What is the most profitable way to get money from the insurance company?

S17V

They will only give you fair market value of the vehicle, and that's regardless of what BLUE BOOK or NADA states the vehicle is worth. If you are worried about totalling your vehicle and still owing on the loan, you should have purchased GAP insurance - you may still be able to do so through your lienholder. It's highly unlikely the insurance company would pay off your loan and give you money if the fair market value is way less than what you owe. The insurance company will send a check to your lienholder for the fair market value of the vehicle, and then you would still owe the difference.

CowboyBill

No and no. The insurer only owes you (or in your case, the bank), the market value of the vehicle. If you owe $20,000.00 and it's only worth $14,500.00 you will have to pay the difference ($5,500.00) to the bank.
No amount of begging, posturing or threat of lawyers will change this fact. The only protection you have with owning a vehicle that is 'upside down' is gap insurance.
P.S. - prisons are full of people that attempt to defraud insurance companies so better buy some soap-on-a-rope.

Rigo

No. The insurance company will not pay you any money. Your car is still in the red, and the policy is only meant to cover the price of the car should it be destroyed. ideally, it would put your loan debt to 0. But theres even the possibility that it might not even cover the rest of the debt so you'd still owe money and not have a car on top of that. Hence why GAP insurance exists, to cover what the insurance policy didnt cover so you will have zero balance.

Plus you'd have to file a false police report, and a false insurance claim, and you'd eventually be found out, heavily fined, and put into prison.

This isn't as clever as you thought it'd be. You're not the only person to try insurance fraud.

starwings20

No. You have to have gap insurance. Do you plan on losing the car soon?

la428282

No, they wont do either. They will pay 14,500.00 and you will be responsible for the rest.

Not to be harsh, but its not their fault your upside down in your loan.

I suggest you RUN and get gap insurance right now. You will wont get money from the accident (why should you? they are givng you the value of your car plus some) But atleast you wont owe any.

Angel girl

Nope they will pay actual cash value and you will have to pay the difference between what you owe and what the car is worth.....

Josh G

sure as long as u have filed a police report and u make sure that they cant find it....take it back in the woods somewhere and run it over a hill...report it stolen..but make sure that no one sees u taken it...im sure u got a friend somewhere that needs some money....throw them a little bit...tell them where u left the keys and plan to let them take it in the middle of the night.....let them run it over the hill...then the next morning call the police and file a police report.....just be sure to tell the police u have no idea who stole it....MAKE SURE U HIDE THE CAR WHERE THEY CANT FIND IT....TAKE IT TO ANOTHER COUNTY OR ANOTHER STATE AND WRECK IT IN THE WOODS OR SOMETHING.......the insurance company will probably come investigate as well...but as long as everyone has there story straight...u will be set....hope that helps ya in some way

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