identical car for the acv from the insurance company. you will need to talk to the loan officer about continuing the loan.

the insurance check will go to the bank first since they are the leinholder.

if you just bought the car the difference can be large, next time consider gap insurance which will pay off the loan regradless of the value of the car.

Monica

your insurance company will give you the actual cash value of the vehicle, which is not always enough to pay off your loan. if you purchased gap insurance, this will cover the difference between the insurance payment and the loan payoff amount.

jman

i was in the same situation, the insurance will pay the value of the car and the rest is out of your pocket. it also depends on the Insurance company and your policy you have with them

Nongque

It really depends on how much you have left on it and how much your car is worth when it got wrecked. But from what I've seen, yes. Insurance will pay all of it off, there might even be some extra money left.

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